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Investment firm REdimension Capital has announced the initial close of its first fund, the REdimension Real Estate Technology and Sustainability Fund I. The fund, supported by key stakeholders in the real estate sector, is geared towards investing in early-stage technology companies aiming to improve property development, management, and interaction.
The fund has achieved its initial close target, gathering total commitments of over R200 million. Founding investors include Investec Property Fund, Growthpoint Properties, and Rand Merchant Bank, who have anchored the fund. Liberty Two Degrees, Liberty Group and Sphere Holdings also contributed investments.
These founding investors manage over 650 properties across various sectors, a portfolio that represents over 11 million sqm of gross lettable space and is valued at over R235 billion.
Further strategic commitments to the fund are expected before the final close, which is planned for January 2025 or earlier. The fund has also generated interest from a range of co-investment partners, including some of the founding investors.
The fund will focus on companies that are working on impactful solutions that merge real estate and technology. It will adopt a thematic approach to investment, prioritising areas that offer clear value and address industry challenges. The fund will also support built-world technologies aimed at improving asset experiences, streamlining management processes, and accelerating the digitalisation of the real estate industry.
Sustainability is an integral part of the fund’s mandate, with a commitment to backing technologies that foster energy efficiency, reduce carbon footprints, and promote community engagement.
The goal of the fund, supported by industry incumbents, is to aid early-stage companies with scalable business models and provide a platform for distribution and value creation.
Peter Clark and Matthew Marshall, founders of REdimension Capital, said, “The first close of the REdimension Real Estate Technology and Sustainability Fund I represents an important step in the advancement of property technology investment in South Africa. We appreciate the support from our founding investors and aim to deliver strong results, whilst also positively impacting the markets we operate in.”
REdimension Capital was established in South Africa in 2021 with the aim of accelerating innovation in the built environment. It has created an ecosystem at the intersection of real estate, technology, and sustainability, striving to improve operational performance and enhance sustainability in the built world.
The company takes an advisory-based approach to investing and collaborates with strategic corporate partners to advise, invest, and innovate future technology.