We advise Aedifica and its wholly owned Finnish subsidiary Aureit Holding Oy in the EUR 376 million voluntary recommended public cash tender offer for all shares in Hoivatilat.
Aedifica, Aureit Holding Oy and Hoivatilat have entered into a combination agreement on 4 November 2019. The offer is recommended by Hoivatilat’s board of directors and viewed positively by executive management. Shareholders representing 19.7% of the shares in Hoivatilat have irrevocably undertaken to accept the tender offer.
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 260 sites in Belgium, Germany, the Netherlands and the United Kingdom with a total value of approximately EUR 2.3 billion. Aedifica is listed on the Brussels Stock Exchange and currently has a market capitalization of approximately EUR 2.6 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.