Author: Nick Lenaghan, AFR, 4 February 2021

One of the world’s largest real estate fund managers, New York-based PGIM Real Estate, has taken an equity stake in innovation investor Taronga Ventures and committed capital to a major raising in the local player’s proptech fund.

The contribution to Taronga’s RealTech Ventures Fund, which is targeting a $100 million raising, brings the New York house alongside investors including global real estate firm CBRE and Frankfurt-listed real estate investment manager Patrizia, which have already invested in the vehicle, as well as locally listed Dexus, Australia’s largest office landlord.

“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.

Read full article: https://www.afr.com/property/commercial/pgim-buys-into-taronga-s-proptech-play-20210203-p56z4h.