CELEX: 32021M10468
Language: en
Date: 2021-11-16 00:00:00
Title: Commission Decision of 16/11/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10468 - NREP / NOVO HOLDINGS / INDUSTRIENS PENSIONSFORSIKRING / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 16.11.2021
                                                                C(2021) 8412 final
                                                                                PUBLIC VERSION
                                                                NREP AB
                                                                Box 7721
                                                                SE-103 95 Stockholm
                                                                Sweden
                                                                Novo Holdings A/S
                                                                Tuborg Havnevej 19
                                                                2900 Hellerup
                                                                Denmark
                                                                Industriens Pensionsforsikring A/S
                                                                Nørre Farimagsgade 3
                                                                1364 København K
                                                                Denmark
Subject:        Case M.10468 – NREP / NOVO HOLDINGS / INDUSTRIENS
                PENSIONSFORSIKRING / 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 19 October 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which NREP AB
        (Sweden), Novo Holdings A/S (Denmark), belonging to the Novo Group, and
        Industriens Pensionsforsikring A/S (Denmark) acquire within the meaning of Article
        3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created Joint
        Venture (“the JV”). The concentration is accomplished by way of purchase of shares
        in a newly created company constituting a joint venture.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 434, 27.10.2021, p.19.
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 NREP AB: a fund-manager, administering funds whose purpose is to invest
       in, operate and develop real estate in the Nordic countries,
   −   for Novo Holdings A/S: manages the investment assets of the Novo Nordisk
       Foundation as the holding company of the Novo Group. Novo Holdings A/S
       invests in life sciences as well as high quality infrastructure and modern and
       sustainable real estate,
   −   for Industriens Pensionsforsikring A/S: occupational pension company which
       administrates the compulsory labour market pension scheme for employees under
       the Danish Collective Bargaining Agreement for Industrial Employees.
       Industriens Pensionsforsikring A/S invests in a variety of assets, including
       properties, mostly in developed countries,
   −   The JV is intended to own, develop, operate, and partially sell residential and
       commercial properties in areas of Jernbanebyen, located in central Copenhagen.
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
4  OJ C 366, 14.12.2013, p. 5.
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