PGIM Real Estate has invested in Fifth Wall European Real Estate Technology Fund as part of its global innovation strategy.
Details of the investment were not disclosed, a spokeswoman said.
The fund is ventured capital firm Fifth Wall's first European-focused strategy, a news release by PGIM Real Estate said. Los Angeles-based Fifth Wall has $1.7 billion in assets under management and specializes in property technology — or "PropTech."
"Technology is rapidly disrupting real estate after years of relative inertia and will be transformational for our industry. Venture capital partners are invaluable assets in our ongoing innovation efforts, providing assistance in the identification of likely winners among the hundreds of start-ups," Sara Shank, managing director and global head of innovation at PGIM Real Estate, said in the release.
"Our partnership with Fifth Wall provides us with access to the firm's deep insights and capabilities to access technological solutions in Europe," she said. "This partnership, alongside our partners in Asia-Pacific and the U.S., continues to strengthen our global strategy and ensures we remain at the forefront of global technological evolution."
The investment is the latest under PGIM Real Estate's global innovation strategy. It took a strategic equity stake in Asian investment platform Taronga Ventures, which focuses on emerging real estate, in February. Taronga focuses on emerging real estate.
PGIM Real Estate has $188.5 billion in assets under management and administration. It is the real estate investment and financing business PGIM, the $1.5 trillion money management division of Prudential Financial.