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 intend to manage the fund through a joint venture.
($1 = 1.3524 Australian dollars)
News: VCX Singapore's Keppel Corp to set up Australian property fund with Vicinity Centres
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