Singapore's Keppel to buy European real estate firm for up to $1bn

Asset manager eyes expansion beyond Asia with Aermont Capital purchase

Keppel seeks to expand its asset portfolio beyond Asia through the acquisition of Aermont Capital. (Photo courtesy of Keppel)

TSUBASA SURUGA, Nikkei staff writer

November 30, 2023 00:09 JST

SINGAPORE -- Keppel is acquiring major European real estate firm Aermont Capital in two tranches for up to 931.9 million euros ($1.02 billion), the Singaporean company said Wednesday, looking to expand its footprint beyond Asia and become a global asset manager.

After acquiring an initial 50% stake for a maximum of 356.9 million euros by mid-2024, the Singaporean group plans to buy the remaining stake for up to 575 million euros by 2028. The deal is expected to be funded through a combination of cash and treasury shares that Keppel acquired via a share buyback program.