Two former British Land directors have adopted an artificial intelligence (AI) system which reads and links the information in lease contracts.
Peter Clarke and Stephen Spooner, who advise real estate clients through their London-based Recept Asset Management company, will offer Leverton AI to their own customers.
Leverton, which was founded five years ago in Berlin and is expanding this year in the UK, says its system saves money by rapidly and accurately reading documents that to date had to be read by lawyers or managing agents.
Abstracted data is automatically linked to lease clauses and used to search and upload to management, accounting and valuation systems.
Stephen Spooner said that the property industry had 'struggled to supply modern management or analytical tools with its critical information in an accurate and timely manner, because it depended on fallible humans interpreting lengthy, complex documents.” He believed AI for leases was “the future'.
Leverton appointed former UBS banker Richard Belgrave as its UK managing director last year. It focuses on legal and property data, and clients include JLL and Savills and law firm Backer McKenzie.
