CELEX: 32018M8982
Language: en
Date: 2018-08-30 00:00:00
Title: Commission Decision of 30/08/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.8982 - Ivanhoe Cambridge / Public Sector Pension Investment Board / LPs) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                     
                  
               
               Brussels, 30.08.2018
            
            
               C(2018) 5825 final
            
            
               
                  PUBLIC VERSION
               
            
            
            
            
            
            
               To the notifying parties:
            
            
               Subject:Case M.8982 – Ivanhoe Cambridge/PSPIB/JV
                  Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004
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                and Article 57 of the Agreement on the European Economic Area
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               Dear Sir or Madam,
            
            
               1.On 1 August 2018, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Ivanhoe Cambridge (‘Ivanhoe’), belonging to the Caisse de dépôt et placement du Québec (Canada) and Public Sector Pension Investment Board (‘PSPIB’, Canada), acquire within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of the VIC Strategic Multifamily Partners LPs (the ‘VIC LPs’, USA) currently controlled by Ivanhoe.
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               The concentration is accomplished by way of purchase of shares.
            
            
               2.The business activities of the undertakings concerned are:
            
            
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                     for Ivanhoe: global real estate investments,
            
            
               -   for PSPIB: management of a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt,
            
            
               -   for the VIC LPS: investment in and management of residential real estate assets in San Francisco and the greater San Francisco Bay area.
            
            
               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) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
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               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
            
            
         
         
            
                  
                     (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 281, 10.08.2018, p. 24.
               
               
                  
                     (4)
                  
                  
                      
                           OJ C 366, 14.12.2013, p. 5.