CELEX: 32015M7791
Language: en
Date: 2015-12-02 00:00:00
Title: Commission Decision of 02/12/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7791 - AVIVA / PSP / PROPERTY PORTFOLIO JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

Brussels, 2.12.2015
C(2015) 8772 final

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|To the notifying parties:                                              |                                                                       |

Dear Sirs,

Subject:    Case M.7791 – Aviva/PSP/Property portfolio JV
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 6 November 2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation
    by which Aviva Life & Pensions UK Limited ("UKLAP" of the UK), which is part of Aviva Plc ("Aviva" of the UK),  and  Public  Sector  Pension
    Investment Board ("PSP" of Canada), acquire within the meaning of Article 3(1)(b) of the  Merger Regulation joint control of a  real  estate
    property portfolio in the United Kingdom (the "Target Portfolio") by way of purchase of shares in a newly  created  company  constituting  a
    joint venture.

 2. The business activities of the undertakings concerned are:

  – for Aviva: provision of a broad range of insurance, savings and investment products  across  17  countries.  Aviva’s  group  is  principally
    active in the UK, France and Canada however it also has operations elsewhere in Europe and Asia.

  – for PSP: investment of the employer and employee net contributions received and management  of  a  diversified  global  portfolio  including
    stocks, bonds and other fixed-income securities as well as investments in private equity, real state, infrastructure and natural resources.

  – for the Target Portfolio: property interests, including freehold, leasehold and other interests, in fourteen properties in  Central  London.
    The property interests comprising the Target Portfolio largely relate to commercial office space, but also include retail premises and small
    residential units in two of the properties. [3]

 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 380, 14.11.2015, p.8.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE