New York-based PGIM Real Estate has acquired a strategic equity stake in Taronga Ventures, a real estate technology investor in Asia Pacific region.
PGIM Real Estate has committed a capital to Taronga’s RealTech Ventures Fund.
PGIM Real Estate joined a list of global real estate firms, including CBRE, Dexus and Patrizia AG, that have invested in the fund.
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“Venture capital partners are critical to helping us scale our own innovation efforts and remain at the forefront of digital evolution,” said Sara Shank, managing director and global head of innovation at PGIM Real Estate.
“Our partnership with Taronga Ventures provides us with deep access to the firm’s insights and connections into regional real estate technology and innovation. This will allow us to quickly identify and adopt the best products available in a market that is becoming increasingly crowded and fragmented, for the benefit of our investors,” she added.
“Institutional capital is now demanding that investment managers are at the forefront of innovation and technology. As one of the world’s leading investors, we look forward to working with PGIM Real Estate to drive change through the real estate sector and broader built environment,” said Jonathan Hannam, Taronga Ventures co-founder and managing partner.
“In today’s market, employing technologies that can drive better investment performance and operational efficiencies is imperative to maintaining our competitive advantage,” said Benett Theseira, PGIM Real Estate’s head of Asia Pacific.
“The real estate sector has traditionally been slow to innovate, but forward-thinking owners are now creating real value. Whether it is better understanding tenant customers through data capture and deep analytics to provide enhanced experiences; using advanced building materials and methods to dramatically reduce cost and carbon impacts; or utilizing artificial intelligence to develop safer assets and cities, there is a significant depth of opportunity,” said Avi Naidu, Taronga Ventures co-founder and managing partner.