Vicinity to capture world’s best real estate innovation with RealTech fund investment – Shopping Centre News
Vicinity Centers announced a new partnership with Taronga Ventures, Asia’s leading technology and innovation investor, that will combine one of Australia’s largest retail property groups with technology that will revolutionize the retail sector.
Vicinity Centers joins some of the world’s largest real estate companies including PGIM Real Estate, CBRE, Patrizia AG, Grosvenor Group, Mitsubishi Corporation and Dexus.
The investment will give Vicinity access to new and innovative technology, position it at the forefront of global retail development, and complement its rapidly growing, in-house new product development program that has delivered an industry-leading solar energy program to date. Data science capability and centralized distribution solutions.
Grant Kelley, Vicinity Centers CEO, said, “This is an exciting time in the evolution of our industry as technology and innovation enable future growth in the dynamic and fast-paced retail property environment. By investing in global leaders like Taronga Ventures, we ensure that we are in the best position to access these emerging technologies and create sustainable value for our security holders and communities. “
Vicinity is committed to driving innovation across its portfolio
Taronga Ventures invests in scalable emerging real estate technology companies (RealTech) and has made nearly 20 investments since its inception, including Spacecube, a modular, highly versatile building system that is quickly deployed, relocated, customizable and reusable; the award-winning parcel lockers on the ground floor and CarbonCure, a technology that injects CO2 into concrete, eliminating CO2 emissions and at the same time making the concrete stronger.
Justin Mills, Vicinity Centers Chief Innovation and Information Officer, said, “Our investment enables us to participate in the unique innovative ecosystem of Taronga Ventures and provides access to the best new ideas that shape our industry. It is important that it also enables the application of ideas in our business in order to increase the value. “
The investment is also in line with our business strategy of creating sustainable, energy efficient travel destinations – like our industry-leading national solar program of $ 73 million of our business to the communities in which we operate. “
Jonathan Hannam, Managing Partner of Taronga Ventures, commented, “We are delighted that Vicinity Center has joined our incredible club of global real estate investors and partners – especially as the company strives to drive innovation across its portfolio.”
The investment is aligned with Vicinity’s business strategy to create sustainable, energy efficient travel destinations