We advise Aedifica and its wholly owned Finnish subsidiary Aureit Holding in the EUR 408 million voluntary recommended public cash tender offer for all shares in Hoivatilat.
Aedifica, Aureit Holding and Hoivatilat entered into a combination agreement on 4 November 2019. Hoivatilat’s board of directors unanimously recommended that Hoivatilat’s shareholders accept the offer. Aedifica and Aureit Holding secured irrevocable undertakings to accept the tender offer from shareholders representing 47.7% of the shares in Hoivatilat, including Hoivatilat’s top management.
On 30 January 2020, Aureit Holding announced that it had obtained an ownership of 98.2% in Hoivatilat. The squeeze-out process for the remaining Hoivatilat shares is pending.
Aedifica, incorporated in 2005, is a regulated real estate company under Belgian law (Belgian REIT) specialised in European healthcare real estate. Aedifica has developed a portfolio of more than 270 sites in Belgium, Germany, the Netherlands and the United Kingdom with a total value of approximately EUR 2.4 billion. Aedifica is listed on Euronext Brussels and Euronext Amsterdam and currently has a market capitalization of approximately EUR 3 billion.
Hoivatilat, founded in 2008, specialises in producing, developing, owning and leasing out day care centre and nursing home premises, service communities and, recently, also schools. Hoivatilat has been working in cooperation with approximately 60 Finnish municipalities and has launched a total of approximately 200 property projects throughout Finland and, as of 2019, also in Sweden. Hoivatilat is listed on Nasdaq Helsinki.