CELEX: 32021M10156
Language: en
Date: 2021-03-18 00:00:00
Title: Commission Decision of 18/03/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10156 - TIAA / AP1 / AP2 / GPIF / TARGET) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                              Brussels, 18.03.2021
                                                              C(2021) 1947 final
                                                                                PUBLIC VERSION
                                                              Teachers Insurance and Annuity Association
                                                              of America
                                                              730 Third Avenue
                                                              10017 – New York
                                                              United States of America
                                                              Första AP-fonden
                                                              Regeringsgatan 28
                                                              103 25 – Stockholm
                                                              Sweden
                                                              Andra AP-fonden
                                                              Östra Hamngatan 26
                                                              404 24 – Gothenburg
                                                              Sweden
                                                              Government Pension Investment Fund
                                                              Toranomon Hills Mori Tower, 7th
                                                              floor
                                                              1-23-1, Minato-ku – Tokyo
                                                              Japan
Subject:        Case M.10156 – TIAA / AP1 / AP2 / GPIF / TARGET
                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 23 February 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Teachers
        Insurance and Annuity Association of America (‘TIAA’, United States of America),
        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 indirect joint control of a real estate asset
   located in Paris (‘the Target’, France), currently owned by Duval Invest SAS, (France)
   and FTIMMO H, a subsidiary of Orange 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 United
        States of America,
       for AP1 and AP2: government agencies that manage buffer capital in the Swedish
        national income pension system. Their global portfolios consist of equities, fixed
        income securities, real estate and private equity funds. 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 the Target: commercial real estate asset (dedicated to office use) located at 10
        rue Jobbé-Duval, 75015 Paris, 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(a) and 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 71, 1.3.2021, p. 66.
4  OJ C 366, 14.12.2013, p. 5.
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