The college of the Belgian Competition Authority (BCA) has approved the combination of Aedifica and Cofinimmo to form a leading healthcare REIT in Europe.
The combination of both companies will be realised through an exchange offer launched by Aedifica on Cofinimmo. Aedifica intends to open the exchange offer for acceptance by the public on 30 January, 2026.
In June 2025, the two REITs agreed to the combination in a deal that will be structured as an all‐share voluntary offer for 100% of the shares of Cofinimmo at an exchange ratio of 1.185 new Aedifica shares for each Cofinimmo share.
The combination brings together two businesses with highly complementary healthcare real estate portfolios, and the combined entity will become the reference healthcare REIT in Europe with combined GAV of approximately €12bn and the number four healthcare REIT globally.
The BCA approval has been granted subject to the commitment offered by Aedifica to dispose of healthcare assets located in Belgium over several years, with a total value of €300m.
“This decision marks a key step in the proposed combination between Cofinimmo and Aedifica, paving the way for Aedifica’s public exchange offer in the coming weeks,” said Jean-Pierre Hanin, CEO of Cofinimmo. “This project aims to create the European leader in healthcare real estate, for the benefit of our shareholders, tenants and partners.”
Press release: Exchange offer on Cofinimmo – Aedifica