CELEX: 32020M10056
Language: en
Date: 2020-12-03 00:00:00
Title: Commission Decision of 03/12/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.10056 - PSPIB / TISHMAN SPEYER / CARRÉ SAINT GERMAIN) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 3.12.2020
                                                                C(2020) 8724 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.10056 - PSPIB / TISHMAN SPEYER / CARRÉ SAINT
                GERMAIN
                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 10 November 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Tishman
        Speyer Crown Equities 2007 L.L.C. (“Tishman Speyer”, USA) and Public Sector
        Pension Investment Board (“PSPIB”, Canada) acquire within the meaning of Article
        3(1)(b) of the Merger Regulation joint control of Carré Saint Germain (“Target”,
        France) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             for Tishman Speyer: ownership, development, fund management and operating of
              commercial and residential real estate in the United States, Europe, Latin America
              and Asia.
             for PSPIB: management of a diversified global portfolio including stocks and
              bonds, and investment of net contributions to pension funds under its
              management in private equity, real estate, infrastructure, natural resources and
              private debt.
             for Target: ownership of a commercial real estate property, Carré Saint Germain,
              located in Paris, France currently leased to a mix of retail and office users. Prior
              to the concentration, the Target is ultimately owned by AXA Real Estate.
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 392, 17.11.2020, p. 6.
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--- 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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