Software will improve efficiency and provide cost savings through accurate Financial Reporting of rent, including complex turnover rents and indexation requirements

London (21th Jan 2009) - Manhattan Software, part of the Raindrop Group, is pleased to announce that they have been selected by AFI Europe to manage their extensive real estate portfolio.

The first phase of the project will see Manhattan implemented in AFI’s large Shopping Centres in the Czech Republic and Romania. The software will improve efficiency and provide cost savings through accurate Financial Reporting of rent, including complex turnover rents and indexation requirements, and, just as importantly, improve the cost management of operating such centres.

AFI Europe is a member of the AFI Group active since 1997 in development and investment across a broad spectrum of commercial and residential real estate projects operating in many European markets. With its Head Quarters situated in the Netherlands and operating and deploying their methodology in a pan-European manner, the company can draw on a strong reputation supported by over 75 years of experience in the real estate industry.

Ariel Goldstein, CFO, AFI Europe said “ After a survey of the market, and intensive selection process, we selected Manhattan as it is a flexible modular system and has a fully comprehensive range covering all aspects of financials, reporting and real estate management. We see Manhattan being able to improve profits which will provide the company with a high level of efficiency. AFI Europe’s selection of Manhattan supports our European growth objectives”.

Manhattan’s Commercial Director, Europe, Jason Allaway said “We are delighted to welcome AFI Europe as a client. With both companies having a growth strategy focussing on emerging markets, this was a perfect fit. The importance of being able to provide the software to evaluate and manage the investment process and forecast future profitability was a very important factor in the selection process – and Manhattan met those criteria.”

Marcel Ros, Business Consultant, Manhattan Software said “Manhattan has been selected as it provides an end-to-end support for portfolio management. A key factor when undertaking a new venture especially in emerging markets is to ensure that all costs are visible and controllable at all times. As Manhattan has the expertise in both emerging markets and shopping centres we were seen as the perfect fit for AFI Europe. I am looking forward to an exciting implementation with them…”

About Raindrop Information Systems
Raindrop Information Systems is the world's largest privately-owned company dedicated to the development, implementation and support of fully-integrated and fully web-enabled global real estate and facilities management systems. With its heavy emphasis on research and development, quality assurance, system testing and customer support, the company has become a leading global provider of targeted software solutions for real estate managers, owners, investors and occupiers. Through its subsidiaries worldwide, the company has built a substantial high-quality user base of multinational organisations - many with multiple locations around the world. These blue-chip clients are leading players in a wide range of sectors - including retail, energy, telecommunications, investment, banking, finance and local and central government.

About Manhattan
The Manhattan suite of fully integrated and web-enabled property software comprises 30 modules designed to meet the requirements of large investors, occupiers, asset managers, and corporate and government occupiers.

Manhattan provides a unique business advantage across all sectors of the property industry by delivering fully integrated property management, asset management, facilities management and financial software in a single suite.

The system offers the highest level of advanced functionality, whilst being highly flexible and easy to use. It allows fast retrieval of the information users need, when they need it.

Manhattan can be installed at clients’ sites as part of their IT infrastructure, or through Raindrop’s Application Service Provision (ASP) service (with all property, asset and facilities management functionality available on an ASP basis).

The Manhattan ASP service offers the FlexASP® option which uniquely enables clients to opt for service components that meet their specific requirements.

For further Information:
Ben Gardner
Manhattan Software
+44 (0)20 7269 8500
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