Belgian student housing group Xior has reached an agreement to acquire a 32% interest in peer Quares Student Housing and announced plans to launch a voluntary public tender offer for Quares' remaining shares.
The move, which would create the largest Belgian student housing platform, would represent an investment by Xior of around €156 mln and increase Xior's Belgian portfolio by over 25%.
The operation is also expected to have a positive impact on earnings & operational margin through direct savings and economies of scale, Xios said.
Christian Teunissen, CEO of Xior, said: 'We continue to strongly believe in our home market and are delighted to have the opportunity to grow by as much as a quarter in Belgium's top student cities. This strategic transaction is a unique opportunity to combine the strengths of two of the largest professional players and to create an even more powerful, profitable and professional platform from this synergy. Through the planned takeover of the Quares Student Housing portfolio, we are further expanding our range of high-quality rooms, always with the vision and commitment to unburden students and their parents and offer them the ideal place to live, study and relax. In short, a transaction with many advantages for both the student and the shareholder.'
Herman Du Bois, CEO Quares Student Housing: 'The plan to bring together the teams of Quares Student Housing and Xior will result in a further improvement of our service to national and international students and makes us stronger in meeting the challenge of the growing shortage of affordable, high-quality student rooms in Belgium. Creating a second home for our students deserves the necessary attention and a professional framework. That is precisely what Xior and Quares Student Housing stand for.'
