CELEX: 32013M7101
Language: en
Date: 2013-12-13 00:00:00
Title: Commission Decision of 13/12/2013 declaring a concentration to be compatible with the common market (Case No COMP/M.7101 - BROOKFIELD PROPERTY / STARWOOD / INTERHOTEL PORTFOLIO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |
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                                        Brussels, 13.12.2013
                                        C(2013)9516 final

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|To the notifying parties:                                               |                                                                         |
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Dear Madam(s) and/or Sir(s),

Subject:    Case No COMP/M.7101 - BROOKFIELD PROPERTY/ STARWOOD/ INTERHOTEL PORTFOLIO
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

 1.   On 15.11.2013, the European Commission received notification of a proposed     concentration pursuant to Article 4 of the Merger Regulation
    by which Brookfield      Property Partners L.P. ("BPY", Bermuda) together with Starwood Capital Group  Global,       L.P.  ("Starwood",  USA)
    acquire within the meaning of Article 3(1)(b) of the Merger     Regulation joint control of 13 hotels in Germany (the "Interhotel Portfolio",
    Germany) by   way of purchase of shares.

2.    The business activities of the undertakings concerned are:

      -     BPY is a global commercial property company that owns,  operates  and  invests  in  best-in-class  office,  retail,  multifamily  and
           industrial assets.

      -     Starwood is a privately held global investment firm which invests in a number of  asset  classes  –  including  multifamily,  office,
           retail, hotel, industrial, residential and commercial land, senior housing, mixed-use and golf, and in  all  levels  of  the  capital
           structure – including equity, preferred equity, mezzanine debt and senior debt, depending on the risk-reward profile.

      -     The Interhotel Portfolio consists of 13 chain hotels located in the following six         cities in Germany: Berlin (The Westin Grand
    Berlin, Park Inn by Radisson Berlin            Alexanderplatz), Dresden (The Westin Bellevue  Dresden,  Pullman  Dresden          Newa,  Ibis
    Hotel Bastei, Ibis Hotel Königstein, Ibis Styles Hotel Lilienstein),        Leipzig  (The  Westin  Leipzig,  Radisson  Blu  Leipzig,  Astoria
    Leipzig), Erfurt         (Radisson Blu Erfurt), Potsdam (Mercure Potsdam) and Chemnitz (Mercure         Kongress Chemnitz).[2]

      After examination of the notification, the European Commission has concluded that the     notified operation falls within the scope of  the
    Merger Regulation and of paragraph 5(c)   of the Commission Notice on a simplified procedure for treatment of certain   concentrations  under
    Council Regulation (EC) No 139/2004[3].

 2.   For the reasons set out in the Notice on a simplified procedure, the European Commission  has decided not to oppose the notified  operation
    and to declare it compatible with the     internal market and with the EEA Agreement. This decision is adopted in application  of     Article
    6(1)(b) of the Merger Regulation.

                                        For the Commission
                                        (signed)
                                        Alexander ITALIANER
                                        Director General

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[1]   OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation"). With effect from 1 December 2009, the Treaty on the Functioning of the  European  Union
      ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by  "internal  market".  The
      terminology of the TFEU will be used throughout this decision.
[2]   Publication in the Official Journal of the European Union No C 345, 26.11.2013, p.23.

[3]   OJ C 56, 5.3.2005, p. 32.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE