MRI Software, a global leader in real estate solutions, has announced that Planet Fitness Holdings South Africa has selected MRI ProLease and MRI Contract Intelligence to manage its lease portfolio and support its growth strategy.
Opened in 1995, Planet Fitness has grown significantly in recent years, and the company has over 48 property leases for health clubs and gyms throughout South Africa.
Its accounting and property teams required a PropTech solution that could provide an intimate understanding of the entire lease portfolio, down to each renewal date, indexation, break-option and numerous critical clauses per lease.
The firm made a strategic decision to move away from spreadsheets and manage its lease liabilities with a tried-and-tested solution for property occupiers.
Brad Dixon, Property Executive, Planet Fitness, said: “Using AI to automate lease abstraction and create a centralised database has enabled our accounting and property teams to access trustworthy lease information quickly via an intuitive web application.
“A software application is only as good as the data it holds, and we needed assurance that all lease data entering the system was accurate. MRI Contract Intelligence was used to cleanse our existing data and will be used to onboard any new leases or addendums. This move now enables superior data-driven decisions on the portfolio, which is invaluable.”
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