CELEX: 32015M7776
Language: en
Date: 2015-10-29 00:00:00
Title: Commission Decision of 29/10/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7776 - BTPS / CPPIB / SOUTHBANK TOWER ESTATE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

Brussels, 29.10.2015
C(2015) 7666 final

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|To the notifying parties:                                              |                                                                       |
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Dear Sirs,

Subject:    Case M.7776 - BTPS/ CPPIB/ SOUTHBANK TOWER ESTATE
Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and  Article  57  of  the  Agreement  on  the  European
Economic Area[2]

 1. On 05 October 2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation
    by which the undertakings Britel Fund Nominees Limited as corporate trustee of BT Pension Scheme (“BTPS”, United Kingdom) and Canada Pension
    Plan Investment Board (“CPPIB”, Canada) acquire within the meaning of Article 3(1)(b)  of  the   Merger  Regulation  joint  control  of  the
    undertaking South Bank Tower Estate (the “Target Property”), a real estate property in London (United Kingdom) by way of purchase of assets.

 2. The business activities of the undertakings concerned are:

      – for BTPS: occupational pension scheme established for the benefit of employees of BT Group plc.  The  activities  of  BTPS  include  real
        estate investment and its broader group is active in bond and equity investment, both in the United Kingdom and overseas.

      – for CPPIB: investment management organisation that invests the funds of the Canada Pension Plan.  CPPIB  principally  invests  in  public
        equities, private equities, real estate, infrastructure and fixed income investments.

      – for the Target Property: mixed-use property in London combining residential, retail and commercial premises.[3]

 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
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[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 336, 10.10.2015, p.3.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE