UBS Global Asset Management, one of the top five real estate investment managers globally, and Grocon, Australia’s largest private development and construction firm, have announced the creation of an Australian-based full service real estate investment and asset management platform.
The joint venture, based in Sydney, will combine UBS Global Asset Management’s global capital raising and real estate investment management capability with Grocon’s demonstrated expertise in development and deal origination to provide high quality market-leading investment opportunities for investors. UBS Grocon Real Estate will 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 venture will 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.
UBS chief executive and UBS Global Asset Management chairman John Fraser will chair UBS Grocon Real Estate and Daniel Grollo, Grocon chief executive, will be a non-executive director. The rest of the Board will be appointed in the coming months.
“This partnership forms part of our strategy to strengthen our real estate presence in the APAC region and specifically in the Australian market,” Fraser said.
“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.”
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