Brussels, January 21, 2026 — The Belgian Competition Authority approved Aedifica’s acquisition of Cofinimmo subject to commitments aimed at addressing concerns in the Belgian market for leasing senior housing real estate to commercial care operators.
The transaction is structured as a voluntary and conditional public exchange offer, under which Cofinimmo shareholders who accept the offer will contribute their shares to Aedifica’s capital in exchange for newly issued Aedifica shares. Aedifica intends to ultimately acquire 100% of Cofinimmo’s shares and voting rights, and the deal required prior clearance due to the parties’ turnover.
Aedifica is a Belgian real estate company specialising in healthcare property for the elderly, with a portfolio of 607 sites across Belgium, Germany, Finland, Ireland, the Netherlands, Spain and the United Kingdom valued at about €6.1 billion. In Belgium, it owns 78 senior housing sites, including 73 residential care centres, which are leased exclusively to commercial care operators.
Cofinimmo holds a diversified real estate portfolio worth about €6 billion, with a healthcare property portfolio valued at roughly €4.6 billion comprising 1,146 sites across several European countries. In Belgium, Cofinimmo owns 83 senior housing sites, most of which are leased for residential care centres, primarily under long-term lease agreements with commercial operators.
The authority assessed the merger’s potential impact on prices and quality in the leasing market for real estate used to operate residential care centres. It found that Aedifica and Cofinimmo are each other’s closest competitors and stand out due to their scale and sector expertise, raising concerns that the deal would remove significant competitive pressure that smaller or non-specialised investors could not replace.
The Belgian Competition Authority said it had “serious doubts” about the transaction’s admissibility, prompting Aedifica to propose remedies. The commitments include divesting residential care centres with a total value of €300 million across Flanders and Wallonia, with the buyer required to already hold residential care centres and demonstrate the capacity and intention to become a significant market player. Aedifica also committed not to reacquire control of the divested assets for 10 years after completion.
Following analysis and a market test, the authority concluded the remedy package would support the emergence of a new key player and preserve choice for healthcare operators among competing providers of care real estate on price, quality and expertise.
