The Crown Estate, the leading UK real estate business, has partnered with VTS, the leading leasing and asset management platform, to transform the way it manages its commercial property.
28 March 2018, London: The Crown Estate, the leading UK real estate business, has partnered with VTS to transform the way it manages its commercial property.
VTS is being used by The Crown Estate to manage leasing and asset management activity across its Central London and Regional Retail portfolios. This is the most significant adoption of VTS by a UK real estate business to date.
The Crown Estate’s decision to partner with VTS supports its ambition to put the customer at the heart of its business. By centralising leasing and asset management activity into one platform, VTS has provided The Crown Estate with a richer and more detailed understanding of its customers and their needs.
The partnership is also enhancing The Crown Estate’s understanding of how its portfolios are performing. With improved analysis and the benefit of new insights, the company is using VTS to make data-led decisions and inform its approach to asset management.
Ryan Masiello, Chief Revenue Officer at VTS, commented: “The property industry is just beginning to understand the value of harnessing its data and The Crown Estate is at the forefront of this, having deployed the largest scale adoption of VTS in the UK to date. They are already leveraging it to increase efficiency and access a new level of insight about their portfolios.”
Paul Clark, CIO at The Crown Estate, commented: “Putting the customer at the heart of the business is central to our future success. Centralising asset management activity for our two biggest portfolios onto a single platform has improved our understanding of our current and future customers, is enhancing our relationships and allowing us to continually refine our offer.”
Rob Chesworth, Senior Investment Analyst at The Crown Estate, commented: “We have worked closely with VTS over the last 18 months, developing a partnership that enabled us to enhance and improve our approach to asset management, and allowed VTS to refine their product for the UK market. We are already seeing benefits of improved analysis and new insights, and look forward to building on our relationship in the future.”
The Crown Estate’s £7bn Central London portfolio includes all of Regent Street and around half of St James’s, totalling 9m sq ft of office, retail and restaurant space, making it the largest landowner in the core West End. The Crown Estate is currently undertaking a £1.5bn regeneration programme across Regent Street and St James’s to restore and enhance the character of the area, carefully and for the long term.
The Regional Retail portfolio is comprised of 14 retail and shopping parks, three shopping centres, and one entertainment and leisure destination, and attracts 100 million shoppers a year. The Crown Estate owns, develops and manages this £2.5bn portfolio of prime retail and leisure destinations, leveraging its expertise to deliver brilliant places for its visitors, customers and communities.
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VTS is the leasing and asset management platform for commercial real estate, enabling the world’s top landlords and agents to increase revenue, improve productivity and reduce risk across their portfolios. In November 2016, VTS and Hightower merged, bringing owners, investors and agents from around the globe together on one platform. With over 6.5 billion square feet under management, VTS is the driving force behind the industry’s shift toward real-time data. For more information, visit vts.com
About The Crown Estate:
The Crown Estate is a £13bn real estate business specialising in commercial property in central London, prime regional retail and offshore wind. It also has a substantial rural and coastal portfolio and manages the seabed around England, Wales and Northern Ireland. Established by an Act of Parliament, as an independent commercial business, it returns 100% of its annual profits to the Treasury for the benefit of the public finances. This has totalled £2.6bn over the last ten years.