On January 21, 2026, the Belgian Competition Authority (BCA) approved the acquisition of Cofinimmo by Aedifica, a Belgian real estate company specializing in healthcare properties. The approval comes with specific conditions aimed at preserving competition in the market for senior housing real estate.

Aedifica's portfolio includes 607 sites across several countries, valued at approximately €6.1 billion, while Cofinimmo has a diversified portfolio worth around €6 billion. Both companies focus heavily on healthcare real estate, particularly for senior housing, making them significant competitors in this sector.

The BCA's review highlighted concerns regarding the potential elimination of competition between Aedifica and Cofinimmo, which could lead to increased prices and reduced quality of services for commercial care operators. To address these concerns, Aedifica proposed commitments, including the divestment of residential care centres valued at €300 million.

The divestment aims to create a new key player in the Belgian market, ensuring that healthcare operators have multiple options for care real estate. Aedifica also committed to not acquiring control of the divested centres for ten years post-transaction. Following a thorough analysis and market testing, the BCA deemed these commitments sufficient to alleviate its initial doubts and approved the acquisition.