CELEX: 32014M7211
Language: en
Date: 2014-05-06 00:00:00
Title: Commission Decision of 06/05/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7211 - AXA / PSPIB / REAL ESTATE PORTFOLIO IN MILAN) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |
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                                        Brussels, 06.05.2014
                                        C(2014) 3081 final

                                        |To the notifying parties:                                          |                                                                        |

Dear Madam(s) and/or Sir(s),

Subject:    Case M.7211 - AXA / PSPIB / REAL ESTATE PORTFOLIO IN MILAN Commission decision pursuant to Article 6(1)(b) of Council Regulation
(EC) No 139/2004[1]

 1. On 04.04.2014, the European Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC)  No
    139/2004  by which the undertakings SCI Vendome Bureaux, ultimately controlled by AXA S.A. ("AXA", France), and  PSPLUX  S.à  r.l.,  a  fully
    owned subsidiary of Public Sector Pension Investment Board ("PSPIB", Canada) acquire within the meaning of Article  3(1)(b)  of  the   Merger
    Regulation joint control of a portfolio of real estate assets in Milan (the "Real Estate Portfolio in Milan", Italy) by way  of  purchase  of
    shares[2].

 2. The business activities of the undertakings concerned are:

      - AXA is a global insurance group active in life, health and other forms of insurance, as well as in investment management.

      - PSPIB is a pension investment manager that invests funds for the pension plans of the Public Service,  the  Canadian  Forces,  the  Royal
       Canadian Mounted Police and Reserve Force.

      - The Real Estate Portfolio in Milan comprises four buildings: Bodio 4, Bodio 5, La Vela and La Stilo,  designated  to  office  and  retail
       uses.

 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[3].

 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.

                                        For the Commission
                                        (signed)
                                        Alexander ITALIANER
                                        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]         Publication in the Official Journal of the European Union No C 109, 11.04.2014, p. 34.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE