Equiem Acquires British Land’s Property Management System
According to a statement published on April 26, Equiem has acquired the property management software of British Land. Equiem is a Melbourne-based company whose tenant-experience platform for commercial real estate is the most used in Australia.
The terms of the contract were not disclosed in the statement.
British Land is the biggest UK real estate investment trust, and it now has less than a 10% equity stake in Equiem. As for Equiem, the Australian company has acquired Vicinitee, British Land’s digital property management platform, a source familiar with the deal said.
Gabrielle McMillan, Equiem’s chief executive in New York, said that Vicinitee is a great addition to the company, as it can provide property owners with better real estate operations and improve tenants’ experience.
“It’s a digital interface for your building that becomes a remote control for all the things you need in a post-COVID world,” said McMillan.
With this contract, Equiem has increased its global reach to 500 real estate markets in Europe, Australia, and America and strengthened its partnership with British Land, the owner and property manager of the main office assets in London.
The deal between Equiem and British Land is the result of the latest news and trends in property tech. In the first quarter of 2021 alone, this industry “had about 100 US equity financings totaling some $4.5 billion of investment and more than 40 M&A transactions,” the latest statistics show.
Before the acquisition, HqO, another tenant experience platform, raised $60 million to expand its business. Similarly, View the Space (VTS), a real estate software provider, acquired Rise Buildings for $100 million.
From the outset, tenant experience apps are used to provide tenants with information about important services, like the closest healthcare services, fitness centers, and restaurants to their property. Due to the COVID-19 pandemic, landlords and real estate professionals have started using these apps to simplify communication with their residents on managerial questions, like buildings maintenance and safety issues. With property management platforms, property owners can manage their rentals easier and faster. They can create leases, save the information of prospective tenants, and collect rental payments.