Major operation in view in the Belgian real estate world: Aedifica is launching a purchase offer on Cofinimmo

A bonus of more than 20%

Aedifica offers an exchange offer on all securities with voting rights of its competitor, up to 1.16 new action by SIR per Cofinimmo share, an implicit price of 80.91 euros per share. Which “represents a bonus of 20.8%” Compared to Cofinimmo’s course before its suspension, the real estate company exhibits in its press release.

The offer is subject to several conditions, in particular to reach a minimum acceptance threshold of 50% plus a co -de -cofinimmo action.

The issue of new actions must be approved by the extraordinary general meeting of Aedifica – “summoned in good time” – but will not require funding.

“Discussions will be initiated with the Cofinimmo board of directors about this proposal. The CA has not yet been able to analyze it”informs Aedifica. Aedifica specifies that she “Approached the Council of Cofinimmo in a spirit of cooperation in order to achieve a recommended transaction and invited the board of directors of Cofinimmo to conclude a support agreement of the Board of Directors with Aedifica according to the usual conditions for a transaction of this type”.

A capitalization of almost 6 billion euros

Difficult therefore, at this stage to speculate on the chances of success of this operation and the friendly or inamical nature of the Aedifica approach towards its competitor. “If the transaction is completed, this will give birth to a group with a gross value of assets (GAV) of 12.1 billion euros and a market capitalization exceeding 5.8 billion euros”still pointed out on Thursday evening Aedifica.

In his press release, Aedifica motivated his intentions from a strategic point of view. “The transaction will combine the AEDIFICA portfolio in its current main markets with that of Cofinimmo (Belgium, Germany, Netherlands, United Kingdom, Finland and Ireland), will increase its presence in Spain and will install a first presence in France and Italy. The combined portfolio should further diversify the profile of the tenants, the weight of the ten main tenants passing by around 47% AEDIFICA at around 43% in the combined group “still specifies Aedifica in its press release.

For Aedifica, this operation is in the interest of the shareholders of Cofinimmo. “They should benefit from a size and liquidity of improved shares as well as a more solid financial structure, coupled with an early decrease in the debt rate. By joining the combined group, Cofinimmo shareholders should benefit from operational and financial synergies”, still specifies the bidder in his press release.

If the operation were to materialize, it would give birth to a Belgo-Belgian real estate giant, whose market capitalization would therefore approach the 6 billion euros. The ball is now in the Cofinimmo camp: the latter said this Thursday evening in a succked statement having been informed of Aedifica’s intentions and studying the proposal “In the best interest of the shareholders of Cofinimmo”. And add that there was “No guarantee” que cofinimmo “engage des discussions” With Aedifica. Caution is therefore to focus on the success of this operation. We will probably know more in the coming days …