South Africa's largest REIT deploys MRI to simplify investment modeling and property accounting operations
SOLON, Ohio, Dec. 19, 2017 /PRNewswire/ -- MRI Software, a global leader in real estate software solutions, today announced that Growthpoint Properties, South Africa's largest real estate investment trust (REIT) with reach into Australia and Europe, has selected MRI's SaaS-based Commercial, Financial, and Investment Suites to streamline domestic and international portfolio management.
"We spent a year reviewing our investment and valuations practices and evaluating how we could best improve our operations and strategic initiatives," said Alec Davis, Chief Information Officer of Growthpoint Properties. "The flexibility and security of the MRI platform enables us to reduce complexity in our operations and focus more on our core real estate business. The combination of industry-specific functionality, automation, and SaaS deployment options made MRI the clear winner."
Growthpoint counts over 500 properties and more than 6.5 million square metres of gross leasable area in its portfolio of commercial, retail, and industrial properties across three continents. The large size and scope of its asset portfolio led Growthpoint to search for a comprehensive solution with multicurrency capabilities that could capture all aspects of its complicated business while standardising data practices across regions and verticals.
To automate processes and improve efficiency, Growthpoint selected MRI's Commercial Management solution, which offers web-based access to lease administration, retail management, and reporting and analytics tools. In addition, Growthpoint will benefit from MRI's Budgeting and Forecasting, Investment Modeling, Investment Accounting, and Global Valuations solutions to streamline workflows and improve strategic planning. The new system will allow Growthpoint to reduce operational complexities, increase flexibility for users, and promote standardisation and data integrity.
"Growthpoint is a hugely influential player in the South African real estate market, and we're thrilled to have them as part of our expanding client base in the region," said Stephen Baker, Vice President of Global and Strategic Markets at MRI Software. "Far too often, real estate companies still rely on paper-based records to manage billion-dollar portfolios and use basic spreadsheets for complex forecasting and financial modeling. Growthpoint is at the forefront of adopting automation, and we have no doubt that our Commercial, Financial, and Investment solutions will help Growthpoint better understand its business and make it an even more profitable endeavor for its investors."
About Growthpoint Properties
Growthpoint provides space to thrive with innovative and sustainable property solutions. It is the largest South African primary REIT listed on the JSE, and owns and manages a diversified portfolio of 547 property assets, locally and internationally. Growthpoint is a Platinum Founding Member of Green Building Council South Africa (GBCSA), a member of the GBCSA's Green Building Leader Network, a component of the FTSE4Good Emerging Index and has been included in the FTSE/JSE Responsible Investment Index for eight years running.
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI's comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses—from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.
SOURCE MRI Software