Keppel unit to set up Australian property fund

Singapore

KEPPEL Corporation, through its asset management arm Keppel Capital Holdings, has entered into a memorandum of understanding with Australian-listed retail property group Vicinity Centres to establish a new private fund which will invest an initial A$1 billion (S$1.01 billion) into property currently owned by Vicinity.

Vicinity will initially inject some A$1 billion of retail assets located across five Australian states into the proposed fund and it will continue to provide all property management, leasing and development services for these assets.