“That is where another investor has come in after us at a higher value.
“We want to change the way the real estate sector functions but we are seeking a financial return both at the asset level but also for our fund investors. It has to deliver on both.”
The fund has invested in about 12 tech innovations. Among them is US-based construction tech start-up OpenSpace, which uses an imaging and AI-driven platform to provide 360-degree visibility for construction sites.
The technology is already in use on Australian construction sites. Site managers recording imagery with a small camera attached to their hard hats as they walk around.
OpenSpaces algorithms then map the imagery and project plans, and stitch them together, creating a representation similar to those wrought by Google Street View.
Another innovation in construction that has created much excitement is CarbonCure, a technology that injects recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The Taronga-run, Dexus-backed fund was the only Asia-Pacific investor to join Microsoft and Amazon in a funding round for the Canadian-based company.
That technology could arrive in the local market as soon as early next year.
Dexus chief Darren Steinberg said the real estate sector had lagged to some extent in developing and investing in innovative technology.
“The world is moving very quickly. If the industry and the sector doesnt get behind some of this technology, its going to be a laggard in its performance,” he said.