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stenprop

Driving Major Business Transformation with VTS

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stenprop-full

Asset type

Industrial

Portfolio size

3M SF

Regions

U.K., Germany, Switzerland

VTS product type

VTS Platform

Transforming into a Digital Company

Stenprop is a listed property company in the midst of a major business transformation. The firm currently owns approximately £750 million of multi-sector assets across the U.K., Germany, and Switzerland, but recently decided to change its business model and focus exclusively on becoming the leading multi-let industrial business in the U.K. To that end, the firm is pioneering the concept of space-as-a-service in the sector.

Technology is playing a crucial role in Stenprop’s transition. To grow its industrial portfolio, Stenprop required a more effective system for centralizing and gaining actionable insight from its data. The company knew that the right solution would enable it to make more informed business decisions faster, and ultimately deliver flexibility to tenants and higher returns to shareholders. With VTS’ leasing and asset management platform, Stenprop is doing just that.

“We are looking to grow and scale our business, and we need a platform that can grow with us and enable us to become even more efficient.”

Julian Carey, Executive Property Director

Challenges & Roadblocks

Why Stenprop needed a leasing and asset management solution to drive its transformation

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Delays in letting

With over 150 leases signed per year (a number that is growing quickly), it became extremely onerous for Stenprop to manage the stages in the letting process, the performance of asset managers and agents, and transaction status. The resulting hold-ups delayed lease transactions and led to loss of income.

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Outdated, inaccurate data

Customer experience is a key element of Stenprop’s value proposition. However, its decentralized and error-prone approach to data collection, as well as duplicate tenant records, reduced visibility into deal activity, and lease and tenant information. Consequently, management could not obtain the insights it needed to improve the letting experience for its customers.

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Inefficiencies blocking growth

Stenprop was scaling up rapidly, but its teams weren’t keeping up. Instead, they were getting bogged down with minor tasks. Productivity declined, and Stenprop’s ambitious growth targets started to seem out of reach.

Solution

Transforming the leasing and asset management process at Stenprop

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Moving deals forward, faster

By using VTS to manage the entire letting process from initial enquiry through to signed lease, the Stenprop team is able to spend its time focusing on the most important transactions that require attention, and automate manual tasks that were previously delaying deals. This has made the team more efficient and accelerated overall letting cycles.

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Insight-driven customer service

Customer experience is a key element of Stenprop’s value proposition. However, its decentralised and error-prone approach to data collection, as well as duplicate tenant records, reduced visibility into deal activity, and lease and tenant information. Consequently, management could not obtain the insights it needed to improve the letting experience for its customers.

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Support for rapid expansion

With VTS, Stenprop is now able to manage an increased number of active opportunities with fewer resources, enabling the firm to grow and scale at a rate that matches its ambitious business targets. With its active deal flow managed in one place, the Stenprop team can make fast decisions on the right deals.

Results

-22%

in deal cycle times after just six months on VTS

90+

tenant relationships uncovered with VTS

+49%

in deal flow

Data is the big challenge... What makes VTS really exciting is that we can capture and digitize data, and gain huge amounts of insight into what’s working and what we can do better to help our customers.”

stenprop-full

Julian Carey

Executive Property Director

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