Belgian healthcare REIT Aedifica said on Thursday that it has tendered shares representing over 98% of the share capital of Finnish peer Hoivatilat following the launch earlier this month of a voluntary public tender offer for the Nasdaq Helsinki-listed firm.
The Brussels-listed firm unveiled plans in November to buy out healthcare specialist Hoivatilat, to spearhead growth into the Nordic region and create a €3 bn sector giant. At the end of the offer period, Aedifica said that it has taken over 98.2% of all issued and outstanding shares and votes in Hoivatilat.
The Aedifica bid comprised an offer of €14.75 per share, equivalent to an equity value of €375 mln, valuing the firm at an enterprise value of €577 mln. Hoivatilat has net financial liabilities of around €202 mln.
Aedifica holds a portfolio of more than 260 sites in Belgium, Germany, the Netherlands and the United Kingdom, worth more than €2.3 bn. The REIT has a market capitalisation of €2.6 bn, as of November 1.
Hoivatilat is a Finnish healthcare real estate investment company with a build-and-hold strategy, that focuses on elderly care homes, specialist care homes and children day-care centres. It has an existing portfolio of 127 healthcare properties in Finland, with a committed development pipeline of 55 projects in Finland and Sweden, let to 46 private and public operators. Its weighted average lease term is 13 years.