I think that the property joint venture is proof that the...

I think that the property joint venture is proof that the Directors of Grange are out of their depth when it comes to other investments. Whilst its easy to look in hindsight, GRR would have been better off buying $50 million of RIO shares at $50/share and $50 million of BHP at $17/share. If I was confident enough to put my hard earned cash in that those prices you'd have to wonder why other people didn't.
The property joint venture is surely a roundabout way where some Director or their friend is going to get a cheap unit.