UBS GAM links with Grocon on JV
Australia's largest private development and construction firm, Grocon, has joined with UBS Global Asset Management to create what both firms are describing as "an Australian-based full service real estate investment and asset management platform".
In an announcement released this week, the two companies said the joint venture would be based in Sydney and combine UBS Global Asset Management's global capital raising and real estate investment management capability with Grocon's expertise in development and deal origination to provide high quality, market-leading investment opportunities for investors.
It said the joint venture, UBS Grocon Real Estate, would support demand from institutional investors for a broad range of fund types and real estate investment products covering core office, residential, and other value-add and opportunistic investments.
The announcement said the JV would benefit from a first right of refusal over Grocon's development pipeline as well as being able to acquire third party assets in the open market.
John Fraser, CEO & chairman, UBS Global Asset Management, will chair UBS Grocon Real Estate and Daniel Grollo, CEO Grocon, will be a non-executive director. The rest of the board will be appointed in the coming months.
Commenting on the deal, John 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."
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
