IKEA Real Estate Operates 15 MEGA Shopping Centers with FTS Property Solution - FTS
Success Story

IKEA Real Estate Operates 15 MEGA Shopping Centers with FTS Property Solution

Key metrics

2004

year of project implementation

15

shopping centers under management

Summary

IKEA Real Estate uses the FTS Property Solution for planning income and expenses, accounting for leases, invoicing and registering rent payments, managing relations with tenants, and analyzing the profitability of leased premises.

ABOUT THE CHALLENGES AND NEEDS

The management of such large-scale commercial real estate complexes like MEGA includes several important financial and administrative tasks, which involve significant amounts of data and a large workflow.

At the same time, the focus of the company is on the management of relations with tenants, tracking contracts’ conditions, and fulfilment of lease agreements terms.

ABOUT THE SOLUTION

The project for the implementation of the FTS Property Solution had launched in January 2004, and after 4 months, IKEA has started using the system in the MEGA Khimki shopping center.

With FTS Property Solution, all data on commercial and office centers currently managed by IKEA are combined into a single database. When new properties, tenants or contracts appear, adding them to the system is quick and easy, starting rent calculation and invoicing automatically. The FTS Property Solution has been integrated with the Client-Bank system for uploading cash receipts and the accounting system for generating tax reports.

ABOUT THE IMPLEMENTATION PROCESS

In 2003, the management of IKEA Real Estate decided to implement an information system to increase the efficiency of its activities and automate the processes of real estate management.

Based on the results of the tender, where the IKEA management reviewed the proposals of 18 system suppliers, in December 2003, the choice has been made in favor of the FTS Property Solution.

IMPLEMENTATION RESULTS

  • Optimization of the daily activities of tenant managers, property managers, and financial controllers.
  • Deep analysis and detailed presentation of overall business performance.
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ABOUT IKEA REAL ESTATE

IKEA Real Estate is part of the Swedish concern IKEA. The IKEA Real Estate division manages and develops MEGA commercial centers and business parks in Russia.

FTS provided us with a full range of related services, including consulting on the application of best practices, development of all necessary system and user documentation as well as post-launch support of the system. After the completion of the implementation process, we were able to receive timely advice and support through the "hotline" of FTS specialists, who are always ready to solve any problems we have and answer questions.

Anders Jonsson, project manager, IKEA

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