Macfarlanes advises Aermont Capital on sale to Keppel Corporation Limited

01 December 2023

Macfarlanes has advised European asset manager Aermont Capital (Aermont) on the sale of an initial 50% stake to Keppel Corporation Limited (Keppel).

Established in 2007, Aermont is an independent asset management business focused on real estate and real estate-related investment activities in Europe, and in 2023 was ranked by PERE as the highest among Europe-based real estate firms in terms of funds raised in the last five years. Its assets under management include the world-renowned Pinewood Studios in the UK.

Keppel is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered and listed in Singapore, Keppel operates in more than 20 countries worldwide and has more than S$65 billion of assets under management.

The transaction will take place in two phases, with Keppel initially acquiring a 50% stake in H1 2024 (subject to identified regulatory and other approvals) and the full acquisition expected in 2028, with consideration expected be funded through a combination of cash and Keppel shares.

The Macfarlanes team was led by corporate and M&A partner Stephen Pike with assistance from senior associate Greg James and associate Elizabeth Compton, alongside managing partner Luke Powell. Tax advice was provided by partner Damien Crossley and senior associate Joe Robinson. Competition advice was provided by partner Richard Pepper and associate Ciara Barbu-O'Connor.