European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Brookfield now controls 84.94% (including treasury shares), which means that REIT status will be lost. Brookfield thus will seek to reopen acceptance periods until reaching 95% (squeeze out threshold in Belgium).</li>
<li>Bidco reopened the acceptance period on 29 August, with closing on 16 September, and settlement on 7 October. Gross spread is 0.21%, with an estimated annual return of 2.07%.</li>
<li>Shareholders should tender, liquidity has been greatly reduced and the REIT tax advantages will disappear sooner rather than later.</li>
</ul>


Brookfield now controls 84.94% (including treasury shares), which means that REIT status will be lost. Brookfield thus will seek to reopen acceptance periods until reaching 95% (squeeze out threshold in Belgium).
Bidco reopened the acceptance period on 29 August, with closing on 16 September, and settlement on 7 October. Gross spread is 0.21%, with an estimated annual return of 2.07%.
Shareholders should tender, liquidity has been greatly reduced and the REIT tax advantages will disappear sooner rather than later.


Brookfield/​Befimmo: Additional Acceptance Period

<ul>
<li>Brookfield intends to launch an all-cash voluntary and conditional (50%+1) offer for underperforming, leveraged and Belgium-portfolio concentrated <a href="https://www.smartkarma.com/entities/befimmo-sa" target="_blank" data-smartkarma-citation="entities:21316:1" rel="noopener">Befimmo SA (BEFB BB)</a> at a 52% premium, 0.82x P/Fwd BV and 21.3x equity value/FFOe.</li>
<li>The offer represents a 21% discount to EPRA NTA (€60.32/share), large in comparison with other recent deals in the European space (in line with EPRA NTA).</li>
<li>Considering the share price underperformance, shareholders are likely to take the cash. <strong>Gross spread</strong> is <strong>-0.1%</strong>. Trading volume has been rather high over the last sessions.</li>
</ul>


Brookfield intends to launch an all-cash voluntary and conditional (50%+1) offer for underperforming, leveraged and Belgium-portfolio concentrated Befimmo SA (BEFB BB) at a 52% premium, 0.82x P/Fwd BV and 21.3x equity value/FFOe.
The offer represents a 21% discount to EPRA NTA (€60.32/share), large in comparison with other recent deals in the European space (in line with EPRA NTA).
Considering the share price underperformance, shareholders are likely to take the cash. Gross spread is -0.1%. Trading volume has been rather high over the last sessions.


Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Belgium

Befimmo S.A. is a fixed-capital real estate investment trust. The Trust's property portfolio focuses on investments in office buildings located in Belgium and Luxembourg.

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Befimmo SA (BEFB BB)

Brookfield/Befimmo: Additional Acceptance Period

Brookfield now controls 84.94% (including treasury shares), which means that REIT status will be lost. Brookfield thus will seek to reopen...

Jesus Rodriguez Aguilar

Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Brookfield takes advantage of the discount to NAV of Befimmo to launch a €1.4 bin offer at a 52% premium. Considering 2-year share price...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Brookfield/​Befimmo: Additional Acceptance Period

Brookfield now controls 84.94% (including treasury shares), which means that REIT status will be lost. Brookfield thus will seek to reopen...

Jesus Rodriguez Aguilar

Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Brookfield takes advantage of the discount to NAV of Befimmo to launch a €1.4 bin offer at a 52% premium. Considering 2-year share price...

Jesus Rodriguez Aguilar

Brookfield/Befimmo: Additional Acceptance Period