CELEX: 32019M9465
Language: en
Date: 2019-09-27 00:00:00
Title: Commission Decision of 27/09/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9465 - Primus Shareholders / PGIM Fund Management Limited / Real Estate Asset) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 27.09.2019
                                                                C(2019) 7107 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9465 – PRIMUS SHAREHOLDERS / PRUDENTIAL / REAL
                ESTATE
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
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                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 4 September 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which K Plus BV;
        Givin BV, Muhak BV and 3K Investment BV (“the Primus Shareholders”,
        Netherlands) and Pramerica Real Estate Capital VI S.à.r.l. (“PRECap”, Luxembourg),
        (indirectly) managed by PGIM Fund Management Limited and ultimately controlled
        by Prudential Financial Inc. (“PFI”, USA), acquire within the meaning of
        Article 3(1)(b) of the Merger Regulation joint control over a real estate property
        located in Berlin (“the Real Estate Asset”) by way of purchase of assets.3
2.      The business activities of the undertakings concerned are:
        −     for the Primus Shareholders: investment vehicles, held by certain members of
              the Sabancı-family, who also have holdings in the affiliated entity Esas Holding
              A.S. (“Esas”), which is active (with offices in Istanbul and London) in the
              investment business globally investing in various asset classes including private
              equity, real estate, venture capital and liquid assets.
        −     for PreCAP: the provision of capital to assist with the acquisition and refinancing
              of commercial real estate assets predominantly located in the United Kingdom
              and Germany. PRECap is ultimately controlled by Prudential Financial Inc, a
              financial services institution providing insurance, investment management, and
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       OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).
3       Publication in the Official Journal of the European Union No C 307, 11.9.2019, p. 9.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---         other financial products and services to both retail and institutional customers
        throughout the United States and in over 40 other countries.
   −    for the Real Estate Asset: a real estate property located at Groninger Straße 25,
        27, Liebenwalder Straße 21, Oudenarder Straße 16, 13347 Berlin, which is
        mainly used for office purposes and to a minor extent also for retail,
        manufacturing and logistic purposes.
3. 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 139/2004.4
4. 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 and Article 57 of
   the EEA Agreement.
                                                   For the Commission
                                                   (Signed)
                                                   Cecilio MADERO VILLAREJO
                                                   Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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