A new joint venture deal will see the formation of a $10 billion property platform, according to The Australian Financial Review.
The five-year agreement between investment bank UBS and the nation’s largest private developer, Grocon, will result in the group receiving first right of refusal for developing Grocon’s existing pipeline of projects.
According to the report, the JV will be chaired by John Fraser, the outgoing chief executive and chairman of UBS Global Asset Management, with Grocon boss Daniel Grollo to take a non-executive role on the board of directors.
“I’m very confident there will be immediate demand for this, not only in Australia, but also outside, particularly in the Middle East, with the sovereign wealth funds,” Mr Fraser told the AFR.
Speculation around a UBS, Grocon tie-up emerged in August when UBS was touted as a possible buyer of Grocon’s Ribbon building in Sydney.