Aedifica Secures 80% Cofinimmo Control, Q1 Earnings Rise 19%
Aedifica’s Q1 EPRA earnings rose 19% to €74.5m with rental income +22% to €113.4m and occupancy at 99.2%. The group secured 80% control of Cofinimmo, plans a July 1, 2026 merger to realize €539m pipeline synergies and benefits from a BBB+ rating upgrade and €1.82bn liquidity.
1. Q1 Operating Results
Aedifica posted EPRA earnings of €74.5 million in Q1 2026, a 19% year-on-year increase, and rental income climbed 22% to €113.4 million. The portfolio maintained a 99.2% occupancy rate with a 15-year weighted average unexpired lease term and saw a 0.18% like-for-like valuation uplift.
2. Cofinimmo Acquisition and Merger Plans
On March 10, 2026, Aedifica acquired 80% of Cofinimmo shares through an exchange offer and appointed a new Board and Executive Committee ahead of extraordinary meetings in June. The legal merger is scheduled for July 1, 2026 to integrate teams and assets and target full run-rate synergies of €539 million during 2027.
3. Balance Sheet Strength and Credit Upgrade
The debt-to-assets ratio stood at 40.4% with €1.82 billion of committed credit headroom and €150 million of new long-term financing at an average cost of 2.0%. S&P raised Aedifica’s rating to BBB+ with a stable outlook and assigned a short-term issuer rating of A-2.