News: VCX Keppel Corp says Unit To Establish New A$1 Bln Private Fund With Vicinity Centres

Aug 6 (Reuters) - Keppel Corporation Ltd KPLM.SI :

• KEPPEL CORPORATION LIMITED (KEPPEL CAPITAL TO ESTABLISH NEW A$1 BILLION WHOLESALE AUSTRALIAN PROPERTY FUND WITH VICINITY)
• UNIT ENTERED INTO A MEMORANDUM OF UNDERSTANDING (MOU) WITH VICINITY CENTRES TO ESTABLISH A NEW PRIVATE FUND
• PARTIES TO MANAGE PROPOSED FUND THROUGH A JOINT VENTURE WHERE KEPPEL CAPITAL AND VICINITY WILL EACH HOLD A 50% STAKE
• KEPPEL CORPORATION- EACH PARTY IS EXPECTED TO INITIALLY HOLD UP TO 10% STAKE REST IN PROPOSED FUND, WHICH IS TARGETED TO CLOSE BY END OF Q1 2019
• VICINITY IS EXPECTED TO INITIALLY INJECT APPROXIMATELY A$1 BILLION OF RETAIL ASSETS INTO PROPOSED FUND