Brookfield captures 97% of Befimmo, prepares take-private deal

Canadian asset manager Brookfield has managed to gain another 12% of Befimmo through the additional acceptance period following a €1.35 bn takeover bid launched in February of this year.

Brookfield's Belgian investment arm, RE Invest Belgium, has successfully won 97% of Befimmo's shares through its voluntary offer, pricing the shares at €47.50, with the additional acceptance period closing on Sept 30. This price was more than 20% below Befimmo's net asset value, but a 52% premium on the share price shortly before the offer was made.

The share volume is now enough to allow Brookfield to proceed with a squeeze out of the remaining shareholders and delist Befimmo from the stock exchange.

Befimmo is a Belgian REIT focused on office buildings, meeting centres and coworking spaces. Its portfolio is located in Brussels, the main Belgian towns and cities, and the Grand Duchy of Luxembourg. It is worth €2.7 bn and comprises close to 63 office buildings and more than 950,000 m2 of space.


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