Eubelius assists AG Real Estate and AXA IM Alts in their support for the tender offer for Befimmo

RE Invest Belgium, an entity fully controlled by one of Brookfield’s real estate private funds, filed a formal notice with the FSMA of a voluntary public tender offer for Befimmo at a price of EUR 47.50 per share in cash on 25 February 2022.

Eubelius is assisting Befimmo’s two largest shareholders, AG Real Estate (acting on behalf of its affiliate AG Finance) and AXA IM Alts (acting on behalf of AXA Belgium). Both have entered into a soft irrevocable undertaking to tender Befimmo shares, representing 5.6% and 9.6% of Befimmo’s shares respectively. AG Real Estate will retain a remaining stake of 3.7% of Befimmo’s shares. By retaining a minority stake, AG Real Estate aims at maintaining a local anchorage and facilitating the transition.

The offer price represents a premium of 51.8% over the closing share price of EUR 31.30 on 24 February 2022.

The offer is subject to the following closing conditions: (i) a 50%+1 acceptance threshold and (ii) Belgian phase 1 merger approval.

The Eubelius team is delighted to assist AG Real Estate and AXA IM Alts with all aspects of the transaction. Our multidisciplinary team, headed by Lars Van Bever and Joris De Wolf, includes specialists from the capital markets & listed entities, tax, and banking & finance departments of Eubelius.

More information on the transaction is available in the press releases of AG Real Estate and AXA IM Alts, and the articles published in De Tijd “Canadees Brookfield lanceert bod op Befimmo” (in Dutch) and l’Echo “Le Canadien Brookflied veut racheter Befimmo” (in French).