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Ivanhoe Cambridge Backs Property Tech Bets on Retail, Climate

Ivanhoe Cambridge is investing $85 million across four funds managed by proptech firm Fifth Wall.

(Bloomberg)—Ivanhoe Cambridge, the real estate unit of Caisse de Dépôt et Placement du Québec, is investing $85 million across four funds managed by property technology firm Fifth Wall.

Ivanhoe Cambridge, which owns stakes in more than 1,100 buildings, is seeking insight into office workers, mall shoppers and other users of its real estate, according to Sylvain Fortier, the firm’s chief investment and innovation officer.

“Instead of just focusing on a corporate tenant, we want to better understand the individual and what makes them come to our asset,” Fortier said in an interview.

The funds that Ivanhoe Cambridge is backing include Fifth Wall vehicles that focus on North America, Europe and retail real estate. The Montreal-based company is the first investor in a climate technology fund that will back startups that seek to reduce carbon emissions.

Fifth Wall, based in Los Angeles, manages $1.7 billion across a series of prop tech funds. Its strategy is to raise money from established real estate companies to invest in startups that provide services to the large property owners.

© 2021 Bloomberg L.P.

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