CDL commits undisclosed investment sum to Sydney's Taronga Ventures

CITY Developments Limited (CDL) C09 : C09 0%has committed an undisclosed sum of investment to venture capital firm Taronga Ventures for its Asian built environment technology fund, RealTech Ventures Fund.

Taronga Ventures has offices in both Singapore and Australia.

RealTech Ventures Fund has portfolio investments in global emerging technology companies impacting the built environment.

Other investors in the most recent close of the fund include Prudential's PGIM Real Estate, Canadian real estate company Ivanhoé Cambridge and Dutch pension investor APG.

In its press statement on Wednesday (Mar 2), Taronga Ventures said its partnership with CDL marks the developer's latest initiative under its innovation investment strategy which entails identifying, investing and scaling technologies and innovative solutions that can value add to its core real estate portfolio.

The firm said CDL has identified technology solutions in the fund's portfolio which have application across its residential, commercial and hotel asset portfolio. CDL has also embarked on feasibility assessments for the integration of these solutions.

A NEWSLETTER FOR YOU

Friday, 12.30 pm

ESG Insights

An exclusive weekly report on the latest environmental, social and governance issues.

Sign Up

Implementation of such sustainability-focused innovations will also support CDL's commitment to achieve its goal of net-zero operational carbon by 2030 for new and wholly-owned assets and developments under its direct operational and management control, added Taronga Ventures.

Sherman Kwek, group chief executive of CDL, sees access to emerging technology becoming a key differentiator given a "dynamic shift" within the real estate sector.

"CDL's investment in Taronga Ventures allows us to partner the market's best in class to drive product and process innovation. We can leverage their expertise to glean market insights into the future of real estate and gain access to emerging technologies that can be applied across our diversified real estate portfolio," said Kwek.

Shares of CDL were trading S$0.04 or 0.6 per cent lower at S$7.13 as at 11.43 am on Wednesday.

READ MORE: 

• The road to net zero for corporate Singapore

• With troubles behind it, CDL can enter 2022 with a spring in its step

• Sydney's Taronga Ventures to headquarter Asia operations in Singapore

• Investing in proptech and other innovations for a sustainable future