Fifth Wall has secured another slug of investment from the real estate sector for its European Real Estate Technology Fund.
PGIM Real Estate has become the latest company to invest in the fund, following an initial investment from BNP Paribas Real Estate and from Knight Frank earlier this week. Canadian business Ivanhoe Cambridge is also investing in a number of Fifth Wall funds as part of a strategic partnership.
PGIM Real Estate said its investment in the Fifth Wall European Real Estate Technology Fund was the latest development in its 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, added: “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.”
“Historically, real estate – one of the largest industries on earth – has been a tech laggard,” said Brendan Wallace, co-founder and managing partner of Fifth Wall. “Fifth Wall was founded and purpose-built to help firms like PGIM Real Estate accelerate their identification and adoption of transformative proptech solutions. Since Fifth Wall’s inception in 2016, we have 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.”
Roelof Opperman, partner and co-head of Europe at Fifth Wall, added: “We believe the European real estate tech market is on the cusp of transformative growth and we are excited to work with PGIM Real Estate, alongside the rest of our strategic LPs, to navigate this change. As we work closely with PGIM Real Estate to identify its technology priorities, we are eager to help pair these initiatives with high-potential European proptech start-ups, resulting in both financially sound and strategically relevant outcomes.”
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