PATRIZIA Group acquires stake in artificial intelligence business
Strategic investment represents importance of artificial intelligence (AI) in real estate
- PATRIZIA to adopt an AI-driven digital platform
- Supports the overall digitalisation strategy
- Provides enhanced services for clients and continuously improves quality and efficiency
Augsburg, 4 October 2018. PATRIZIA Immobilien AG, the pan-European real estate investment manager, announces that it has acquired a strategic stake in EVANA, a provider of data management services including artificial intelligence technology for the real estate industry.
As part of this strategic investment and following a successful pilot of the software, PATRIZIA will adopt EVANA’s software to digitalise its own management processes on a tailored, centralised platform on both a corporate and operational level. This will include the management of its EUR 40 billion of real estate assets under management.
Dr Manuel Käsbauer, Head of Innovation & Technology of PATRIZIA, commented: “PATRIZIA is in the process of extensively digitalising the company and the EVANA platform will make a significant contribution to this. We see great potential in the intelligent solution from EVANA as we believe artificial intelligence has a crucial role to play in enhancing the way we work in the real estate industry for our clients.”
EVANA’s technology, which applies self-learning algorithms to extract and evaluate large volumes of data, will enable PATRIZIA to better analyse its own corporate, property and transaction data, as well as to achieve significant efficiencies through automated reporting and to further enhance quality and client service. This will drive faster, more informed decision-making and connect different aspects of PATRIZIA’s recently enlarged business to drive continued levels of high performance.