New UBS JV to tap demand for high-yield property

Asian investors seeking high-yielding foreign property assets are a key target for a new joint venture between UBS Global Asset Management and Australia’s largest private property developer. The deal, signed yesterday, gives the Swiss firm first right of refusal over Grocon’s A$2 billion ($1.8 billion) construction pipeline, which includes investment-grade commercial and residential developments. The JV can also buy non-related third-party assets in the open market. The joint ve…