Efforts to streamline governance of investment data and the exchange of information across international borders have received a boost with the signing of a new collaborative agreement. Five prominent organizations have formed the International Real Estate Data Exchange Council (IREDEC) to pursue a harmonized standard in place of those now variously used in North America, the United Kingdom, Europe, France, Germany and the Netherlands.
“This initiative is the beginning of a collaboration that will provide improved information, will drive decision making for real estate investments and remove geographic barriers,” explains Graeme Lambert, head of property finance for Canada Life Investments, and a board member for OSCRE International, one of the participating organizations. “It is a major step forward for the industry.”
A cohesive data management approach for the real estate industry is expected to enhance investment data integrity, support transparency and save money. In addition to OSCRE, initiating organizations include FIDJI, gif, INREV and REDEX. They are also encouraging other organizations to join, building momentum for a common data structure that could be implemented globally.