CELEX: 32022M10621
Language: en
Date: 2022-02-28 00:00:00
Title: Commission Decision of 28/02/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10621 - WELPUT / PSPIB / ALECTA / 150 VSTREET JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 28.2.2022
                                                                 C(2022) 1350 final
                                                                                 PUBLIC VERSION
                                                                Welput
                                                                BentallGreenOak
                                                                7 Seymour Street
                                                                London W1H 7JW
                                                                United Kingdom
                                                                PSPIB
                                                                8th Floor
                                                                10 Bressenden Place
                                                                London SW1E 5DH
                                                                United Kingdom
                                                                Alecta
                                                                Regeringsgatan 107
                                                                103 73 Stockholm
                                                                Sweden
Subject:        Case M.10621 – WELPUT / PSPIB / ALECTA / 150 VSTREET JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                        1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 3 February 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings West End of London Property Unit Trust (“Welput”, Jersey), the Public
        Sector Pension Investment Board (“PSPIB”, Canada), Alecta Tjänstepension
        Ömsesidigt (“Alecta”, Sweden), acquire within the meaning of Article 3(1)(b)
        and 3(4) of the Merger Regulation joint control over the whole of 105VS Holdings
        Unit Trust (“105 VStreet”, Jersey) by way of purchase of shares.3
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 72, 14.2.2022, p. 8.
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--- 2. The business activities of the undertakings concerned are:
       − for Welput: property unit trust. It is a collective investment scheme for the
           purposes of the UK Financial Services and Markets Act 2000. Welput is active
           exclusively in central London in the United Kingdom,
       − for PSPIB: pension investment manager of the pension plans of the Canadian
           Federal Public Service, the Canadian Forces, the Royal Canadian Mounted
           Police and the Reserve Force. It manages a diversified global portfolio
           including stocks, bonds and other fixed-income securities as well as
           investments in private equity, real estate, infrastructure, natural resources and
           credit investments;
       − for Alecta: pension fund that manages the occupational pensions of private
           individuals and companies in Sweden. Alecta’s investments portfolio includes
           investments in fixed income, equities and real estate,
       − for 105 VStreet: ownership and management of a real estate property located
           at 105 Victoria Street, London.
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(a) and (b) 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)
                                                   Olivier GUERSENT
                                                   Director-General
4  OJ C 366, 14.12.2013, p. 5.
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