Investors commit further buildings to Wired Certification as part of $4 million fund raise
WiredScore, the global rating scheme for digital connectivity in real estate has announced that British Land, the FTSE 100 property company, and PATRIZIA, one of the largest real estate investment companies in Europe, have made a strategic investment in WiredScore, as part of a $4 million fund raise.
In line with the investment into WiredScore’s latest fund-raising both investors have increased their adoption of Wired Certification across their portfolios by committing a significant number of additional buildings to the rating.
The funding was secured to further enable WiredScore’s expansion, both in terms of its footprint and commitment to researching and launching new products, ensuring that the business is best placed to support landlords navigating digital connectivity in the built environment, now and in the future.
The strategic investment follows WiredScore’s recent focus on domestic and global expansion, most recently into The Netherlands, Australia and Leeds, and the business’ launch of the new residential offering, WiredScore Home.
During the first three quarters of 2019, WiredScore has responded to the increased demand by certifying over 75 million square feet of office space and expanding into over 70 new cities within that time-frame.
Chris Grigg, Chief Executive of British Land, said: “Our customers expect a fantastic experience in our places, and best in class connectivity is crucial to delivering that. We’re delighted to invest in WiredScore, creating a partnership that will help us grow our expertise in PropTech. As one of the first companies to work with WiredScore in the UK, we have found their digital connectivity accreditation and advice incredibly useful. We look forward to continuing our collaboration, both in connectivity certification and working together on new products.”
Dr. Manuel Käsbauer, Head of Technology & Innovation of PATRIZIA, commented: “PATRIZIA has worked closely with WiredScore since their entrance into the European market. As proactive investment managers, we regard connectivity as crucial to the performance of our portfolio by helping us attract and retain tenants. We are excited to make this investment as it will further solidify our collaborative relationship and help enhance the digital infrastructure of our partners and of the real estate industry.”
William Newton, WiredScore President and Managing Director said: “The real estate industry is acutely aware of the importance of digital connectivity and this extended round of funding represents landlords’ deeper understanding of Wired Certification as a driver of asset value. Connected buildings are now the standard, however well-connected buildings command a premium, attracting and retaining tenants, supporting technology now and for the future, and underpinning business growth and productivity.
“Digital connectivity is a global issue and as society becomes more connected around the world with the tech now available, it is important that our buildings, both offices and our homes, reflect that. British Land and PATRIZIA have been committed to Wired Certification for a number of years now, so we welcome their expansion of Wired Certification within their portfolio, and we are pleased to have such forward-thinking landlords as strategic investors into our growing business.”
WiredScore acts as a trusted benchmark for a building’s connectivity, giving greater transparency to tenants. The certification also provides landlords and developers with the necessary insights to improve and future-proof their buildings’ connectivity standards.
The $4 million is an extension of WiredScore’s Series A raise bringing the total to $13 million, which included investors Legal & General, U+I, Town Centre Securities, MOMENI Digital Ventures, KingSett Capital and Savitt Partners. The investment group has also been supported by a recommitment from WiredScore’s existing investors Bessemer Venture Partners, Fifth Wall and Sterling Ventures.
About British Land
British Land plc owns a portfolio of office-led London campuses and retail destinations, located around the UK. These include Broadgate, London; Meadowhall, Sheffield and Canada Water, London.
Our approach towards creating high-quality places for our customers and the community involves bringing together our skills in placemaking, sustainability and technology and responding towards the changing way people use our space. Our places serve local communities, provide opportunities for skills development and employment and promote wellbeing. 2019 was our third year holding the Queen’s Award for Enterprise, the UK’s highest business accolade, recognising our economic, social and environmental achievements across our portfolio.
Our strategy is to build an increasingly mixed use business, which will comprise of three core elements – our London campuses, a smaller, more focussed Retail portfolio and residential. By creating vibrant mixed use neighbourhoods we can drive enduring demand for our space, support rental growth and create long-term value for all our stakeholders.
Our portfolio is valued at £16.2bn (British Land share: £12.3bn) as at 31 March 2019 making us one of Europe’s largest real estate investment companies.
Further details can be found on the British Land website at www.britishland.com or follow us @BritishLandPLC
About PATRIZIA AG
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for
more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and
sale of residential and commercial real estate through its own licensed investment platforms. As a
global partner for pan-European real estate investment, PATRIZIA operates as a respected business
partner of large institutional investors and retail investors in all major European countries. PATRIZIA
manages more than EUR 41 billion of real estate assets, primarily as an investment manager for
insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and
For further information, please visit: www.patrizia.ag