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<MERGERS: Commision Approval

Commission clears Echo Prime joint venture by Griffin, LVS II Lux XX and Redefine Properties

The European Commission has approved under the EU Merger Regulation the creation of Echo Prime Properties, a joint venture by Griffin, LVS II Lux XX, both of Luxembourg, and Redefine Properties of South Africa. Echo Prime will be active in the real estate sector in Poland, continuing the commercial real estate activity currently carried out in Poland by Griffin and LVS II Lux XX through their portfolio company Echo Investment S.A. Griffin, which belongs to the global investment company Oaktree, invests in real estate assets and services mainly in Poland. LVS II Lux XX, a subsidiary of the global investment company PIMCO, invests in real estate assets and services. Finally, Redefine Properties invests in real estate assets and services, mainly in South Africa and Australia. The Commission concluded that the proposed acquisition would raise no competition concerns because of its limited impact on the market structure. 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.7989. (For more information: Ricardo Cardoso - Tel.: +32 229 80100; Yizhou Ren - Tel.: +32 229 94889)

Source: European Commission