UBS Global Asset Management has signed a US$10 billion joint venture agreement with Australian construction firm Grocon to launch a new full-service real estate investment and asset management platform.
The new platform called, UBS Grocon Real Estate, will offer investment opportunities for institutional investors in core office, residential and other value and opportunistic investments.
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Additionally, the platform will have the first right of refusal for developing Grocon’s existing pipeline of projects.
The joint venture will be managed by John Fraser CEO of UBS GAM, while Daniel Grollo CEO of Grocon will assume a non-executive position on the board.
Commenting on the deal, Fraser said: "This partnership forms part of our strategy to strengthen our real estate presence in the APAC region and specifically in the Australian market.
"Securing a partnership with one of Australia’s most prominent developers will allow us to bring the best development opportunities as well as top quality assets to both our domestic and international client base," Fraser added.
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By GlobalDataGrollo added: "The joint venture will support Grocon’s aim of producing the best investment grade real estate product in Australia."
As of September, UBS GAM Australia had around US$37 billion in funds under management, while its worldwide invested assets totaled CHF580 billion.
