Vicinity to establish $1b wholesale property fund with Keppel Capital

Company News

by Anna Napoli

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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.