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Canadian REIT Unites Payables Process with 21st Century Technology
Charlotte, NC (May 28, 2008) - Allied Properties REIT has selected AvidXchange and Intuit Real Estate Solutions (IRES/MRI) for their back-office platform. AvidInvoice for MRI is a web-based paperless invoice management system designed to automate the way companies manage accounts payable documents. This module provides finance executives and AP managers with enforceable controls, powerful reporting and added "visibility" to all documents in their organization while providing invoice "approvers" with features that make it easier to apply accounting codes and approve or dispute invoices.
About Allied Properties REIT
Founded in 1988, Allied Properties REIT is an unincorporated, closed-end real estate investment trust created under the laws of the Province of Ontario. The units are publicly traded on the Toronto Stock Exchange under the symbol AP.UN. Allied Properties owns and manages a portfolio of mainly Class I office properties in the urban areas of Toronto, Montreal, Winnipeg and Quebec City. Collectively, their target market includes over 30 million square feet of urban office inventory and represent four of the largest concentrations of Class I office space in Canada. The Toronto target market includes approximately 13 million square feet of office inventory in the areas to the east and west of the downtown core. The Montreal target market includes approximately 16 million square feet in the areas to the north, east and south of the downtown core. The Winnipeg target market includes approximately two million square feet in the Exchange District just north of the downtown core. The Quebec City target market includes approximately one and one-half million square feet of office inventory in Saint Roch near the old city. Additional information on Allied Properties REIT can be found at www.alliedpropertiesreit.com.
About Intuit Real Estate Solutions
Intuit Real Estate Solutions (IRES/MRI), headquartered in Cleveland, Ohio, offers business management solutions to the global property management industry as well as to corporate real estate managers. Offering the most flexible solutions with both outsourced hosted offerings and packaged enterprise software, IRES strives to develop long-term successful relationships with its clients. The business currently has more than 4,500 clients on five continents and in 41 countries. Additional information on Intuit Real Estate Solutions can be found at www.realestate.intuit.com.
About AvidXchange
Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry-leading provider of paperless invoice management and electronic purchase order tools for real estate companies in the office, retail, multi-family and industrial sectors. More than 30 public REITs and over 125 real estate companies are managing their payables with AvidInvoice, the SAS 70 Certified AP workflow solution that eliminates lost invoices, minimizes late fees/overnight courier charges and reduces invoice processing costs by up to 50%. Additional information on AvidXchange can be found at www.avidxchange.com.
For Immediate Release
Contact: Michael Praeger
mpraeger@avidxchange.com
704.971.8101
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