The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of a newly created joint venture by NREP AB of Sweden and Novo Holdings A/S and Industriens Pensionsforsikring A/S, both of Denmark. The joint venture will own, develop, operate, and sell residential and commercial properties in the district of Jernbanebyen, located in central Copenhagen.
NREP administers funds, which invest in, operate and develop real estate in the Nordic countries.
Novo Holdings manages the investment assets of the Novo Nordisk Foundation as the holding company of the Novo Group. It invests in life sciences as well as high quality infrastructure and modern and sustainable real estate.
Industriens Pensionsforsikring is an occupational pension company, which administers the compulsory labour market pension scheme for employees under the Danish Collective Bargaining Agreement for Industrial Employees. It invests in various assets, including properties, mostly in developed countries.
The Commission concluded that the proposed acquisition would raise no competition concerns given its limited impact on the market. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10468.