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Aedifica to sell apartment biz stake to strategic partner

Healthcare real estate company Aedifica SA plans to transfer its apartment buildings division into a new subsidiary, before selling up to 75% of the unit's capital to an unidentified strategic partner for an undisclosed sum.

Aedifica said in a release that the stake sale will fit its strategy of becoming a pure play healthcare real estate investor, adding that the new subsidiary will adopt the status of an institutional regulated real estate company.

The value of the apartment buildings division will comprise the book value of the properties, plus a roughly 7% portfolio premium.

The signing of a final agreement and execution of the first phase of the deal is slated for the third quarter.

Aedifica has a portfolio worth about €1.7 billion, with assets spread across Belgium, Germany and the Netherlands.