Belgian Real Estate Firms Aedifica, Cofinimmo Agree on Tie-Up

Healthcare real estate company Aedifica has agreed to buy rival Cofinimmo in a deal that creates a healthcare REIT with a combined gross asset value of more than €12 billion ($13.7 billion).

Aedifica is offering 1.185 new shares for each Cofinimmo share, with both boards unanimously supporting the deal, according to a statement sent on Tuesday. The offer values Cofinimmo at about €2.99 billion, according to Bloomberg calculations.

The parties came to a compromise after Aedifica in early May offered 1.16 shares - a bid that was turned down by its competitor, who argued it undervalued the company and asked ...