THE National Australia Bank has bought a 20% stake in a Chinese based property trust manager Union Trust & Investment Limited.
nab’s chief executive John Stewart said the investment fits within nabCapital’s business portfolio and is in line with the group’s objective to leverage its key capabilities in new areas.
nabCapital’s chief executive John Hooper, who will join the board of UTI, said the investment supports nabCapital’s next phase of development.
“This acquisition allows us to deploy our skills and capabilities to assist in the development of UTI’s business in
“With UTI’s focus on property, this deal represents an opportunity for nabCapital to bring our expertise in structured financing to
“We also plan to work with UTI to develop investment products for our respective customer bases as the regulatory framework evolves,” Hooper said.
Completion of the transaction is conditional upon receipt of regulatory approvals.
Australian Property Journal