Dubai’s IREP announces two new strategic developments
Multi-discipline asset management services firm diversifies into agri-tech and food security sector, while also signing partnership with US firm to gain a major foothold in North American retail sector
International Real Estate Partners, the Dubai-based multidisciplinary asset management services firm, has announced two new strategic developments that will see it diversify into the rapidly expanding agri-tech and food security sector in the GCC and give it a major foothold in the retail sector in North America.
IREP has launched IREPfarm, a new venture that will bring an ‘innovative, practical, knowledgeable and sustainably-led approach to the worlds of real estate and agri-tech solutions in the UAE and wider GCC’.
In a statement, the firm said that the new entity will be focused directly on finding inspirational, modern and empowered ideas to address the major concerns of food, water, energy and land security expressed by not only regional governments but also leading figures at the United Nations.
IREPfarm will position IREP at the forefront of moves to tackle the multitude of issues presented by climate change and its impact on the world’s food supply chain and the ability of governments and the food industry as a whole to provide for their populations and customers respectively, a statement continued.
The new entity will work side-by-side with its long-standing agri-tech partner, Intelligent Growth Solutions (IGS). This partnership helped to lay the foundations for the formation of IREPfarm’s single team of experts that boasts extensive knowledge of the latest agriculture trends and techniques, the most advanced technological solutions and up to date developments in the real estate sector, a senior official at the firm said.
“Through working closely with IGS over the years we became aware of a number of pressing issues jointly facing the agri-tech and real estate industries, so it made sense to leverage our collaborative expertise and experience to create IREPfarm that will pool our expertise and deliver cutting edge solutions. The new venture will offer combined bespoke food security and real estate solutions to a broad client base that operates across many sectors and helps to deliver results on a far larger and more impactful scale than currently available,” said Kenneth McCrae, Chairman, IREP Group.
The essential areas where IREPfarm’s collective of experts will support clients include:
- Updating clients’ knowledge of farm management and operational knowledge
- Boosting clients’ understanding of commercial supply avenues for farm products
- Managing numerous contractors across multiple disciplines and budgets
- Meeting assurance, compliance and industry standards at manageable costs
- Introducing a greater focus on design to enhance the use of farm facilities through restaurants, education centres and community spaces
- Providing ongoing asset management to ensure the optimised life cycle of its solutions
Ole Mygind, Agribusiness Managing Director, IGS added: “The past 12 months have highlighted the substantial need to secure local and sustainable food supply chains in the GCC, like many other regions around the globe.
With the population in the GCC region set to increase considerably, the importance of precision-based agri-tech solutions, backed by scientific crop research will be key to addressing food security challenges. The turnkey IREPfarm approach being developed by our close partners at IREP presents an exciting opportunity to tackle these challenges immediately by bringing together the best knowledge, experience, asset management and technology available in the market.”
By taking a more socially conscious, focused and expert-driven approach to all aspects off the growing agri-tech industry, IREPfarm aims to design, build, operate and deliver quality, value and expertise across the entire sector, deliver long-lasting positive change and secure food sources and supply processes at an accelerated pace for the benefit for all of society, the company says.
The firm has also signed a partnership agreement with Sperry Commercial Global Affiliates (SperryCGA), the US commercial real estate brokerage business with 59 affiliate commercial real estate brokerage offices across America. The deal will see IREP acquire franchises to open SperryCGA affiliate offices in 21 locations in 16 countries outside the US by 2024. The very first office by IREP is set to open its doors this month in Mexico City, Mexico.
IREP’s link up with SperryCGA will open the door to West coast US tech and investment companies seeking to explore new opportunities in the UAE and beyond. As part of the agreement, IREP will provide facilities management evaluations and proposals for several major assets under the management of Sperry Equities, a full service commercial real estate investment and management company which is specialised in repositioning underperforming real estate projects in the US.
In the past two decades, Sperry Equities managed to create value and wealth by purchasing distressed assets worth more than $1.5 billion, generating annual returns of 20% to 30%.
IREP’s agreement with SperryCGA has been signed, and the two companies are now actively mobilising reciprocal services across key locations, namely Mexico, the US, KSA and UAE. Post the Mexico go-live, the two firms will begin targeting the Middle East with IREP using its network to introduce SperryCGA to the region and actively begin the flow of investment between the US and the GCC.
Mark D. Hinkins, President of SperryCGA, commented: “Where often others fail, IREP has succeeded time and time again, and that is the secret sauce. The SperryCGA transaction services platform, in partnership with the world’s leading multidisciplinary asset management services company, will deliver success for our clients in all markets no matter where they are located, locally and now globally.”
Speaking about IREP’s partnership with SperryCGA, Kenneth added: “SperryCGA has a great brand across the US and with the new relationship with IREP we can catapult it into a truly global brand through the combination of SperryCGA’s real estate services and technology complemented by full asset management support from IREP across our 28-country platform.”
