Last year we revealed some of the more innovative work that Mishcon de Reya is doing in its real estate department in terms of data extraction and automation and today (12 February) the UK top 35 law firm announced that is has worked closely with MJ Mapp on the inaugural roll-out of automation software for long-standing firm client AEW UK to redefine the way commercial property tenancies are processed by lawyers and managing agents.
Where previously data would be on-boarded manually following completion of the transaction, the newly developed tool allows for structured lease data collected using Mishcon de Reya’s AI-based data extraction and document automation software to be uploaded directly into MJ Mapp’s lease management systems.
The technology has recently been used on the acquisition of three multi-let properties for AEW UK, and has saved the team 20 hours on the verification of 45 commercial leases. Not only does this ensure accurate data is uploaded to property management systems, it allows for almost immediate on-boarding of multi-let properties so clients are able to work in real time from day one.
Nick Kirby, Managing Associate and Real Estate Technology Specialist at Mishcon de Reya, said: “In line with our 10-year vision, we aspire to use technology to do our work faster and better to provide more value to clients. By structuring lease data and using a range of cutting edge tech tools, we’re able to save our clients significant time on the work they have to do, meaning that they can realise revenue quicker.”
Other tools developed by Mishcon’s real estate innovation team include SOLARIS, an in-house application that allows its lawyers to immediately grab data from the Land Registry, significantly speeding up property transactions; and Mishcon Maps, which houses the Real Estate team’s historic deal information, and is able to highlight potential issues with commercial property acquisitions and sales. Mishcon de Reya is also supporting the growth of new PropTech businesses through MDR LAB, an incubator programme for high potential start-ups. A graduate of the 2017 programme, Orbital Witness – which provides historic satellite imagery alongside property, land, and ownership data to assist lawyers in the real estate due diligence process – has recently closed an overfunded pre-seed investment round to fund its product build.
Robert Stark, executive director property management strategy & operations at MJ Mapp, said: “We have service delivery front and centre of our offer, so providing a frictionless environment for data transfer and entry, ensuring both accuracy and timeliness for clients fund management requirements has always been our goal. Working closely with clients, their partners and best in class PropTech solutions enables us to deliver market leading outcomes that bring tangible benefits to all stakeholders, not least of which is a platform that releases experienced personnel to deliver value-add projects.”
AEW UK Director and Assistant Portfolio Manager of the AEW UK Core Property Fund, Michael Shears said: “We have been impressed with Mishcon de Reya’s creative approach to using technology to streamline the legal work they do for us. They and MJ Mapp have worked in collaboration in order to generate efficiencies and streamline work processes. This new process will save our service providers countless hours in the future and help us manage our assets more efficiently generating additional value for our investors.”