UBS Global Asset Management creates a new real estate investment entity with Australian developer.

UBS Global Asset Management, the real estate investment management subsidiary of Swiss banking group UBS, has partnered with an Australian developer to create a new Australia-based real estate investment and asset management platform. 

The joint venture between UBS and Grocon will be based in Sydney and will merge UBS' global capital raising and real estate investment capabilities with Grocon's development and deal origination expertise. UBS Grocon Real Estate, the name of the entity, will support investor demand across various fund types and real estate products, covering core office, residential and other related investments. 

In a statement, Thomas Wels, head of global real estate, global asset management for UBS said that partnering with an established real estate manager on the ground supports its global growth strategy, adding that more similar alliances are being planned moving forward. 

Grocon has an existing A$2 billion ($1.8 billion) development pipeline, within which the venture is preparing to expand. Some of the more notable Grocon projects in Australia include Crown Casino, Eureka Tower and the ANZ Tower.