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PropTech

The digitalisation wave is hitting the property industry with full force. Technology companies are challenging the traditional business models and offering new digital solutions which address the property industry’s needs and problems in a new and more effective manner. Such technology is often termed PropTech if specifically targeted at the property industry. Our interdisciplinary PropTech team assists property industry clients with establishing their digital strategy and developing and acquiring new solutions.

Commercial property players have to embrace digital transformation to stay competitive. There is a formidable increase in the number of new businesses which either challenge established players or provide products and services that e.g. increase the efficiency of construction processes, improve volume utilisation or automate management processes. Concepts and terms such as cloud services, smart buildings, smart cities, IoT (Internet of Things), robotization, drones, AI (Artificial Intelligence), VR (Virtual Reality), crowdfunding and big data are becoming ever more prominent in the property industry. The technology is reflected in business concepts such as co-working, 3D modelling and new platforms for interaction with customers and tenants.

New technology and new solutions also raise new issues which have not previously received much attention in the property industry. How can large data volumes be commercialised? Who shall own the technology? And how should the use of PropTech and the implementation of digitalisation projects be regulated in agreements?

Thommessen has assisted the main property players on the Norwegian market for many decades. Interdisciplinary collaboration is of decisive importance when we advise PropTech companies and property companies in their encounter with new technology. Our interdisciplinary PropTech group combines our property lawyers’ industry insight and experience with one of the market’s leading legal teams specialising on technology and data protection.

Our team primarily focuses on the following four general categories:

  1. Procurement, negotiation and contract formation: We assist property companies, in particular, with the procurement of PropTech solutions and services, including tendering, contract negotiation, contract drafting, as well as contract and variation management.
  2. Commercial/strategic: We provide ongoing advice in relation to digital strategy implementation, product and service development, etc.
  3. Regulatory: We assist on all regulatory issues that may arise when responding to new technology.
  4. Transaction: There is an increasing focus on technology and digitalisation in M&A projects. Our team works closely with our transaction lawyers on complex cross-border transactions.

Team