(Adds details on fund, joint venture)
Aug 6 (Reuters) - Shipbuilder Keppel Corp Ltd KPLM.SI said on Monday a unit of its asset management arm had entered a memorandum of understanding with Australia's Vicinity Centres (VCX) 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 plan to manage the fund through a joint venture.
Keppel Capital, which is Keppel Corp's asset management arm, will hold a 50 percent stake in the venture with Vicinity, and each party will hold a 10 percent equity stake in the fund.
Keppel said Vicinity is expected to initially inject about A$1 billion of retail assets across five Australian states into the proposed fund, which is expected to close by the first quarter in 2019.
Vicinity Centres was not immediately available for a comment.
($1 = 1.3524 Australian dollars)
News: VCX UPDATE 1-Singapore's Keppel Corp to set up Australian property fund with Vicinity Centres
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$2.45 |
Change
0.015(0.62%) |
Mkt cap ! $11.08B | |||
| Open | High | Low | Value | Volume |
| $2.43 | $2.45 | $2.42 | $945.6K | 388.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 22 | 85218 | $2.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.45 | 95987 | 24 |
View Market Depth
| Last trade - 10.21am 30/07/2025 (20 minute delay) ? |
| VCX (ASX) Chart |