PGIM Real Estate partners with Taronga Ventures to drive Innovation into the real estate sector
Recognizing that technology and innovation is becoming a differentiator to the global property industry, PGIM Real Estate has partnered with Asian real estate innovation and venture capital firm, Taronga Ventures, in an innovation program set to propel emerging real estate technology businesses into Asia and beyond.
PGIM Real Estate will become a real estate corporate partner for Taronga Ventures’ RealTechX Growth Program (“RealTechX”). The initiative is backed by the Australian Federal Government and has attracted a diverse group of real estate partners including Dexus, ISPT and Lendlease, as well as technology partners such as Microsoft, Google, AWS and IBM as well as KPMG.
Benett Theseira, head of Asia Pacific at PGIM Real Estate said: “Across our global platform, we are intent on understanding and capitalizing on the tech-driven opportunities impacting real estate to enhance investment management decisions, implement specialized asset strategies and elevate operational capabilities to drive higher returns on behalf of our investors. We are pleased to bring RealTechX into Asia and to help the property industry keep pace with the innovation and technology changes that are rapidly impacting the built environment.”
“Our partnership with Taronga Ventures and RealTechX will enable PGIM Real Estate to remain at the forefront of innovation – with the aim of delivering better outcomes for our investors.” Jonathan Hannam, Managing Partner, Taronga Ventures, said: “With RealTechX, we have created Asia’s first government supported, industry led scale-up program, designed to drive change through the real estate sector by investing into businesses that directly impact our key corporate partners.”
“Through PGIM Real Estate we now have access to an Asian and global portfolio of assets across all sectors and we are looking to deliver real outcomes. RealTechX will fast-track RealTech growth businesses and help them to expand globally with strong operating partners such as PGIM Real Estate.”
In year one, the scale-up program will bring together 10 market-ready technology businesses, 20 corporate partners and the market access and capital of Taronga Ventures. In April 2020, the entire cohort will visit Singapore to meet with customers, investors and government. Applications for the program closed in September 2019 and more than 180 real estate technology companies from 22 countries applied.
For further information on Taronga Ventures and RealTechX, please contact:
M +61 435 688 880