UAE real estate developer Aldar Properties is investing in Taronga Ventures, which operates across the Asia-Pacific (APAC) region, to further diversify its business and tap into the global proptech sector.
The investment of undisclosed amount is Aldar’s fifth in a real estate technology fund, but first in the APAC region. Taronga Ventures is a real estate technology investor with focus in APAC. It targets technology companies that have positive ESG impacts.
The partnership is expected to help Aldar to gain access to technology co-investment opportunities that will boost its revenue streams.
It will also enable the developer to form partnerships that “deepen technology knowledge transfer and ideation into the Middle East”.
Investment in Asia-Pacific regions proptech sector is forecast to reach $26 billion by 2024, according to global platform UNISSA.
(Reporting by Cleofe Maceda; editing by Seban Scaria )