CELEX: 32019M9467
Language: en
Date: 2019-09-30 00:00:00
Title: Commission Decision of 30/09/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9467 - Ivanhoe Cambridge / Public Sector Pension Investment Board / Greystar) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 30.9.2019
                                                                C(2019) 7141 final
                                                                                      PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9467 - Ivanhoe Cambridge/PSPIB/Greystar/JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
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                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 4 September 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Ivanhoe Cambridge
        inc. (‘IC’, Canada), Public Sector Pension Investment Board (‘PSPIB’, Canada) and
        Greystar Real Estate Partners, LLC (‘Greystar’, USA) acquire within the meaning of
        Article 3(1)(b) and 3(4) of the Merger Regulation joint control of GDCV Residential
        Portfolio III LP (‘GDCV’) by way of purchase of a limited partnership interest in a newly
        created company constituting a full function joint venture.3
2.      The business activities of the undertakings concerned are:
        −     for IC: global investment in real estate;
        −     for PSPIB: investment management of the pension plans of the Canadian Federal
              Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the
              Reserved Force. It manages a diversified portfolio including stocks, bonds and other
              fixed-income securities as well as investments in private equity, real estate,
              infrastructure, natural resources and private debt;
        −     for Greystar: global development, acquisition and management of rental housing
              projects and portfolios for itself and on behalf of various institutional, sovereign
              wealth and private investors currently in the USA, the United Kingdom, Spain, the
              Netherlands and Mexico;
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 308, 12.9.2019, 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---    −    for GDCV: acquisition of parcels of lands or ground leases, and development of
        multifamily assets in the USA for investment purposes. It will target investments in
        class A, mid/high-rise development assets which exhibit a strong long-term
        employment base, growing populations and a high propensity to rent.
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 139/2004.4
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)
                                                    Cecilio MADERO VILLAREJO
                                                    Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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