CELEX: 32019M9260
Language: en
Date: 2019-03-11 00:00:00
Title: Commission Decision of 11/03/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9260 - Public Sector Pension Investment Board / Allianz Real Estate Investments S.A. / Greystar Real Estate Partners, LLC / Paul Street East) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 11.03.2019
                                                                C(2019) 2034 final
                                                                           PUBLIC VERSION
                                                                To the notifying parties:
Subject:        Case M.9260 - PSP / ALLIANZ / GREYSTAR / PAUL STREET EAST
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 14 February 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Public Sector
        Pension Investment Board (“PSP”, Canada), Allianz Real Estate Investments S.A.
        (“Allianz”, Luxembourg), belonging to the Allianz Group (Germany) and Greystar Real
        Estate Partners, LLC (“Greystar”, USA) acquire within the meaning of Article 3(1)(b) of
        the Merger Regulation joint control over the whole of Paul Street East (“Paul Street East”,
        UK) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
              for PSP: the pension investment manager 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 potfolio including stocks, bonds
                 and other fixed-income securities as well as investments in private equity, real
                 estate, infrastructure, natural resources and private debt;
              for Allianz: part of the Allianz Group, a multinational financial service provider
                 which is active worldwide in the insurance and asset management business;
              for Greystar: develops, acquires and manages rental housing projects and portfolios
                 for itself and on behalf of various institutional, sovereign wealth and private
                 investors.
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 68, 21.02.2019, p. 45.
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 Paul Street East: student accommodation property located in London, UK.
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)
                                                    Johannes LAITENBERGER
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
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