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The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.
On 5 April 2023, the Commission received notification of a proposed concentration pursuant to article 4 of Council Regulation (EC) 139/2004 by which BNP Paribas Fortis NV/SA (“BNPPF”) and Matexi NV/SA (“Matexi”) proposed the creation of a joint venture aimed at providing real estate rental services with an option to buy the property in the future (“Proposed Transaction”).
The Notification relates to the creation of a full-function JV within the meaning of article 3(4) of the EUMR over which the Notifying Parties will exercise joint control within the meaning of article 3(1)(b) of the EUMR.
R2O is a greenfield JV; the Notifying Parties will jointly incorporate the JV and will each hold 50% of the shares.
The main business activities of the undertakings concerned are the following:
1 • BNPPF, with registered office in Belgium, is a subsidiary of BNP Paribas Group and offers the Belgian market a comprehensive package of financial services for private individuals, the self-employed, professionals, small and medium-sized enterprises (“SMEs”) and public organisations. BNPPF also provides wealthy individuals, public authorities and financial institutions with custom solutions for which it can draw on BNP Paribas’s know-how and international network.
• Matexi, with registered office in Belgium, is a wholly owned subsidiary of Matexi Group NV. Matexi is a real estate project developer active in all stages of the development process (acquisition, development, construction, sale) and mostly develops residential projects as well as a limited number of commercial projects (retail and office spaces). Matexi has a range of subsidiaries for the development and construction of its land and properties and is active mainly in Belgium, and to a more limited extent Luxembourg and Poland.
• R2O is the proposed joint venture in which BNPPF and Matexi would each hold 50% of the shares. R2O will be registered in Belgium and will rent housing property to consumers with a “rent-to-own” offer, i.e. tenants who have a purchase option after a
1 BNP Paribas Group is active in Belgium via BNPPF, BNP Paribas Leasing Solutions, BNP Paribas Fortis Factor, BNP Paribas Real Estate, BNP Paribas Securities Services, BNP Paribas Asset Management, AlphaCredit, Arval and BNP Paribas Cardiff.
Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111
number of years of renting the property. The “rent-to-own” offer makes the acquisition of quality housing more accessible.
The Proposed Transaction relates to real estate activities in Belgium. In particular, the JV will be active in relation to residential real estate rental services and residential real estate property and will only be active in Belgium, while Matexi is active in relation to residential real estate development. BNPPF has limited residential real estate management activities.
Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111