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<MERGERS: Commission clears creation of joint venture by Reco, Frasers Property and JustGroup

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over JustCo Holdings Pte. Ltd, a newly created joint venture, by Reco Jedi Private Limited ('Reco'), Frasers Property Ventures II Pte. Ltd.(controlled by Frasers Property Limited) ('Frasers Property') and JustGroup Holdings Pte. Ltd. All companies are based in Singapore. JustCo will be active in the development and management of co-working spaces. Reco is controlled by GIC (Realty) Private Limited, which holds real estate assets on behalf of the government of Singapore. Frasers Property Limited owns, develops and manages a diverse, integrated portfolio of properties. JustGroup develops and manages co-working spaces. The Commission concluded that the proposed acquisition would raise no competition concerns, because JustCo has no actual or foreseen activities within the European Economic Area. 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.8996. (For more information: Ricardo Cardoso - Tel.: +32 229 80100; Giulia Astuti - +32 229 55344)

Source: European Commission