Aedifica Launches Tender Offer for Finnish Healthcare Real Estate Firm Hoivatilat
Belgian real estate company Aedifica has launched a public tender offer for all shares in Finnish healthcare property firm Hoivatilat Plc. The acquisition aims to expand Aedifica's presence in the Nordic market.
Aedifica, a Belgian public regulated real estate company, has initiated a voluntary public tender offer for all outstanding shares of Hoivatilat Plc, a Finnish healthcare real estate investment company. The offer price of €14.75 per share values Hoivatilat Plc's equity at approximately €375 million, with an enterprise value of around €577 million including debt.
Hoivatilat Plc, listed on Nasdaq Helsinki, specializes in properties for elderly care homes, specialist care homes, and children's day-care centers. The company's portfolio includes 127 properties in Finland, alongside a committed development pipeline of 55 projects in Finland and Sweden. This transaction marks Aedifica's entry into the Nordic market, leveraging Hoivatilat's existing portfolio and operational platform.
The Board of Directors of Hoivatilat Plc has recommended the tender offer, and the executive management views it positively. Approximately 19.7% of Hoivatilat Plc's shareholders have irrevocably accepted the offer. The offer period is scheduled to run from November 11, 2019, to December 2, 2019, with a potential for extension.
Stefaan Gielens, CEO of Aedifica, stated that Hoivatilat Plc is an attractive partner for the Nordic healthcare real estate market due to its high-quality portfolio, project pipeline, and experienced management team. The shared values and long-term commitment of both companies are expected to facilitate the successful integration and future growth of the combined entity.