DWS Group is joining the wave of commercial real estate companies buying into artificial intelligence.
:quality(75))
The asset management arm of Deutsche Bank has entered into a structured partnership with Skyline AI that includes a minority ownership stake, DWS Group announced in a press release. DWS plans to use Skyline's technology to assist in identifying, managing, buying and selling institutional-grade commercial real estate assets.
DWS will integrate Skyline's machine learning models into its base of expertise that has allowed it to manage a portfolio of investments worth €692B as of Sept. 30. In turn, it will provide that knowledge gained through more old-fashioned means to assist Skyline in further refining its models. The press release noted "there is no assurance provided that any objective will be achieved."
Artificial intelligence has been infiltrating commercial real estate in several different ways in the past few years, from identifying land ripe for development to aiding property management and building security systems. Other AI applications include optimizing space usage for office tenants, speeding up due diligence for real estate attorneys and innovations in the in-store experience for retailers.
Skyline AI has also received investment from JLL and Sequoia Capital, among others, in previous fundraising rounds. It has offices in New York and Tel Aviv, Israel. Germany-based Deutsche Bank, which owns DWS Group, will soon be moving its U.S. headquarters from Wall Street to the Time Warner Center at Columbus Circle in Midtown Manhattan.
)
)
)
)
)
)
)
)
)
)
)
)