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<MERGERS: Commission clears the creation of a joint venture by Ivanhoe Cambridge and PSPIB

The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture, VGMV LP, by IvanhoeCambridge and the Public Sector Pension Investment Board ("PSPIB"), both of Canada. The joint venture will renovate, manage, and offer for rent residential real estate in the San Francisco Bay area. Ivanhoe Cambridge is a global real estate investor controlled by Caisse de dépôt et placement du Québec. PSPIB invests the pension plans of the Canadian public sector in a diversified global portfolio composed of investments in real estate, public financial markets, private equity, infrastructure, natural resources and private debt services. The Commission concluded that the proposed acquisition would raise no competition concerns as VGMV LP has no foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competitionwebsite, in the public case register under the case number M.9078. (For more information: Ricardo Cardoso - Tel.: +32 229 80100)

Source: European Commission