Breaking Property News – 27/02/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Alto reveals ‘next generation’ of Lettings Progression
Alto, software for estate agents and part of Houseful, has revealed further information about the improvements being rolled out in 2024 to drive a step change in business efficiency for letting agents. Leading the way is a brand new Lettings Progression functionality which will roll out in the first half of 2024.
The new functionality will be an intuitive workflow to speed up and simplify the onboarding of new tenants. This new feature will enable tenants to easily access the tasks assigned to them to activate a letting such as signing documents, paying deposits and ensuring their details are up to date.
Even better for Alto customers – this upgraded Lettings Progression platform and the integrated eSign capability will be free for all letting agents using Alto’s core software offering. Many software providers charge extra for these capabilities and this investment underlines why Alto is the platform of choice for agents looking to drive efficiency with a partner focused on driving long-term value.
Other changes coming to Alto this year include a market-leading sales progression experience, that integrates agents and conveyancers, for a faster, less frustrating and more profitable transaction, in addition to new reporting dashboards that are unique to the user and can help them identify where they should focus their time e.g. on a particular vendor, applicant or transaction.
Alto is also investing in functionality to help agents prepare for valuations. Winning instructions is a critical part of an agent’s ‘day to day’ and Alto is committed to being at the core of supporting an agent’s success in this space. The newly launched property valuation tool provides agents with insights and information on both the property and the surrounding area. Agents will also be able to access this information while out and about via Alto’s ‘on the go’ offering.
Finally, the already market-leading property management and client accounting functionality will be receiving a usability upgrade based on a recent round of specific user feedback. Alto customers interested in taking part in the pilots for these new features to Alto can contact user.research@altosoftware.co.uk.
Riccardo Iannucci-Dawson, Chief Operating Officer at Alto comments: “We’re very excited to share visibility of our product roadmap for 2024 following direct conversations with our customers about the biggest areas for improvement in the Alto software. We’re heavily investing this year to dramatically improve our core functionality, improve Alto’s UX and also add a raft of new features that our users have voted for.”
Binghatti’s first bond market debut soars at over 200% subscription
PRESS RELEASE London/Dubai, February 2024: The leading Dubai real estate developer Binghatti, has achieved a significant milestone with the successful launch of its inaugural USD 300 million 3-year Sukuk issuance.
Priced competitively at 9.625%, the Sukuk experienced a tightening of approximately 30 basis points, demonstrating strong investor demand and confidence. This transaction garnered widespread demand from both regional and international investors, with the order book peaking at an impressive 2.1 times subscription.
The order book reached excess of USD 600 million, peaking at USD 621 million, underscoring the robust demand for Binghatti’s Sukuk offering. Ahead of the issuance, Binghatti had met with investors on international roadshows in Asia and the United Kingdom.
The order book attracted a diversified investor base, presenting notable contributions from the UK, Europe and Asia accounting for a large percentage of demand.
The deal was the first real estate benchmark US dollar denominated sukuk from the MENA region in 2024. Local banks including Emirates NBD, Dubai Islamic Bank, HSBC, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Mashreq Bank and RAKBank acted as joint lead managers (JLMs) and bookrunners on the deal.
“We are thrilled with the tremendous success of our debut Sukuk issuance, which reflects the trust and confidence investors have placed in Binghatti. This immense response demonstrates the strength of our business model and attractiveness of our investment proposition,” said Muhammad BinGhatti, CEO of Binghatti.
The overwhelming response from the market highlights Binghatti’s remarkable achievement on its first Sukuk issuance and reflects the developer’s distinguished reputation in the industry. It is is one of the largest property developers and holding companies in the United Arab Emirates founded in 2008 by renowned Emirati entrepreneur Dr. Hussain BinGhatti along with his sons. Muhammad BinGhatti, CEO, Binghatti, had a vision to lead the renaissance of property in the region, amalgamating art into properties.
Binghatti hyper-properties are designed specifically for those with genuine appreciation of fine architecture, giving their residents the experience of how modern and thoughtful design, combined with cutting-edge technology can make a property more than just a place you live in.
Binghatti’s trichromatic hue palette orange, white and black reflects its organisational ethos. The orange symbolises the tireless rise of the sun brightening up a clear white sky after a dark night. The aggressively contoured external envelopes of its towers and our hue selection are climatically respectful to the region’s geographical condition, maximising efficiency of solar glare reduction rates.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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