Befimmo in RE Invest Belgium’s $1.35 Billion Voluntary Public Tender Offer

Cleary Gottlieb is advising Befimmo SA (Befimmo) in the voluntary tender offer to acquire all of its shares launched by RE Invest Belgium, an entity fully controlled by one of Brookfield’s real estate private funds.

The transaction was announced on February 25, 2022, when RE Invest Belgium filed a formal notice with the Belgian Financial Services and Markets Authority (FSMA) to launch the offer.

The offer prices the Befimmo share at €47.50, which represents a premium of 51.8% over the last closing share price, and an aggregate total consideration of $1.35 billion for the acquisition of all shares. The offer will be subject to a 50%+1 acceptance threshold and a Belgian Phase 1 merger approval.

Befimmo is a real estate investor and operator and a Belgian real estate investment trust (BE-REIT). Focused on office buildings and coworking spaces, Befimmo’s real estate portfolio is located in Brussels, the main Belgian towns and cities, and the Grand Duchy of Luxembourg.