Aedifica Belgian competitive authorities might delay merger timeline

Aedifica gives an update on the approval of the Belgian competitive authorities in regards to the Cofinimmo merger. The Belgian authorities have asked additional information which might delay the timeline of the transaction. As a reminder the acceptance period was to open in September with the EGM to vote on a merger in October (depending on the 51.0% thresholds during the acceptance period). The Dutch/German authorities have already give approval. There is no further information on what details the Belgian authorities requested.
Like we stated in earlier notes, the approval of the Belgian authorities is one of our key identified risks especially in the Brussels Region where the combined entity would have 21.0% of the total market (public+private beds). However if you look on a private bed level that figure almost doubles. Therefore asset disposals are likely ranging from 5-10 assets in Belgium. We think it is definitely feasible to divest assets but the price could be below book values due to time pressure.