Ivanhoe Cambridge has invested in property-technology by way of a partnership with venture capital firm Fifth Wall.
The C$64bn (€41.5bn) real estate subsidiary of the Caisse de dépôt et placement du Québec has to date committed US$85m (€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’s Climate Technology Fund.
The companies said their partnership will “accelerate Ivanhoé Cambridge’s technology adoption and innovation across its portfolio”.
Sylvain Fortier, chief investment and innovation officer at Ivanhoé Cambridge, said: “This 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.
“It will allow us to have direct access to companies and have insights into emerging trends in proptech.”
Brendan Wallace, co-founder and managing partner at Fifth Wall, said: “Real estate owners are finding that while investing in technology and innovation is complicated and challenging to do it all in-house, it’s absolutely imperative to the future of their business.”
“We’re thrilled to be working with Ivanhoé 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’s strategies, including climate technology, retail, and real estate technology in North America and Europe.”
PGIM Real Estate backs Fifth Wall European proptech fund.
PGIM Real Estate has invested an undisclosed amount into Fifth Wall’s 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’s global innovation strategy—following its strategic equity stake in Taronga Ventures and investment in Taronga’s RealTech Ventures Fund in the Asia-Pacific region, and in the US, MetaProp NYC’s MetaProp Ventures II and III.
Sara Shank, managing director and global head of innovation at PGIM Real Estate, said: “Technology 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.
“Our partnership with Fifth Wall provides us with access to the firm’s 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.”
Raimondo Amabile, managing director and head of Europe and Latin America at PGIM Real Estate, said: “PGIM 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.
“The 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: “Since Fifth Wall’s inception in 2016, we’ve 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.
“We’re thrilled to welcome PGIM Real Estate as a new member of Fifth Wall’s 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’s global strategy through technology and innovation.”
“We believe the European real estate tech market or proptech market is on the cusp of transformative growth and we’re excited to work with PGIM Real Estate, alongside the rest of our strategic LPs, to navigate this change,” said Roelof Opperman, partner, co-head of Europe, Fifth Wall.
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