Hammerson has partnered with proptech firm Concrete to invest in proptech startups that focus on driving efficiencies and responding to changes in the industry.
Launched by specialist tech start-up investor Seedcamp and real estate venture capital and private equity firm Starwood Capital Group, Concrete aims to identify and work with start-ups that address key challenges across property development, leasing, asset management as well as acquisitions and disposals.
Hammerson joins Concrete as its strategic retail partner, bringing its knowledge of the retail industry. Concrete brings together a combination of businesses, including JLL, Skanska and Fora, with experience in real estate, investment and tech, and has made 10 investments to date.
Hammerson has worked previously with partners and start-up retailers in order to improve the shopping experience throughout its centres.
In 2017, Hammerson partnered with artificial intelligence tech group Cortexica to launch Style Seeker, its product search tool that is integrated into apps for each of its centres. That artificial intelligence innovation continues with the roll-out of Chatbots across the shopping centre portfolio following a successful trial at Bullring in Birmingham.
Concrete’s investment in start-up companies enables them to not only access capital for growth, but build industry relationships and accelerate product development. The partnership is already working with companies including Hubble, an online workspace platform and Beaglie.ai, a legal artificial intelligence company.
Kathryn Malloch, group product innovation manager for Hammerson, said: “The partnership with Concrete provides us with a unique opportunity to gain a deeper insight in emerging technologies and take our leading approach to innovation a step further.
“Working with ambitious proptech businesses allows us to support their growth while at the same time offering us creative solutions and a fresh way of approaching challenges to the retail sector.”
Taylor Wescoatt, founding partner of Concrete, added: “Hammerson’s commitment to innovation and engagement with the early-stage tech community is what we believe will create the winners in the space. We are excited to work with Hammerson in defining and creating iconic retail destinations.”
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