PGIM Real Estate, the global real estate asset management business of Prudential Financial, has launched RealAssetX, an innovation lab to research, develop and invest in technology that aims to accelerate advancements in the real asset industry.
Underpinned by data from PGIM Real Estate and third-party data sources, RealAssetX will partner with leading universities around the world – working in the fields of sustainable tech, artificial intelligence (AI) and deep tech – to research and develop new technologies that can be incubated and eventually adopted by owners, operators and managers of real assets.
Cathy Marcus, co-CEO and global chief operation officer at PGIM Real Estate, said: 'We strongly believe that better technology can improve efficiency and create better investment performance.
'Through RealAssetX, we are leveraging the depth and breadth of PGIM Real Estate’s 53 years of data and research, alongside the insights and expertise of leading academics and venture partners, to identify and implement new technology that can improve business operations, augment asset management strategies at our properties and enhance investment decision-making on behalf of our clients.'
Raimondo Amabile, co-CEO and global chief investment officer at PGIM Real Estate, said: 'The profound impact that the fast-moving technology wave is having on the real asset industry means that investment managers’ success will be defined by their ability to be tech-enhanced through every stage of the investment lifecycle.
'By partnering with leading universities and technology companies, RealAssetX is building an ecosystem to develop new technologies that don’t exist today – leveraging forward-thinking research and development to drive transformation within PGIM Real Estate and the broader real asset industry.'
The ecosystem of RealAssetX comprises three interconnected pillars of data intelligence, research and development, and investments.
Research and development initiatives in the UK will see RealAssetX is partnering with UCL (University College London) to launch the UCL Centre for Sustainability and RealTech Innovation, focusing on research projects in sustainability, AI, and innovation in real assets.
Its investments pillar involves a partnership with Taronga Ventures, a leading global real asset technology manager, to enable third-party capital to invest in early and later stage technology companies.
Over time, RealAssetX will form new strategic partnerships globally as its work develops across all three pillars.
