HomepageInvestorsDebt information

Debt information

Key figures

Key figures31/12/202531/12/2024
Debt-to-assets ratio 140.8%41.3%
Total credit lines/drawn (in € million)3,232/2,0053,191/2,204
Average cost of debt (incl. commitment fees)2.1%2.0%
Weighted average maturity 23.4 years3.8 years

1 Calculated in accordance with the RREC legislation [Financial & other debts / total assets]
2 Of the drawn financial debt, without regard to short-term treasury notes.

Liquidity and debt maturity profile

Financial debt
(in € million)1		LinesUtilisation
Short-term treasury notes
31/12/202621550484
31/12/2027741541–
31/12/2028861559–
31/12/20296727–
31/12/2030557177–
31/12/2031603508–
> 31/12/2031187142–
Total as of 31 December 20253,2322,005484

1. Amounts in GBP were converted into EUR based on the exchange rate of 31 December 2025 (0.87228 EUR/GBP).

    Aedifica’s financial policy aims to keep the Group’s debt-to-assets ratio below 45%.

    Debt structure

    • Sustainable bond: Aedifica has successfully issued its first benchmark Sustainability Bond for a total size of €500 million. The notes were issued under the Sustainable Finance Framework with a tenor of 10 years paying a fixed coupon of 0.75% per annum. The bond (ISIN code: BE6330288687) is listed on the Luxemburg Stock Exchange (Euro MTF Market) since 09/09/2021.
      Information memorandum
    • Treasury notes: Aedifica has a treasury notes programme on a short-term basis (with a duration of less than one year) and on a medium-term basis (with a duration of more than one year).
      • Short-Term Treasury Notes (or Commercial Paper Programme) are fully covered by revolving loans and undrawn credit facilities that serve as a guarantee for refinancing if the full placement or extension of the commercial paper couldn’t be prolonged.
      • Medium-term treasury notes: Aedifica completed 5 private placements (see table below) amounting to €87 million:
        ISIN codeNominal amount (in € million)Maturity (years)Issue dateMaturity dateCoupon (%)
        BE6310388531151021/12/201821/12/20282.176%
        BE632283786340*725/06/202025/06/20271.466%
        BE6323122802121015/07/202015/07/20301.850%
        BE632586914510716/12/202016/12/20271.274%
        BE632620155310714/02/202114/01/20281.329%

        *Sustainable medium-term treasury note issued under Aedifica’s Sustainable Finance Framework.

    Interest rate hedging*

      In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges which allow for the conversion of variable-rate debt to fixed-rate debt, or to capped-rate debt. Also, forward contracts are in place to hedge the exchange rate risk of the portfolio in the United Kingdom. The USPP and the benchmark bond issue balance Aedifica’s mix of fixed and floating rate debt.

      * Based on projected debt.

      Credit rating

      In August 2021, Aedifica received its first issuer credit rating by S&P Global. The Group was assigned a BBB investment-grade rating with a stable outlook, reflecting the strength of its balance sheet and its business model. The stable outlook reflects the predictable rental income supported by resilient healthcare assets and overall long leases which should continue to generate stable cash flows over the next few years. This rating was reaffirmed by S&P Global in August 2022, July 2023 and July 2024.

      In June 2025, following the announcement of the agreement by Aedifica and Cofinimmo to the all-share exchange offer, S&P Global placed Aedifica’s BBB ratings on CreditWatch with positive implications. This reflected the likelihood that S&P Global could raise Aedifica’s ratings by one notch to BBB+ if the transaction proceeds in line with the proposed terms.

      As the exchange offer on all Cofinimmo shares turned out successfully in March 2026, S&P Global announced to further raise its credit ratings. Both Aedifica’s long-term issuer credit rating and the issue rating on its unsecured debt were raised from ‘BBB’ to ‘BBB+’, with a stable outlook. Furthermore, Aedifica was assigned a short-term issuer rating of ‘A-2’

      Download S&P’s credit rating research (5 September 2024)

      Download S&P’s new bulletin: “Aedifica’s Proposed Acquisition Could Improve Its Scale And Strenghten Its Market Position” (6 May 2025)

      Download S&P’s Research Update: “Aedifica ‘BBB’ Ratings Placed On Watch Positive After Announced Agreement With Cofinimmo” (4 June 2025)

      Download S&P’s Research Update: “Aedifica Upgraded To ‘BBB+’ On Successful Takeover Exchange Offer For Cofinimmo, with Stable Outlook (13 March 2026)

      Sustainable Finance Framework

      Aedifica developed its Sustainable Finance Framework in order to attract specific funding to (re)finance assets and/or investments and support its sustainability strategy and commitments.

      August 2021

      Sustainable Finance Framework

      Second Party Opinion

       

      August 2020

      Sustainable Finance Framework

      Second Party Opinion

      Get directions

      Do you want to pay us a visit at the office? The coffee is ready, you are more than welcome.

      We have made sure that you can easily get to our head office in Brussels by public transport: you can reach us by train, metro, bus and bicycle.

      If you come by train, you can get off at the station of Brussels-Luxemburg or Brussels-Central. From there you can easily continue on foot to rue Belliard 40. If you come by international train, you get off at Brussels-South station and take metro line 2 or 6 to Trône/Troon or Arts-Loi/Kunst-Wet.

      If you come by metro, you can take line 1 or 5 to Arts-Loi/Kunst-Wet or Maelbeek/Maalbeek, or you can take line 2 or 6 to Trône/Troon or Arts-Loi/Kunst-Wet.

      If you come by bus, you can take line 21, 27 and 64 to Trêves/Trier, or line 27, 34, 38, 64, 80 and 95 to Science/Wetenschap.

      If you take a villo! sharing bike, you can easily park your bike in the Charlemagne/Karel De Grote bike station right in front of our office.

      Of course, you can also reach us by car, but we encourage you to consider the environment and use public transport or other eco-friendly transportation options.