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Vicinity Centres, Keppel Capital call off A$1B retail fund JV

Vicinity Centres and Keppel Capital Pte. Ltd. shelved their plan for a A$1 billion joint venture that will target retail centers in Australia, IPE Real Assets reported Aug. 14.

Grant Kelley, CEO of the retail-focused real estate investment trust, said bearish sentiments on Australia's retail sector primarily prompted the decision along with an abundant supply of retail properties in the market, which affected pricing in the country.