Top Stock Market Highlights: Keppel REIT, Sembcorp Industries, Mapletree Pan-Asia Commercial Trust, Paramount-Warner Bros, and Interest Rate Cut

As the year winds down, companies are not slowing down.

This week saw a flurry of major corporate activity, from billion-dollar acquisitions to strategic portfolio reshuffles, even as the US Federal Reserve delivered its third consecutive rate cut while signalling a pause ahead.

Keppel REIT (SGX: K71U) is acquiring an additional one-third interest in Marina Bay Financial Centre Tower 3 for approximately S$908 million, bringing its total stake to two-thirds.

Completion is scheduled for 31 December 2025.

The agreed property value of S$1.453 billion represents a 1% discount to the independent valuation of S$1.467 billion.

MBFC Tower 3 is a 46-storey premium Grade A office tower at 12 Marina Boulevard with approximately 1.3 million square feet (sqft) of net lettable area.

Anchored by DBS Group (SGX: D05), the property boasts 99.5% committed occupancy and a weighted average lease expiry of 3.5 years as at 30 September 2025.

The total acquisition cost of around S$938 million (including fees) will be funded primarily through a preferential offering, covering 94.5% of the total cost, with the remainder from debt financing.

The Manager cited several strategic benefits, including no new Marina Bay office supply expected between 2026 and 2029, with passing rent sitting approximately 10% below market average.

Post-completion, Keppel REIT’s Singapore portfolio exposure increases from 75.8% to 79%.

Interestingly, based on FY2024 figures, the acquisition is expected to be 3.6% to 6.4% DPU-dilutive.

Meanwhile, aggregate leverage will decrease marginally from 42.2% to 41.9% after receipt of preferential offering proceeds, as the net proceeds raised will be used to repay the equity bridge loan. 

Sembcorp Industries (SGX: U96) has agreed to acquire 100% of Alinta Energy, Australia’s fourth-largest utilities provider, for an enterprise value of A$6.5 billion (around S$5.6 billion).

The acquisition, announced on Thursday, is expected to complete in the first half of 2026, subject to regulatory approvals.

The seller, Chow Tai Fook Enterprises (CTFE), acquired Alinta in 2017 for A$4 billion.

Alinta serves about 1.1 million customers and operates 3.4 GW of generation capacity across coal, gas, wind and solar assets, including the 1,140 MW Loy Yang B coal-fired power station in Victoria.

The Aussie firm also offers access to a 10.4 GW development pipeline of renewables and firming systems.

The deal is expected to be immediately earnings-accretive, with pro-forma EPS for the prior 12 months to June 2025 rising 14% to S$0.65, while return on equity is expected to increase from 19.7% to 22.5%.