RE Invest Belgium, an entity owned by a Brookfield-managed real estate fund, has made a €1.4bn takeover bid for Belgian office real estate investment trust Befimmo.
RE Invest Belgium is offering Befimmo shareholders €47.50 for each share, an offer which represents a 51.8% premium over the last closing price of €31.30.
Befimmo owns a €2.8bn portfolio comprising 60 office buildings and 8 coworking spaces located in Brussels, the main Belgian towns and cities, and the Grand Duchy of Luxembourg.
RE Invest Belgium said the offer – which is being backed by Befimmo’s management and board of directors – has the support of Befimmo’s two largest shareholders AXA IM Alts, acting on behalf of AXA Belgium, and AG Real Estate, acting on behalf of its affiliate AG Finance.
RE Invest Belgium will need to receive over 50% of Befimmo’s shares in order to close the takeover in the third quarter of the year.
Responding to the offer, AG Real Estate, which owns 9.3% of Befimmo’s shares, said it has agreed to tender 5.6% of Befimmo’s shares while retaining the remaining stake.
Serge Fautré, CEO of AG Real Estate, said: “We have been a significant shareholder of Befimmo since its establishment in 1995, and we have accompanied its growth and development into a prime Belgian office investor.
“This attractive offer price provides us with a unique opportunity to crystallise our return on investment and it will benefit all shareholders of Befimmo.”
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