CELEX: 32019M9419
Language: en
Date: 2019-07-24 00:00:00
Title: Commission Decision of 24/07/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9419 - Public Sector Pension Investment Board / Welltower Inc. / SRG Partners, LLC) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 24.7.2019
                                                                C(2019) 5648 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:           Case M.9419 - PSP / WELLTOWER / SRG / SENIOR HOUSING
                   PROPERTY
                   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 1 July 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), Welltower Inc. (‘Welltower’, USA) and
        SRG Partners, LLC (‘SRG’, USA) acquire within the meaning of Article 3(1)(b) of
        the Merger Regulation joint control of the whole of a senior housing property known
        as ‘Peninsula Del Rey’ (‘Peninsula Del Rey’, USA).3
        The concentration is accomplished by way of purchase of assets.
2.      The business activities of the undertakings concerned are:
        - for PSP: the pension investment manager of several Canadian pension plans,
             including the pension plan of the Canadian Federal Public Service and the
             Canadian Forces. PSP manages a diversified global fixed-securities portfolio as
             well as investments in private equity, real estate, infrastructure, natural resources
             and private debt,
        - for Welltower: invests in properties concentrated in major high-growth markets,
             consisting of seniors' housing and post-acute communities, and outpatient medical
             properties in the USA, Canada and the UK,
        - for SRG: owns, manages and develops senior housing communities in the USA,
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 231, 09.07.2019, p. 5.
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 Peninsula Del Rey: a senior housing property located at 165 Pierce Street in
       Daly City, San Mateo County, California, USA.
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)
                                                  Johannes LAITENBERGER
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
                                              2