The need for new tools highlights the sustained importance of commercial property investment
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Commercial real estate investment trust ShopOne Centers has signed with cloud-based solutions provider VersaPay Corporation, the company announced earlier this week.
The platform was selected by the REIT on the basis of the strength of VersaPay’s invoice-to-cash solutions, which cover electronic invoice presentment and payment, automated accounts receivable, and cash application/collections management, among others.
“By providing better tools for our tenants we make it easy for them to do business with us and we receive payments faster and can manage the business more proactively,” ShopOne CEO Joe LoParrino said.
“VersaPay’s solution is the perfect fit to help us scale our business and provide a great experience for our rapidly expanding tenant community.”
ShopOne currently manages a portfolio of more than 50 retail centres across North America.
Read more: Commercial property data portal eyes expansion to Canada
Investment in Canada’s commercial and residential property spheres remained unabated this year, with investors seemingly unruffled by anxieties over the global economy and cross-border trade wars.
The Greater Toronto Area, in particular, has seen its commercial real estate segment reach record highs in 2018, with a total investment value of around $5.6 billion (spread across 547 transactions valued at over $1 million) in the second quarter alone.
This brought the total investments for the first half of the year to $11.3 billion, representing a 6% annual gain over the record-breaking first 2 quarters of 2017, the Altus Group stated in its recent market report.
ICI land posted a total of $1.3 billion in Q2 2018 investments, while residential land saw $1.5 billion. Together, these comprised approximately 50% of the total capital flows for that quarter.
