Vicinity Centres (ASX:VCX) has today announced plans to establish a $1 billion wholesale property fund with Asian asset manager, Keppel Capital.
Vicinity has entered into a Memorandum of Understanding with Keppel to manage a new fund which will be called Vicinity Keppel Australia Retail Fund.
The newly created fund is targeting to invest in around $1 billion of retail properties currently owned by Vicinity.
The Memorandum of Understanding is subject to due diligence, definitive documentation and final board approvals by both parties.
Keppel Capital has assets under management of approximately $29 billion as at December 2017.
Shares in Vicinity Centres (ASX:VCX) are trading is trading 0.94 per cent higher to $2.68