Venture capital firm Fifth Wall has assembled a consortium of 50 international property firms including Gecina, Merlin Properties, British Land, SEGRO, Mitsubishi Estate, Keppel Corporation, CBRE, Cushman & Wakefield, Hines, and Starwood Capital to create a $500bn fund to back emerging proptech businesses. Brendan Wallace, co-founder and managing partner at Fifth Wall, said: “As the real estate and technology industries increasingly converge, Fifth Wall has become central to that convergence, fostering a level of strategic collaboration that has never before characterized the real estate industry. Fifth Wall sees powerful network effects in our unique fund model as it becomes a centralised platform for the world’s largest real estate companies to share insights and access new technologies to enhance their businesses.”
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