Keppel Corporation’s (KEP) 100%-owned asset management arm, Keppel Capital Holdings (KCH), has entered into an MOU with leading Australian retail property group, Vicinity Centres (VCX), to establish a new retail-focused private fund, which intends to invest in an initial A$1b portfolio of Australian retail properties across five Australian states currently owned by VCX. KCH and VCX will manage the fund via a 50:50 JV, while each party is expected to initially hold up to a 10% equity stake in the fund, which is targeted to close by 1Q19. The fund’s investment strategy is to own, acquire and grow a diversified portfolio of Australian retail assets with stable yields and potential long-term capital growth, underpinned by high occupancy rates balanced lease expiries and diversified tenant base predominantly focused on non-discretionary spending. VCX will provide property and development services for these properties. Separately, KEP’s 100%-owned property arm, Keppel Land (KL), has acquired ......