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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 10/05/2005

In electronic form on the EUR-Lex website under document number 32005M3773

Office for Official Publications of the European Communities L-2985 Luxembourg

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 10.05.2005

SG-Greffe(2005) D/202101

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

PUBLIC VERSION

To the notifying parties

Dear Sirs,

Subject: Case No. COMP/M.3773 - Lehman Brothers/Realty Europe/IHG Portfolio Notification of 01/04/2005 pursuant to Article 4 of Council Regulation (EC) No. 139/2004 Publication in the Official Journal of the European Union No. C85, 07/04/2004, p.19

1.On 01/04/2005, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No. 139/2004 by which the undertakings Lehman Brothers Real Estate Partners (ìLBREP IIî, US) belonging to the Lehman Brothers Group (ìLehman Brothersî, US) and Europe Realty Holdings Pte. Ltd. (ìEurope Realtyî, Singapore) acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of IHG Portfolio (ìIHG Portfolioî, UK) by way of purchase of shares in a newly created company constituting a joint venture.

1OJ L 24, 29.1.2004 p. 1

Commission europÈenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.

2.The business activities of the undertakings concerned are:

-- LBREP II: investment fund.

-- Europe Realty: holding company active in real estate investments in Europe on behalf of the Government of Singapore.

-- IHG Portfolio: four companies owning as assets a group of 73 hotels located in the UK.

3.After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EC) No. 139/2004 and of paragraph 5, subparagraph c, of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No. 139/2004.

4.For the reasons set out in the Notice on a simplified procedure, the Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EC) No. 139/2004.

For the Commission

signed Neelie KROES Member of the Commission

2OJ C 56, 05.3.2005 p.32

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