Aedifica Road to merger unblocked
Aedifica obtained approval from the Belgian Competition Authority to proceed with its exchange offer on Cofinimmo. This approval is contingent on €300.0m of Belgian healthcare divestments to be executed over multiple years. The exchange period will open from 30 January to 2 March, contingent on FSMA approval of the prospectus. Given the significant overlap in the shareholder bases of Aedifica and Cofinimmo, and the formal support of Cofinimmo's board, we see a high likelihood of success.We upgraded Aedifica from HOLD to BUY in early November in anticipation of this approval. The stock has increased by 14.7% since, outperforming the EPRA Developed Europe Index by 13.8%. The current share price reflects the expectation of approval. We expect the momentum to continue and reiterate our €78.0 target price.
Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.
We are a financial services provider for several types of professional clients, each with distinct needs.
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