Delay despite recent clearances from German and Dutch regulators.
The Belgian Competition Authority (BMA) has unexpectedly slowed the planned merger between listed care‑real‑estate companies Aedifica and Cofinimmo by issuing additional questions during its initial review. This comes despite recent clearances from German and Dutch regulators.
Aedifica launched its takeover bid for Cofinimmo in early May, and after a modestly improved offer was accepted in June, shareholders green‑lit a capital increase last week to fund the deal. The combined group is projected to command roughly 12 percent of Belgium’s care‑bed market—and as much as 21 percent in Brussels—making this the sector’s largest domestic merger.
Analysts at Kepler Cheuvreux view the BMA’s move as a “first setback” for the transaction and anticipate that five to ten Belgian properties may need to be sold to secure final approval. Aedifica and Cofinimmo must now provide further documentation before the authority decides whether to clear the merger or launch an in‑depth investigation.
Because Belgium represents 34 percent of the merged portfolio’s value, the outcome of this review will shape both the deal’s structure and its timing. With the bid period initially slated to open on 1 September, Aedifica concedes that the process may extend beyond its original schedule—leaving M&A professionals to watch closely as Belgium’s largest private property owners seek to unite.
