Berenberg downgrades Cofinimmo after it agrees to merger terms with Aedifica

Aedifica NV

04/06/2025 09:54

** Berenberg downgrades Belgian real estate investment trust Cofinimmo COFB.BR to "hold" from "buy" after it agreed on merger terms with Belgian healthcare real estate company Aedifica AOO.BR

** Broker notes the agreed exchange ratio implies an offer price of EUR 78.03 per Cofinimmo share

** It adds the implied offer price represents a 28.3% premium on Cofinimmo's undisturbed share price and a small discount to adjusted net asset value

** "We assume that the combined group will look for further growth to enhance scale and widen its regional diversification," the broker says

** Berenberg points out that annual pre-tax synergies of EUR 16 million are confirmed

** Out of 13 analysts that cover Cofinimmo, three rate the stock "strong buy" or "buy," ​nine rate "hold" and one rates the stock "sell"

 (Reporting by Hugo Lhomedet)

 ((Hugo.Lhomedet@thomsonreuters.com;))