Brussels Authorises CPPIB’s Investment In Puerto Venecia
10 August 2015 – Expansión
Brussels has authorised the transaction on the basis that it will not have a negative impact on Europe’s economic environment.
The European Commission has authorised the joint acquisition of the largest shopping centre in Spain, Puerto Venecia in Zaragoza, by the Canadian pension fund CPPIB and the current owner, the Luxembourg holding company Intu, on the basis that the transaction will not have a negative impact on Europe’s economic environment.
The company created by CPPIB and Intu already controls the Parque Principado shopping centre in Oviedo, but the European Commission considers that the new operation does not threaten competition in the EU, because it will have a “limited impact” on the structure of the market.
The case, which was referred to Brussels on 10 July, has been examined in accordance with the simplified procedures that apply to less problematic deals.
Original story: Expansión
Translation: Carmel Drake