The Competition Authority (AdC) made public this Monday, December 22nd, a “decision of non-opposition” to the concentration operation resulting from the acquisition of Torre Oriente by Sonae Sierra, considering that it “is not likely to create significant obstacles to competition”.
The operation, communicated to the AdC on November 24, consists of the acquisition of exclusive control of Torre Oriente – SIC Imobiliária Fechada by Sonae Sierra, SGPS, “through a lasting management contract”.
Sonae Sierra is controlled by Sonae, SGPS and is engaged in the development, investment and management of shopping centers and other real estate assets, as well as the provision of investment, development and real estate management services.
Torre Oriente, an office space located in Lisbon, is owned by Torre Oriente GmbH & Co. KG.
The AdC’s decision, taken on December 19, falls within the terms of paragraph b) of paragraph 1 of article 50 of the Competition Law, since the concentration operation “is not likely to create significant obstacles to effective competition in the national market or in a substantial part of it”.