Aedifica is proposing a voluntary conditional exchange offer to merge with fellow Belgium-listed real estate company Cofinimmo, in a deal expected to create a combined group with €12.1bn in gross asset value.
The European healthcare real estate investment trust is proposing an exchange ratio of 1.16 new Aedifica shares per Cofinimmo share, in a deal that values each Cofinimmo share at €80.91 each, representing a 20.8% premium over the closing price of €67.
The combined group is expected to have a €5.8bn market capitalisation.
Aedifica said the proposal, if agreed, will combine its existing portfolio with Cofinimmo’s holdings in Belgium, Germany, the Netherlands, the UK, Finland and Ireland. This is expected to increase Aedifica’s presence in Spain and establish a presence in France and Italy.
For Cofinimmo, the combination will expand its exposure in the UK, Finland and Ireland. It is also expected to reduce Belgium’s contribution to the real estate portfolio from approximately 47% to 34%.
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