Aedifica

Capital increase

Kempen & Co is pleased to announce the successful c. €460 million capital increase for Aedifica.

Transaction highlights

The transaction represented the third capital raise by Aedifica in 2020 after completing accelerated bookbuilds in April (€207m) and July (€39m)
The transaction was announced on Wednesday 14 October kicking off a six day management roadshow on which management had virtual meetings with over thirty investors
The transaction comprised 5,499,373 new shares
The subscription price was set to €83.50 per share with a rights ratio of 1 new share for 5 priority allocation rights
o 11.7% discount to TERP (adjusted for dividend)
o 13.9% discount to the closing price prior to announcement (adjusted for dividend)
During the rights subscription period, that ran from 15 to 22 October, 83.65% of the new shares were subscribed for
Trading in Aedifica was suspended on Friday 23 October for a rump placing of the remaining 899,352 shares
The rump placing, executed by way of accelerated bookbuild, raised c. €77m with a 70-line book that was multiple times subscribed
Allocations were skewed towards existing shareholders, long-only accounts and dedicated real estate fund
Books were covered in less than half an hour and final pricing was €86 per share from guidance of €85-86. Pricing represented a 2.6% discount to the prevailing share price. Shares resumed trading in the late afternoon and closed at €88
Gross proceeds of c. €460 million will be used to strengthen the balance sheet for future acquisitions
Kempen & Co introduced Aedifica to a broad range of real estate investors throughout Europe with a focus on long-term committed capital

Company description

Aedifica is a regulated real estate company under Belgian law specialised in healthcare real estate, particularly in senior housing
Aedifica has developed a portfolio worth more than €3.4bn in Belgium, Germany, the Netherlands, Sweden, Finland and the United Kingdom

Kempen & Co Real Estate credentials

Kempen & Co has advised on Real Estate transactions in 14 different countries in Europe since 2017
This transaction underpins our leading position in European Real Estate ECM since 2011