Leslau goes from proptech dinosaur to investing dynamo
“The dinosaurs disappeared because they could not adapt to their changing environment,” science fiction writer Arthur C. Clarke once said. “We shall disappear if we cannot adapt.” Well, in real estate at least, the dinosaurs are adapting.
After supporting a £1.1m fund raise by former PiLabs cohort member Savannah de Savary this week, Nick Leslau said: “As a property investor ‘dinosaur’, it has become abundantly clear to me after too long of ignoring the changing winds just how radically technology will change and inform our decision-making in the future.” Not just self-deprecating; he is, of course, spot on.
De Savary’s Built-ID enables members to instantly identify the project teams behind properties and to showcase their work and collaborations to potential clients, investors and jv partners. Backing from Leslau gives Build-ID not just the finance to build a platform, but instant credibility to secure business it might not otherwise have won.
“The dinosaurs disappeared because they could not adapt to their changing environment,” science fiction writer Arthur C. Clarke once said. “We shall disappear if we cannot adapt.” Well, in real estate at least, the dinosaurs are adapting.
After supporting a £1.1m fund raise by former PiLabs cohort member Savannah de Savary this week, Nick Leslau said: “As a property investor ‘dinosaur’, it has become abundantly clear to me after too long of ignoring the changing winds just how radically technology will change and inform our decision-making in the future.” Not just self-deprecating; he is, of course, spot on.
De Savary’s Built-ID enables members to instantly identify the project teams behind properties and to showcase their work and collaborations to potential clients, investors and jv partners. Backing from Leslau gives Build-ID not just the finance to build a platform, but instant credibility to secure business it might not otherwise have won.
Leslau’s not the only seasoned real estate investor to join the proptech party: Realla raised £1.5m in funding from a group of property and tech investors last year, with Natie Kirsh and Lloyd Dorfman among its backers.
Early-stage companies don’t just want money, they want expertise. And what do the likes of Leslau, Kirsh and Dorfman get out of the arrangement? Well, in addition to the chance of substantial ROI, they can enhance their prospects of staving off extinction.
■ With Qatar pledging last week to invest £5bn in UK infrastructure over the next five years, and the PM forging trade links with Saudi Arabia this week, EG’s Middle East Real Estate Forum could not be better timed. We’ll be leading a UK delegation to Dubai and Abu Dhabi later this month to meet and hear from investors and advisers in the region, including Sanjay Manchanda, chief executive of developer Nakheel, and Expo 2020 chief operating officer Simon Clegg. Delegates include government adviser Sir Edward Lister and senior representatives from Legal & General Investment Management, CapCo and event partner Cluttons. Debate topics include redefining the global city and delivering world-class infrastructure. There are still limited places on the delegation available. To find out more email Rebecca.Kent@egi.co.uk.
■ The Association of Real Estate Funds-commissioned report into last summer’s open-ended retail fund crisis has concluded that the vehicles “undoubtedly [have] significant flaws” but should not be scrapped altogether. Former PwC partner John Forbes identified four areas for improvement but said the crisis should be an opportunity to diversify real estate funds rather than replace current structures. Many had expected him to go further. It will be interesting to see if the FCA’s review of illiquid assets in open-ended funds does when it reports later this year.
■ Intriguing signals from the residential frontline this week. Chinese property developer R&F Properties is poised to buy a prime mixed-used development site in London for £157.8m. The Vauxhall Square site, SW8, owned by CLS Holdings, has planning permission for a 1.5m sq ft scheme, including 578 flats across two towers. In Manchester, Hong Kong-listed Far East Consortium has been selected as the preferred investment partner to deliver a 10,000-home regeneration opportunity. Both deals perhaps indicate a desire on the part of a Chinese company to diversify investment away from domestic markets. Both are a definitive vote of confidence in the UK resi market. And both, to some degree, fly in the face of some of the gloomier predictions around affordability and demand. With Berkeley buying its largest scheme in the capital since the referendum – with the acquisition of a 21-acre, west London site from SEGRO through its St George arm – there is clearly more life in the resi markets than some would suppose.
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