The planned merger between Belgian real estate groups Aedifica and Cofinimmo to form a leading European healthcare REIT is still under review by the Belgian Competition Authority (BMA).
Aedifica, which launched an exchange offer to combine the two companies in June 2025, confirmed that the BMA has raised additional questions, potentially delaying the approval process beyond the original timeline. The company acknowledged that its initial schedule for the exchange offer is now at risk.
To secure clearance, Aedifica is in discussions with the BMA about possible commitments, including the sale of Belgian assets, though it declined to provide details while talks continue. If the notification and formal filing stages are completed by the end of October, the exchange offer could still open in the fourth quarter of 2025.
Aedifica, listed on Euronext Brussels and Amsterdam, specializes in European healthcare real estate, with a portfolio valued at nearly 6.2 billion euros across seven countries. Its market capitalization stood at around 3 billion euros at the end of September 2025.
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