UBS moves into Australia with A$10b venture
[SYDNEY] UBS AG, Switzerland's biggest bank, is entering Australia's property market to invest as much as A$10 billion (S$11.3 billion) over the next five years through a joint venture with a local developer.
The bank, which now only holds property shares in the country, is partnering with Australia's largest closely held builder Grocon Pty to beat a rush of global capital that's seeking a home in its real estate market, said Trevor Cooke, Sydney-based head of Asia-Pacific real estate at UBS.
"There's significant competition in Australia from pools of capital for access to investment-grade stock," Mr Cooke said by telephone yesterday. "The best way to offer our clients realistic solutions is to partner with an originator. The Asia Pacific as a whole is a strategic priority and Australia is one of the most attractive markets in the region."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Hybrid, flexible working set to curb Singapore office usage and rents
Australia home prices sustain growth in April, CoreLogic says
New York City’s rent-stabilised tenants face third year of price hikes
New Zealand house prices dip for first time in 8 months
Blackstone in talks to buy Dulwich schools in Singapore, Seoul for US$600 million
Strained Chinese cities struggle to pay home-buying subsidies