IPD and OSCRE announced that they are to collaborate on a global data standard for investment data reporting. The framework will provide investors, support service providers and IPD with a comprehensive and consistent data exchange process. Earlier this year, IPD carried out an internal review of its global client data requirements in an effort to harmonize data collation across its expanding multi-national services.
The new collaboration will create longer-term efficiencies which will enable IPD to bring forward the delivery dates for all national annual IPD indices and investment performance benchmarking services earlier within the first quarter of the calendar year.
Ian Cullen, co-founder and head of information standards at IPD, said: "At IPD we have recently completed a major project to standardise our global index and benchmarking operations upon a single data management platform. The next stage is to establish internationally recognised data communications standards to support the seamless transfer of data across a global industry, and thereby fulfil the speed, efficiency and reporting accuracy requirements of real estate investors and managers wherever they are based. To this end, we are working closely with OSCRE to deliver an independent global standard."
Stephen Spooner, Executive Chairman of OSCRE, said: "As a founding member, IPD has worked closely with OSCRE since its inception and today IPD receive a large amount of core property and valuation data in OSCRE format. Technology and OSCRE standards have moved on dramatically and we want to extend our capabilities to support the wider transfer of data including detailed financial information."
A workgroup will be formed in the coming weeks to work on the new framework, drawing on the collaborative expertise of investors, valuers, managing agents and software providers.
OSCRE has recently been created from the merger of PISCES with OSCRE Americas in response to market and member demand for data standards that will support the increasingly global real property market.