A former MD at the property arm of UBS is taking the helm as Asia-Pacific CEO of Grosvenor, the privately-owned global property house.

Nickolas Loup, the Asia-Pacific chief executive of international property group Grosvenor, which has more than HK10.8 billion ($1.39 billion) of assets under management, is stepping down in March next year. He will be replaced by Benjamin Cha.

Cha joins the firm on 29 September this year with the title of managing director, Grosvenor Asia Pacific, and will take up the role of CEO, Grosvenor Asia Pacific, on 31 March 2015. He was previously with UBS Global Asset Management as managing director, head of Global Real Estate Greater China. Prior to UBS, he was with HKR International Limited, a Hong Kong based developer, for 11 years.

Loup’s decision to step down brings an end to a 25-year stint at the firm, with 20 of those years in the Asia region, after spending his first five in London. He is joining a UK property firm with interests in Europe and ambitions for the Asia region, Grosvenor said. Loup’s new firm wasn’t named in the Grosvenor press release.

During his time at Grosvenor, the Asian business was established in Hong Kong in 1994; operations have since expanded to Tokyo and Shanghai.