August 6, 2018 / 12:01 AM / 13 days ago

Singapore's Keppel Corp to set up Australian property fund with Vicinity Centres

Aug 6 (Reuters) - Shipbuilder Keppel Corp Ltd said on Monday a unit of its asset management arm had entered a memorandum of understanding with Australia’s Vicinity Centres to establish a private fund.

The companies intend to invest in an initial A$1 billion ($739.40 million) portfolio of Australian retail properties currently owned by Vicinity, Keppel said in a statement, adding that the parties intend to manage the fund through a joint venture. ($1 = 1.3524 Australian dollars) (Reporting by Ambar Warrick in Bengaluru)

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