Industry News Technology

Vicinity to capture world’s best real estate innovation with RealTech fund investment

Vicinity Centres has announced a new relationship with Taronga Ventures, Asia’s leading technology and innovation investor, that will connect one of Australia’s largest retail property groups with technology that is revolutionising the retail sector.

Vicinity Centres joins some of the world’s largest real estate firms, including PGIM Real Estate, CBRE, Patrizia AG, Grosvenor Group, Mitsubishi Corporation and Dexus in the investment.

The investment will provide Vicinity access to new and innovative technologies, positioning it at the forefront of the evolution of global retail and complementing its fast-growing, in-house new product development program that has so far delivered an industry-leading solar energy program, data science capability and centre-based distribution solutions.

Vicinity Centres CEO Grant Kelley, said: “This is an exciting time in the evolution of our industry with technology and innovation unlocking future growth in the dynamic and fast-paced retail property environment. By investing with global leaders such as Taronga Ventures, we are ensuring we are in the best position to access these new technologies and to deliver sustainable value for our securityholders and communities.”

Vicinity is seeking to drive innovation across its entire portfolio

Taronga Ventures invests into scalable emerging real estate technology (RealTech) companies and has made close to 20 investments since its inception including Spacecube a modular, highly versatile building system that is quick to deploy, relocatable, customisable and reusable; the award-winning Groundfloor parcel lockers and CarbonCure, a technology which injects CO2 into concrete, eliminating carbon emissions while making the concrete stronger.

Vicinity Centres Chief Innovation and Information Officer, Justin Mills said: “Our investment allows us to participate in Taronga Ventures’ unique innovative ecosystem, delivering access to the best new ideas shaping our industry. Importantly, it will also allow the application of ideas in our business to drive value.”

The investment is also aligned with our business strategy to create sustainable, energy-efficient destinations – as demonstrated by our industry-leading $73 million national solar program – and we’re excited to be at the forefront of innovation that will continue to reduce the impact of our business on the communities where we operate.”

Jonathan Hannam, Taronga Ventures Managing Partner commented: “We are delighted to have Vicinity Centres join our incredible club of global real estate investors and partners – especially as the business is seeking to drive innovation across its entire portfolio.”

The investment is aligned with Vicinity’s business strategy to create sustainable, energy-efficient destinations

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment