CELEX: 32015M7809
Language: en
Date: 2015-10-19 00:00:00
Title: Commission Decision of 19/10/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7809 - GROSVENOR / PSPIB / REAL ESTATE ASSET IN MILAN) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 19.10.2015
                                        C(2015) 7319 final

                                        [pic]

|To the notifying parties:                                              |                                                                       |

Dear Sirs,

Subject:    Case M.7809 – GROSVENOR/ PSPIB/ REAL ESTATE ASSET IN MILAN
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 23 September 2015, the European Commission received notification of a  proposed  concentration  pursuant  to  Article  4  of  the  Merger
    Regulation by which the undertakings Grosvenor International Investments Limited, belonging to Grosvenor Group Limited ("Grosvenor",  United
    Kingdom) and PSPLUX S.à.r.l., belonging to Public Sector Pension Investment Board ("PSPIB", Canada) acquire within the  meaning  of  Article
    3(1)(b) of the Merger Regulation joint control of a real estate asset located in Milan (Italy).[3]

 2. The business activities of the undertakings concerned are:

      – for Grosvenor: privately owned property group active in the ownership, development and management  of  real  estate  and  other  property
        related businesses.

      – for PSPIB: investment of the pension plans of the Canadian Federal Public Service, the Canadian Forces and  the  Royal  Canadian  Mounted
        Police. It manages a diversified global portfolio including stocks, bonds and other fixed-income securities as  well  as  investments  in
        private equity, real estate, infrastructure and natural resources.

 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)
                                        Johannes LAITENBERGER
                                        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]   OJ L 1, 3.1.1994, p. 3 (the "EEA Agreement").

[3]   Publication in the Official Journal of the European Union No C 324, 02.10.2015, p. 32.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE