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Document 52021M10468

Prior notification of a concentration (Case M.10468 – NREP / NOVO HOLDINGS / INDUSTRIENS PENSIONSFORSIKRING / JV) Candidate case for simplified procedure (Text with EEA relevance) 2021/C 434/06


OJ C 434, 27.10.2021, p. 19–20 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)



Official Journal of the European Union

C 434/19

Prior notification of a concentration


Candidate case for simplified procedure

(Text with EEA relevance)

(2021/C 434/06)


On 19 October 2021, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).

This notification concerns the following undertakings:

NREP AB (Sweden),

Novo Holdings A/S (Denmark), belonging to the Novo Group,

Industriens Pensionsforsikring A/S (Denmark).

NREP AB, Novo Holdings A/S and Industriens Pensionsforsikring A/S acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created Joint Venture (‘the JV’).

The concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture.


The business activities of the undertakings concerned are:

for NREP AB: a fund-manager, administering funds whose purpose is to invest in, operate and develop real estate in the Nordic countries,

for Novo Holdings A/S: manages the investment assets of the Novo Nordisk Foundation as the holding company of the Novo Group. Novo Holdings A/S invests in life sciences as well as high quality infrastructure and modern and sustainable real estate.

for Industriens Pensionsforsikring A/S: occupational pension company which administrates the compulsory labour market pension scheme for employees under the Danish Collective Bargaining Agreement for Industrial Employees. Industriens Pensionsforsikring A/S invests in a variety of assets, including properties, mostly in developed countries,

The JV is intended to own, develop, operate, and partially sell residential and commercial properties in areas of Jernbanebyen, located in central Copenhagen.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.

Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:


Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:


Fax +32 22964301

Postal address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel


(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.