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Investing in tomorrow's world: Real estate sustainability report
Our sustainability approach and review of our 2020-2021 achievementsWe integrate ESG throughout our real estate investment management process to help preserve and create value for our clients in tomorrow’s world. In this annual report, we explain our approach for managing the financial risks and opportunities associated with climate change and being a responsible property investor, whilst also highlighting our key awards and achievements over the past year.
2020-2021 awards and achievements
- Achieved 16 Green Stars in the Global Real Estate Sustainability Benchmark
- Earned 14th consecutive EPA ENERGY STAR 'Partner of the Year Sustained Excellence' award
- Earned an A+ rating in latest Principles for Responsible Investment sustainability benchmark results
- Won 'Sustainability' award at the 2020 EG Tech Awards
- Named a 'Goal Achiever' by the U.S. Department of Energy
Managing the financial risks and opportunities associated with climate change and being a responsible investorWe recognise that the physical impacts of climate change will affect real estate values and that it is critical to develop an understanding of how, where and when these physical impacts will become financially material to an individual investment’s financial performance. In the report, we explain the following risks and our process for identifying, evaluating and protecting our real estate portfolio from them:
- Coastal flooding
- Temperature extremes
- Hurricanes and typhoons
- Severe storms
Investing in innovation to achieve better buildingsTo achieve our ambitious sustainability goals, we must invest in the latest technology and be innovative in our approach. This is a core part of how we do business, and we are particularly proud of our role in supporting and promoting the innovations that champion health and wellbeing in buildings and use smart building technology to achieve energy efficiency.
Case study: cube, Berlin, Germany
This 17,500 sq m (188,000 sq ft) development project is an iconic prime office asset located in Berlin which was completed in June 2020. Designed to a high-quality, sustainable fit-out spec, the building has already achieved WiredScore ‘Platinum’ certification, one of the first assets in Germany to attain this, and is also expected to achieve a DGNB ‘Gold’ rating. The asset is a fully digitalised ‘Smart Building’, which includes intelligent heating, cooling and lighting systems, as well as offering a tenant app that can be used to create room bookings and for internal communications.
Priorities in 2021 and beyond
- Formalise our climate risk investment framework, including guidance on levels of risk that preclude investment.
- Roll out the priority sustainability technologies that we have identified in each asset class.
- Focus on tenant engagement and tenant data gathering – significantly increase the proportion of energy consumption data that we gather from tenants.
- Undertake assessments of the social value of major new developments and undertake a review of vulnerability to modern slavery and wage levels compared to living wage across our supply chain.
- Further develop our training programme to deliver more bespoke and advanced sustainability training across our business.
- Develop a route map to fully comply with the Task Force on Climate-Related Financial Disclosure Framework.
Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well.