M&A Activity • Dec 16, 2013
M&A Activity
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16 December 2013 – After closing of markets Under embargo until 17:40 CET
Aedifica is pleased to announce the acquisition1 of all shares of the limited liability company Soprim@ Immo SA on 16 December 2013. Soprim@ Immo controls the Immo HLM SA and De Stichel SA companies, themselves respectively owners of "Huize Lieve Moenssens" rest home in Dilsen-Stokkem (Province of Limburg) and "De Stichel" rest home in Vilvoorde (Province of Flemish Brabant).
The "De Stichel" rest home2 is located at the heart of a residential district (Koningslo) in Vilvoorde, close to the Military Hospital Queen Astrid and the Brussels Ring highway. The rest home benefits from a beautiful view of the surrounding fields with Brussels in the background. This 108-bed rest home (for which the total capacity will soon be brought to 118 beds) was built in several phases between 1990 en 2006 and is operated by the Soprim@ group under a 27-year triple net long lease. The contractual value amounts to approximately €11 million3 and will generate an initial triple net yield of 6%. In addition, the actual building offers an important potential to increase its capacity.
"De Stichel"
The "Huize Lieve Moenssens" rest home4 is located in Dilsen-Stokkem (a few kilometres of Maasmechelen Village) near to a residential district. The land on which the rest home is situated is owned by the commune but is subject to a long lease granted to Immo HLM in 1981 for a period of 99 years. The building was initially built in 1986 as a center for people with disabilities, then transformed to a rest home in two separate phases in 2002 and 2004. In 2007 a new wing was added to increase the capacity to the actual 67 beds. The rest home will be operated by the Soprim@ group
1 Together with its subsidiary, Aedifica Invest SA. 2 Located Romeinsesteenweg 145 in 1800 Vilvoorde. 3 The contractual value complies with the provisions of article 31 §1 of the Royal Decree of 7 December 2010 regarding Belgian REITs.
4 Located Lieve Moenssenslaan 3 in 3650 Dilsen-Stokkem.
under a 27-year triple net long lease. The contractual value amounts to approximately €5 million5 and will generate an initial triple net yield of 6.5%. In addition, the site offers significant potential for future expansion.
"Huize Lieve Moenssens"
The operation will be financed using Aedifica's credit facilities and by taking over existing credit facilities (granted by BNP Paribas Fortis) attached to the buildings.
5 The contractual value complies with the provisions of article 31 §1 of the Royal Decree of 7 December 2010 regarding Belgian REITs.
In addition to the abovementioned acquisitions, the "Seniorenzentrum AGO Dresden" rest home (in Saxony, Germany) entered Aedifica's investment portfolio on 22 November 2013 following the lifting of the last outstanding conditions6 .
After the acquisitions in Vilvoorde, Dilsen-Stokkem and Dresden, the fair value of Aedifica's portfolio of marketable investment properties amounts to approx. €697 million (€716 million for Aedifica's total portfolio, including development projects)7 .
Aedifica has 135 marketable investment properties, with a total surface area of approx. 353,000 m2 , consisting mainly of:
The breakdown by sector is as follows (in terms of fair value):
The geographical breakdown is as follows (in terms of fair value):
This portfolio position does not take into account the expected effects of the acquisition (still subject to outstanding conditions) announced in the press release of 12 September 2013 concerning the rest homes Kreischa (in Saxony, Germany). This building will be added to Aedifica's portfolio once the outstanding conditions are lifted.
Other investments are currently under consideration.
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The English version of this press release constitutes a free translation of the text in the French language, made for information purposes only. In case of inconsistency with the French version or inaccuracy of the English translation, the French text shall prevail.
6 See press release of 12 September 2013. 7 Based on the fair value of investment properties as of 30 September 2013, the contractual value of one of the two buildings (Dresden) announced in the press release on 12 September 2013, the contractual value of the building announced in the press release on 21 October 2013 and the contractual value of the buildings in Vilvoorde and Dilsen-Stokkem.
16 December 2013 – After closing of markets Under embargo until 17:40 CET
Aedifica is a Belgian listed property company investing in residential real estate. Aedifica has developed a real estate portfolio of approx. 700 million €, with investment activities focussed on two strategic pillars:
- apartment buildings in Belgium's main cities;
- senior housing in Belgium and Germany.
Aedifica is a Belgian REIT quoted on the NYSE Euronext Brussels (continuous market) (AED; Bloomberg (AED: BB); Reuters (AOO.BR)).
Its market capitalisation was 503 million € as of 30 September 2013.
Aedifica is included in the EPRA indices.
This document contains forward-looking information that involves risks and uncertainties, including statements about Aedifica's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements.
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