Public takeover of

 Hoivatilat logo

€ 610 million
Joint Financial Adviser
;

Aedifica

Joint Financial Adviser

Kempen acted as Joint Financial Adviser to Belgian Aedifica in the successful EUR 610 million public takeover of Finnish Hoivatilat

Transaction highlights

  • Aedifica, a Belgian REIT with a EUR 2.3 billion elderly home portfolio, through its wholly owned subsidiary Aureit Holding OY, has successfully concluded its public takeover offer for all of the issued and outstanding shares in Finnish Hoivatilat
  • Following a successful offer period, 90% of all shares and votes in Hoivatilat have been validly tendered, resulting in Aedifica now having control over 95.9% of all issued and outstanding shares in Hoivatilat additionally taking into account the Hoivatilat shares acquired from public trading by the date of this stock exchange
  • The offer price of EUR 16.00 per share, to be paid fully in cash, values Hoivatilat's equity at approximately EUR 408 million, a premium of 26.0% compared to Hoivatilat’s closing share price on the last trading day prior to the announcement of the tender offer. Furthermore, the offer price values Hoivatilat at an enterprise value of approximately EUR 610 million
  • Hoivatilat is an attractive partner to enter into the well-established Nordic healthcare market through an experienced company and team and thus for expanding its business to care markets, for which the outlook is highly supportive
  • Furthermore, the transaction will allow for the combination of Aedifica's growth track record based on a buy-and-hold strategy with Hoivatilat's growth track record based on a build-and-hold strategy and will hence support the combined group's future growth in the Nordics
Kempen is pleased to have been joint financial adviser of Aedifica in its first cross border public takeover

Company description

About Aedifica

Aedifica, established in 2005, is a listed Belgian real estate company that specialises in investments in European healthcare real estate, in particular housing for seniors with care needs. Aedifica has developed a portfolio of more than 260 sites in Belgium, Germany, the Netherlands and the United Kingdom with a total value of approximately EUR 2.3 billion. Aedifica is a leader in the European listed real estate sector and aims to further expand this position in the coming years.

Kempen Real Estate credentials

  • Kempen advised on more than €125 billion of real estate transactions across Europe
  • Kempen has been the most active bank in European Real Estate ECM since 2010
  • Kempen has a leading position in public takeovers in the European Real Estate sector advising in 8 European real estate public takeovers since 2018

Contact

Dirk Saltzherr
Dick Boer

Transactions