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UBS Enters Australian Property With A$10 Billion Plan

UBS AG, Switzerland’s biggest bank, is entering Australia’s property market to invest as much as A$10 billion ($9 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.