CELEX: 32021M10300
Language: en
Date: 2021-07-15 00:00:00
Title: Commission Decision of 15/07/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10300 - TIAA / AP1 / AP2 / GPIF / COURBEVOIE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 15.7.2021
                                                               C(2021) 5409 final
                                                                               PUBLIC VERSION
                                                               Teachers Insurance and Annuity Association
                                                               of America (TIAA)
                                                               730 Third Avenue
                                                               New York, 10017 N.Y.
                                                               United States of America
                                                               Första AP-fonden (AP1)
                                                               Regeringsgatan 28
                                                               103 25 Stockholm
                                                               Sweden
                                                               Andra AP-fonden (AP2)
                                                               Östra Hamngatan 26-28
                                                               404 24 Gothenburg
                                                               Sweden
                                                               Government Pension Investment Fund
                                                               (GPIF)
                                                               Toranomon Hills Mori Tower, 7th floor
                                                               1-23-1, Minato-ku, Tokyo
                                                               Japan
Subject:        Case M.10300 – TIAA / AP1 / AP2 / GPIF / COURBEVOIE
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                Economic Area2
Dear Sir or Madam,
1.      On 22 June 2021, the European Commission received notification                   of a proposed
        concentration pursuant to Article 4 of the Merger Regulation                      by which the
        undertakings Teachers Insurance and Annuity Association of America                (‘TIAA’, US),
        Första AP-fonden (‘AP1’, Sweden), Andra AP-fonden (‘AP2’,                          Sweden) 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’).
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---    Government Pension Investment Fund (‘GPIF’, Japan) acquire within the meaning of
   Article 3(1)(b) of the Merger Regulation joint control of the real estate asset located in
   Courbevoie (‘Courbevoie’, France), currently owned by Rivoli Avenir Patrimoine,
   SCPI (France) and Edissimmo, SCPI (France), which are both managed by Amundi
   Immobilier, SA (France) by way of purchase of assets.3
2. The business activities of the undertakings concerned are:
       for TIAA: financial services organisation that primarily provides investment
        products in the academic, research, medical and cultural fields in the US,
       for AP1 and AP2: government agencies that manage buffer capital in the Swedish
        national income pension system. AP1’s global portfolio consists of equities and
        fixed-income securities along with real estate, infrastructure, private equity funds
        and hedge funds. AP1 is active in Sweden, France, Germany, and The
        Netherlands as well as in the US and Asia. AP2’s global portfolio consists, among
        others, in equities, fixed-income securities, alternative investments such as real
        estate, derivatives and currencies. AP2 is active in Sweden, Poland, Luxemburg
        as well as in the US, Brazil and Asia. AP1 and AP2 are entirely independent of
        each other,
       for GPIF: incorporated administrative agency, established by the government of
        Japan to manage and invest the pension reserve funds of the government pension
        plans. Its global investment portfolio includes interests in Japanese domestic and
        international equities and bonds, infrastructure (including renewable energy,
        airports and port assets), real estate assets and private equity funds,
     for Courbevoie: real estate asset (dedicate to office use), located at 1, place Jean
        Millier, 92400 Courbevoie (Hauts-de-Seine), France.
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)
                                                            Olivier GUERSENT
                                                            Director-General
3  Publication in the Official Journal of the European Union No C 256, 30.06.2021, p. 12-13.
4  OJ C 366, 14.12.2013, p. 5.
                                                       2