In the rapidly evolving world of real estate development, effective entity management is not just a regulatory necessity but a strategic advantage. Wesgroup Properties, a Vancouver-based real estate powerhouse with a portfolio worth approximately $4 billion, has leveraged Athennian's entity management software to significantly enhance its operational efficiency, risk management, and collaborative efforts across various departments. The integration of Athennian’s technology into Wesgroup Properties’s operations illustrates a transformative shift towards digital solutions in traditionally paper-heavy processes.
Streamlining Operations and Enhancing Accuracy
David Grout, General Counsel at Wesgroup Properties, highlighted the transformative impact of Athennian during a recent webinar on reducing risk in business strategy with entity management. “When I started [at Wesgroup Properties], I was handed a PDF list of our entities; it was about 300 pages long and four years outdated,” David explained. The outdated and cumbersome process posed significant risks and inefficiencies, which prompted the shift to Athennian’s software. The move has allowed Wesgroup Properties to transition from relying heavily on external counsel to managing over 300 entities in-house efficiently.
David further emphasized the strategic shift, noting, “Athennian allowed us to bring that knowledge and data in-house, which was too big of a risk to outsource completely. Having access to accurate and timely information is crucial, especially in real estate where compliance and regulations are constantly changing.”
Risk Mitigation through a Single Source of Truth
One of the most critical aspects of entity management is maintaining a "single source of truth," a centralized and reliable data repository that all relevant stakeholders can access. Athennian has enabled Wesgroup Properties to achieve this by consolidating entity information into one accessible and reliable platform. This centralization has been vital in mitigating risks associated with compliance and regulatory changes.
For instance, new tax legislation in Canada required detailed reporting on entities holding property on behalf of others. David shared an example where Wesgroup Properties’s VP of Tax could validate over 100 entities through Athennian to comply with this legislation efficiently. “If we had had to do that through external counsel, the bill would have been easily $10,000,” David estimated, underscoring the cost-efficiency achieved through Athennian.
Empowering Collaboration Across Departments
Athennian's platform has not only streamlined entity management but also enhanced collaboration across different business units within Wesgroup Properties. By breaking down information silos, the legal department and other teams can access and leverage entity-related information without unnecessary delays or barriers.
David pointed out the benefits of this collaborative environment, saying, “Bringing in what was previously a bit of a black box on the legal side to open that up, just fit [the] culture here. It empowers people, adding another layer of good communication and collaboration.”
Conclusion
Wesgroup Properties’s experience with Athennian highlights the significant advantages of entity management systems in the real estate sector. By providing a reliable and accessible platform, Athennian helps real estate companies like Wesgroup Properties not only comply with complex regulations but also gain strategic insights that facilitate risk mitigation, operational efficiency, and inter-departmental collaboration.
As businesses continue to navigate the complexities of modern corporate landscapes, tools like Athennian are proving indispensable in transforming potential vulnerabilities into strengths, aligning with the overarching goal of sustainable and robust business growth.
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