Keppel Corporation - CGS-CIMB Research 2023-11-29: Making Headway Into Europe

• Keppel announced the proposed acquisition of Aermont Capital (Aermont), a European real estate asset manager. Aermont has S$24bn of total funds under management (FUM) as at end-Jun 2023, and focuses on real estate investments in Western Europe.

Two phases of transaction to complete by 1H24 and 2028

• - Read this at SGinvestors.io -
• phase 2 would commence and it would acquire the remaining 50% in 2028F for ~S$834m.

Accelerating FUM growth and growing its foothold in Europe

• - Read this at SGinvestors.io -
• Keppel also sees value in growing its real estate footprint in Europe, where the group currently only has renewable and data centre assets.
• Management sees minimal overlap in capabilities between Keppel and Aermont, and highlighted the possibility of expanding Aermont’s investment outreach to Asia over the longer-term.

Valuation seems fair, with longer-term benefits for Keppel

• Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

Read also CGS-CIMB's most recent report:
2024-02-01 Keppel - Infrastructure Powering Recurring Income.

Price targets by other brokers at Keppel Corp Target Prices.

Listing of research reports at Keppel Corp Analyst Reports.

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Keppel Corp Announcements,
Keppel Corp Dividend Payout Dates & Corporate Actions,
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