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Jun 2022
Joint Global Coordinator & Joint Bookrunner
€ 254 million
Accelerated Bookbuild Offering


Accelerated Bookbuild Offering

Kempen & Co acted as Joint Global Coordinator and Joint Bookrunner in the €254 million Accelerated Bookbuild Offering of Aedifica

Transaction highlights

  • Private placement by way of an accelerated book building of 2,925,000 new shares, corresponding to 8.0% of the company’s outstanding capital prior to the capital increase, with international institutional investors and at an issue price of €87.00 per share, generating gross proceeds of €254.5 million for Aedifica
  • The  issue  price represented a  discount  of 5.32%  compared  to  the  price of  the  Aedifica share immediately prior to suspension of trading on 23 June 2022 (€91.89 per share) (reduced by the estimated value of the pro rata temporis dividend coupon), and a premium of 8.71% compared to the last reported net asset value
  • The offer was oversubscribed multiple times at the offer price with strong demand from international investors, including a significant proportion of high quality long-only real estate specialist accounts
  • Aedifica intends to use the net proceeds of the offering to: 1. finance execution of the committed investment program; and 2. strengthen the balance sheet in order to pursue the company’s growth strategy through new developments and acquisitions in the European healthcare real estate market while maintaining a solid debt-to-asset ratio

Company description

  • Aedifica is a regulated real estate company under Belgian law specialised in European healthcare real estate, particularly in elderly care and senior housing
  • The company has developed a portfolio of over 580 sites in Belgium, Germany, the Netherlands, the United Kingdom, Finland, Sweden, Ireland and Spain, worth more than €5 billion
  • Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019)
  • Aedifica’s market capitalisation was approx. €3.5 billion as of 22 June 2022

Kempen & Co Real Estate credentials

  • Kempen has advised on Real Estate transactions in 15 different countries in Europe over the last 5 years
  • This transaction underpins our leading position in European Real Estate ECM since 2011

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