OSCRE Partners with FIDJI in continued drive to establish global real estate investment standard

OSCRE (the Open Standards Consortium for Real Estate), today announced that they will partner with French standards body FIDJI in order to combine expertise and harmonise data definitions to facilitate smooth exchange of real estate data, for increased business efficiency. This new partnership builds on OSCRE's recent announcements unveiling similar initiatives with Argus Software and IPD in its continued momentum towards a global standard for real estate.

A Memorandum of Understanding is currently being drawn up to formalise the relationship and detailed discussions on the harmonization of the standards will begin later this month. A working group is planned to bring together interested FIDJI members to explore the development of a global investment real estate model.

Catherine Williams, Chief Executive of OSCRE said: "We are operating in an increasingly global market. The issues faced in France are the same as those experienced across the globe, and standards developed with only a local perspective will always be vulnerable. Partnering with an international standards organisation enables local expertise to address local needs, whilst maintaining an overall global perspective and cohesion. It is the solution that everyone in the sector is seeking."

Patrick de Lataillade, President of FIDJI said: "The aim of this partnership is to facilitate the real estate transactions of international asset holders and reduce transaction costs. The wide geographic distribution of real estate assets is now a fact. Enquiries have to be processed from different countries by many different people and it is therefore necessary for us to quickly integrate this aspect in the development of our standards going forward."

Bernard Boulenguiez, Secretary General of FIDJI commented: "OSCRE is the established real estate standard in the United Kingdom and the United States. Our shared commitment to meet these new needs of the "internationalized" real estate industry has logically brought us closer together ".

OSCRE is a not-for-profit market led initiative that facilitates increased business productivity through the development and delivery of standards across the real property sector. OSCRE offers global leadership in delivering electronic standards for exchanging real estate information and drives standards adoption by guiding and providing a platform, methodology and resources.

FIDJI is a common language that formalizes the exchange of qualitative and quantitative information between different stakeholders in the housing market without the need for retreatment. The association is guarantor for the promotion and development of the format. It currently brings together some forty key players in the French property market such as AEW Europe, AXA REIM, CAAM RE, CB Richard Ellis, GVIO, CUSHMAN & WAKEFIELD, Icade, IPD or BPSS.

Source: OSCRE

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