Artificial Intelligence (AI) powered lease abstraction software saves time and money
SYDNEY, June 25, 2021 /PRNewswire/ — MRI Software ("MRI"), a global leader in real estate software solutions, announces ASX200-listed Abacus Property Group (ASX:ABP) selected MRI™ Contract Intelligence powered by Leverton AI™ to automate all lease data abstraction and integration across its Australian Real Estate Investment Trust (REIT) business as part of a new three-year agreement.
Abacus Property Group (Abacus) is now using MRI Contract Intelligence to digitise about 700 legacy leases initially. Once done, time spent by the internal legal team and property managers handling contract-related queries is forecast to drop significantly.
Abacus also intends to use the new cloud-based Artificial Intelligence (AI)-powered solution from MRI to also produce feasibility reports, financial modelling, and trend trackers, and manage lease creation, storage and queries across their finance, legal and property teams.
The proptech-fuelled "cloud-change" is consistent with a broader trend in Australian property management and real estate investment firms, according to David Bowie, Senior Vice President and Managing Director for Asia Pacific, MRI Software (pictured).
"We’re hearing a lot more from progressive property leaders like Abacus wanting better, smarter, data-informed insights to underwrite their post-COVID growth plans. They refuse to be stunted by slow, manual processes and are discovering that having meaningful access to deep volumes of data not only makes things faster, but uncovesr revenue opportunities such as rent-roll comparisons and anomalies in key lease terms that are picked up with deep machine learning AI capabilities," he said.
The ability to create transparent, accurate and auditable lease portfolios is critical for companies with real estate assets to comply with global accounting standards such as IFRS 16 and ASC 842.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide.
Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. MRI became one of the first real estate software providers to serve Australia and New Zealand in 1995, and further strengthened its commitment to the region with the acquisitions of Rockend and Leverton in 2019. For more information, visit mrisoftware.com/au
About Abacus Property Group
Abacus Property Group (ASX:ABP), is a diversified Australian REIT with an investment portfolio concentrated in the commercial property and self storage sectors. We invest capital in real estate opportunities to deliver superior long-term returns and maximise securityholder value. Abacus is a strong asset backed, annuity style business model where capital is directed towards assets that provide potential for enhanced income growth and ultimately create value. Our people, market insight and repositioning capability together with strategic partnering are the key enablers of our strategy. For more information visit abacusproperty.com.au/
Heather Jones (+61 400 394 669)
Rachel Antman (+1 212 362 5837)
Hugh Filman (+44 7905 044850) or Zoe Mumba (+44 7725 832393)
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