More money heading into PropTech
Brookfield plans to invest $250 to $300 million in tech startups in the next few years, according to the WSJ. They are looking for opportunities in real estate, infrastructure, renewable power, and private equity.
Think big picture: With $285 billion in assets under management, these tech investments are a drop in the bucket. Minimal risk, high reward. Smart move!
Heard on the Street: Brookfield’s Stewart Upson explained that executives at the company failed to recognize the extent of how technology would affect real estate. With the success of many real estate tech unicorns over the past few years, the market has forced them to change their tune.