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 significantly on healthcare real estate, particularly for senior housing, making them close competitors in this sector.

The BCA's examination of the merger highlighted concerns regarding potential price increases and reduced quality of services due to the elimination of competition between Aedifica and Cofinimmo. To address these concerns, Aedifica proposed commitments, including the divestment of residential care centers 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 centers 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.