Property tycoon Vincent Tchenguiz is not planning on buying any UK property this year but is planning to invest £77m into tech businesses.
Speaking to the Evening Standard at MIPIM in Cannes Tchenguiz said he is concerned about the impact Brexit may have on the demand for property, but is keen to invest in proptech as well as insurance and medical tech.
He told the newspaper: “The
real estate market is fast-changing. I want to be at the forefront of when
property meets tech. I predict big growth from companies that can speed up
estate agency work using new digital techniques for surveying buildings, or
firms that make drones to inspect property exteriors.”
As we reported back in February
this isn’t the first time Tchenguiz has hinted on a change of direction towards
investing in tech. Some will be wondering if this suggests that the tycoon sees
a downturn in the fortunes for the real estate sector, or simply a surge in the
prospects for the tech sector – or both.