(Adds details on fund, joint venture) Aug 6 (Reuters) -...

(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)