Keppel to acquire initial 50% stake in Aermont Capital for $517m

The company expects to complete its stake acquisition in 1H24.

Keppel Corporation will acquire an initial 50% stake in European real estate manager Aermont Capital for $517m.

In a bourse filing, Keppel said it would fund the acquisition through cash and treasury shares acquired through its earlier share buyback programme.

The company expects to complete its stake acquisition in 1H24,  subject to identified regulatory and other approvals.

Upon completion, Keppel expects the transaction to be immediately earnings accretive to Keppel. 

“It will bolster Keppel’s recurring income and FUM (funds under management), which is projected to grow to over $77b from the current $53b, with an approximate one percentage point impact to the company’s net gearing on a pro forma basis,” Keppel said.