PGIM Real Estate acquires strategic equity stake in Australian VC Taronga Ventures
Photo by Andrea Natali on Unsplash Premium
New York-based PGIM Real Estate announced on Wednesday it has acquired a strategic equity stake in Australia-based venture capital firm Taronga Ventures, further supported by a commitment to Taronga’s RealTech Ventures Fund.
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The COVID-19 pandemic has driven a surge in adoption of information systems by real estate companies in Asia, according to a proptech study released today by Mingtiandi.com, the region’s leading property news source.
Nearly three-quarters of the real estate professionals surveyed for the study said their firms were either reviewing or considering launching a formal review of their use of information systems in response to the public health crisis. And that rethinking is already being translated into action, with 60 percent of respondents saying their companies are implementing new technology or enhancing the use of existing systems.
“The COVID-19 pandemic has not only highlighted vulnerabilities in existing business processes, but has also given real estate developers and investors in Asia fresh incentives to adopt online systems which are central to the proptech evolution,” said Mingtiandi founder Michael Cole, who authored the study.
Mingtiandi
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The change in use of new systems in the region is documented in
Tech Adoption in Asian Real Estate: The Pandemic Drives Innovation, a report set to be released next week, at the first session of Mingtiandi’s proptech forum.
If Asia was a laggard before in terms of proptech adoption, that’s simply no longer the case, says Jonathan Hannam, co-founder and managing partner of Taronga Ventures, which invests in tech companies involved in real estate.
“Asia is urbanising at a much faster rate than the rest of the world, we have a much higher level of construction across all of our markets, which means there’s new development, and new developments all have a greater focus on innovation,” Hannam said.
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SOCIAL BUZZ
Taronga will connect the Smart Urban Co-Innovation Lab, SEA’s first smart cities-focused development center, with a network of emerging proptech firms. Source: Shutterstock
Singapore proptech hub to spearhead smart city innovation
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A new partnership will help Singapore’s Smart Urban Co-Innovation Lab to identify new revenue streams, reduce costs, and operate sustainably within the real estate sector
Capitaland’s smart city lab already works with 200 firms to co-develop proptech & smart city innovations
Singapore continues to pursue more sustainable urban smart city developments that leverage on innovation driven by property technology, or proptech.
The trend received another boost recently when Capitaland, the driving force behind the new Smart Urban Co-Innovation Lab at Singapore Science Park, announced its latest real estate innovation partner that will help it identify new revenue streams, reduce costs, and operate more sustainably by harnessing eme