Dubai: The Abu Dhabi wealth fund Mubadala is part of a consortium that's buying Techem - a digital solutions provider for the real estate sector - in a Dh29 billion deal(6.7 billion euros).
Headquartered in Germany, Techem has over 440,000 customers in 18 countries and services over 13 million properties.
It helps with 'enhancing energy efficiency, reducing consumption, costs, and CO2 emissions through low-investment, non-invasive methods', said a statement. Techem's services help reduce 'long-term decarbonization of the real estate sector, which accounts for around 40% of global CO2 emissions'. (Around 62 million of Techem's devices are currently installed.)
The Mubadala partners in the consortium are Partners Group, one of the largest firms in the global private markets industry; GIC, and TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform.
“The decarbonization of the real estate sector continues to be a global priority for better and more sustainable living," said Abdulla Mohamed Shadid, Head of Energy and Sustainability at Mubadala’s Private Equity Platform.
"As a leading sub-metering services provider with a digital edge, Techem is well positioned to continue leading this transition, improving the energy management of buildings.”
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