Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short 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.

SECTION 4

Description of the concentration

The proposed concentration concerns the acquisition of joint control, within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation, by The Prudential Assurance Company Limited (“PACL”) and funds managed by TPG Inc. (“TPG”) of a newly-established joint venture partnership (the “JVLP”). The JVLP will own the beneficial interests in 59 multi-let industrial assets across the UK, totalling 5.9m sq ft across 844 units (with the legal title held, indirectly, by the general partner of the JVLP). The JVLP will operate solely in the UK.

TPG, headquartered in the United States, is a leading global alternative asset management firm that consists of six multi-product platforms: Capital, Growth, Impact, Real Estate, Market Solutions and TPG Angelo Gordon.

PACL, headquartered in the United Kingdom, provides long-term insurance products including life insurance, investment pension products and pension annuities. Its ultimate parent company is M&G plc, an international savings and investment business offering a range of financial products and services via its Asset Management, Life and Wealth offerings.

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