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Vestar Properties, Inc. Engages AMTdirect for Real Estate Management Technology, Lease Administration, and Document Management


CHARLOTTE, N.C.--(BUSINESS WIRE) — May 13th, 2004 — Asset Management Technologies (AMT) today announced that Vestar Properties, Inc. (Vestar) has selected AMTdirect as their property, lease, and document platform. In connection therewith, AMT provided lease abstraction and imaging services for approximately 340 leases related to their portfolio of 165 owned and managed properties.

Asset Management Technologies, the developer of AMTdirect, who also provides complete implementation services including lease abstraction, lease auditing, scanning and data conversion services, was able to provide a complete turnkey solution delivering on the needs of Vestar in less than two weeks.

Nationally recognized for pioneering innovative public/private partnerships, Vestar Development Company is responsible for building many of the largest and most successful open-air retail centers in Arizona and southern California. Known for its conscientious approach to developing environmentally sensitive and culturally significant properties, Vestar has established new benchmarks for working with neighborhood groups, communities and municipalities that address community needs and foster goodwill on all levels.

Vestar will utilize AMTdirect to add value for their clients through the efficiency gains in property and lease administration, project finance and document management services.

“We were very pleased to bring value adding solutions to Vestar. Vestar is a leader in open-air retail center and the management of retail, office and industrial properties marketplaces, and with their reputation in the industry we were very happy to earn their vote of confidence.”, said Jon Taylor Executive Vice President, Business Development of AMT. “Adding Vestar to our list of premier clients further solidifies our strategy of delivering web based lease administration coupled with fully integrated document management to industry leaders whose vision includes technology to manage complex portfolios of commercial real estate,” said Scott Schubert, President and CEO of AMT.

“We analyzed numerous options, and in the end AMT was the clear choice.” said Ed Reading, Vestar’s Vice President of Finance. “AMTdirect empowers our organization to effectively manage the many complex processes, with direct integration to all of our documents. Additionally, the web based design opens numerous collaboration opportunities,” said Pat McGinley, Vice President of Property Management of Vestar.


About Asset Management Technologies

AMT is the leading provider of 100% web based technology solutions to the corporate and commercial real estate markets. AMT offers a full range of commercial real estate consulting services including lease abstraction, due diligence, data imaging, data conversion and accounting system conversion services, making it a leader in turn-key lease administration solutions. Companies who have turned to AMT include Lowe’s Companies, BB&T, Dow Chemical, Johns Hopkins, Lincoln Property Company, Rack Room Shoes, HCA Healthcare, Enterprise Rent A Car, and many others. For more information on Asset Management Technologies' software and services, visit our web site at http://www.amtdirect.com/ or contact our Sales Department at 704.896.3118 or by e-mail at sales@amtdirect.com.


About Vestar Properties, Inc.

One of the leading privately held real estate companies in the western United States, Vestar specializes in the development of open-air retail centers and the management of retail, office and industrial properties. Vestar builds and manages entertainment-retail complexes, power and "lifestyle" centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place. Since its inception in 1977, Vestar has earned a reputation for integrity and responsibility in the fields of commercial development and property management. Headquartered in Phoenix, AZ Vestar currently manages over 10.2 million square feet, and has over 8.2 million square feet currently under development. For more information, please visit www.vestar.com.

For more information, visit us on the web at www.amtdirect.com, email us sales@amtdirect.com, or call our Sales Team at (888) 551-4268.


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