CELEX: 32021M10500
Language: en
Date: 2021-11-08 00:00:00
Title: Commission Decision of 08/11/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10500 - PSPIB / ADIC / LOCAL) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 8.11.2021
                                                                C(2021) 8152 final
                                                                                 PUBLIC VERSION
                                                                Public Section Pension Investment
                                                                Board
                                                                1250 René-Lévesque Blvd. West
                                                                Suite 1400
                                                                H3B 5E9 Montréal
                                                                Québec
                                                                Canada
                                                                Abu Dhabi Investment Council
                                                                Company P.J.S.C
                                                                Al Bahr Towers – 1
                                                                Sheikh Zayed Bin Sultan Street
                                                                P.O. Box 61999
                                                                Abu Dhabi
                                                                United Arab Emirates
Subject:        Case M.10500 - PSPIB/ADIC/LOCAL
                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 12 October 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Public Sector
        Pension Investment Board (“PSPIB”, Canada) and Abu Dhabi Investment Council
        Company P.J.S.C (“ADIC”, the United Arab Emirates) acquire within the meaning of
        Article 3(1)(b) and 3(4) of the Merger Regulation joint control of B2R Local No. 1
        Pty Ltd (“Local”, Australia), a newly created joint venture, by way of purchase of
        shares.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 426, 21.10.2021, p. 12.
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 PSPIB: management of a diversified global portfolio including stocks, bonds
       and other fixed-income securities, as well as investments in private equity, real
       estate, infrastructure, natural resources and credit investments,
   −   for ADIC: operation of globally diversified investment strategies targeting
       positive capital returns through an expansive portfolio of highly diversified asset
       classes and active investment management strategies,
   −   for Local: operation of a specialist build-to-rent property development and
       management business that includes acquiring, developing, managing and
       operating residential properties in key Australian cities.
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)
                                                    Olivier GUERSENT
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
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