Ivanhoe Cambridge has invested in property-technology by way of a partnership with venture capital firm Fifth Wall.
The C$64bn (鈧�41.5bn) real estate subsidiary of the Caisse de d茅p么t et placement du Qu茅bec has to date committed US$85m (鈧�71.7m) to four Fifth Wall funds focused on climate technology, retail, real estate technology in North America and Europe, and is the first investor in the real estate technology-focused venture capital firm鈥檚 Climate Technology Fund.
The companies said their partnership will 鈥渁ccelerate Ivanho茅 Cambridge鈥檚 technology adoption and innovation across its portfolio鈥�.
Sylvain Fortier, chief investment and innovation officer at Ivanho茅 Cambridge, said: 鈥淭his strategic partnership is perfectly aligned with our investment vision and will enable us to create value as well as accelerate the deployment of technology-based solutions across our portfolio.
鈥淚t will allow us to have direct access to companies and have insights into emerging trends in proptech.鈥�
Brendan Wallace, co-founder and managing partner at Fifth Wall, said: 鈥淩eal estate owners are finding that while investing in technology and innovation is complicated and challenging to do it all in-house, it鈥檚 absolutely imperative to the future of their business.鈥�
鈥淲e鈥檙e thrilled to be working with Ivanho茅 Cambridge and deeply impressed by their holistic view of how large the opportunity is at the collision between real estate and technology, as reflected by their $85 million investment across all of Fifth Wall鈥檚 strategies, including climate technology, retail, and real estate technology in North America and Europe.鈥�
backs Fifth Wall European proptech fund.
Real Estate has invested an undisclosed amount into Fifth Wall鈥檚 first European-focused real estate technology fund.
PGIM Real Estate said its investment in the Fifth Wall European Real Estate Technology Fund is the latest development in the group鈥檚 global innovation strategy鈥攆ollowing its strategic equity stake in Taronga Ventures and investment in Taronga鈥檚 RealTech Ventures Fund in the Asia-Pacific region, and in the US, MetaProp NYC鈥檚 MetaProp Ventures II and III.
Sara Shank, managing director and global head of innovation at PGIM Real Estate, said: 鈥淭echnology is rapidly disrupting real estate after years of relative inertia and will be transformational for our industry. Venture capital partners are invaluable assets in our ongoing innovation efforts, providing assistance in the identification of likely winners among the hundreds of start-ups.
鈥淥ur partnership with Fifth Wall provides us with access to the firm鈥檚 deep insights and capabilities to access technological solutions in Europe. This partnership, alongside our partners in Asia-Pacific and the US, continues to strengthen our global strategy and ensures we remain at the forefront of global technological evolution.鈥�
Raimondo Amabile, managing director and head of Europe and Latin America at PGIM Real Estate, said: 鈥淧GIM Real Estate continues to make great strides in technological innovation globally, and now more than ever, it is imperative to adapt and evolve as an organisation to meet the major disruptions that are changing every facet of our business and industry.
鈥淭he partnership with Fifth Wall in Europe demonstrates our ongoing commitment to proactively engage with the evolving technological landscape to maintain our competitive advantage.
Brendan Wallace, co-founder and managing partner, Fifth Wall, said: 鈥淪ince Fifth Wall鈥檚 inception in 2016, we鈥檝e worked with North American, Asian and European real estate organisations to execute investments in, and structure partnerships with, category-leading technology companies to help ensure the ongoing health and growth of their businesses.
鈥淲e鈥檙e thrilled to welcome PGIM Real Estate as a new member of Fifth Wall鈥檚 global consortium of more than 65 corporate real estate investors from 15 countries, and we look forward to working with Sara and the PGIM Real Estate team on strengthening the company鈥檚 global strategy through technology and innovation.鈥�
鈥淲e believe the European real estate tech market or proptech market is on the cusp of transformative growth and we鈥檙e excited to work with PGIM Real Estate, alongside the rest of our strategic LPs, to navigate this change,鈥� said Roelof Opperman, partner, co-head of Europe, Fifth Wall.
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