Healthy Buildings Are Here to Stay

This post is authored by Dr. Paul Toyne, and it originally appeared on the Building4Change website. It has been reposted here with permission.


Good engagement, a strong business case backed up by data and a sense of shared responsibility were all on show at the Healthy Buildings conferences, suggesting health and wellbeing is not just a fad.


Earlier this month I chaired the Healthy Buildings conference which explored ways to improve health and wellbeing in existing commercial properties. Organised by BRE in partnership with EVORA, the day featured a stellar cast of expert speakers who spoke to a packed audience at ARUP’s London HQ.

The programme gave a platform to developers, landlords, architects, building services engineers, fit-out contractors, as well as occupiers, with detailed specifics on biophilic design, indoor air quality, thermal comfort, acoustics, water and thermal comfort. There were lots of fascinating presentations – more than I can do it justice to here. Instead, I will share my three main observations of the day.

Health and wellbeing (H&W) resonates with people on many different levels

I was struck by the high level of audience participation and how most people stayed until the end of the day, rather than leave after the lunch as is often the case at conferences. Why is this? Because in my view the H&W agenda resonates with people, engaging them on many levels, be it technical or emotional; H&W is a global trend that is not likely to go away. And rightly so, because who is not interested in their own wellbeing while working in an office and the impact that an office environment can have? Another subject of interest to the audience environment professionals was being able to understand their role in the value chain that provides these improvements – be it through design, product innovation or behavioural change. This I hope bodes well for wider adoption of H&W solutions.

Business case evidence for H&W is strong and expectations will increase

The day demonstrated the strong evidence that shows clearly the benefits of a healthy building for office occupants and how that translates to commercial benefits for employers and the landlord. It is stating the obvious that no-one wants to design and operate unhealthy buildings, but knowing what elements are essential to H&W and measuring their positive impacts is necessary to convince those who are solely influenced by the bottom line. Various speakers made reference to an array of studies that demonstrate just that. There is no longer the argument that the data is lacking or not market specific enough. Furthermore, I believe that it will be important for commercial office developers and landlords to act and demonstrate how they are improving their stock to their customers to protect their brand and reputation and their market share.

Collaboration and shared responsibility is driving the agenda

Finally, it was clear throughout the day how delegates and speakers felt a shared sense of responsibility for delivering better buildings and a genuine show of collaboration between developers, building managers and the occupiers to achieve this. Landlords and developers were acknowledging their responsibility, arguing that H&W was more than just the building but extended to improving the public realm. What, for example, is the point of improving indoor air quality if the moment you go out of the building for a break or for your commute, you are hit with air pollution. Developers talked about creating the right social infrastructure both within and outside the building, dealing with not just environmental concerns but social concerns such as homelessness. Throughout the day examples were given on how the different stakeholders were working proactively together and with their supply chains to deliver H&W outcomes.

So what does this all mean?

All this suggests that H&W is not a fad or a trend that will go away in a few months. If you consider it as a global trend, covering lifestyles, diet, exercise and technology to monitor performance, then there is no reason to exclude buildings from being part of the mix. Next time you are in your office ask yourself are you in a healthy building? If you don’t know the answer ask your landlord and soon you will open up a discussion that can only lead to better buildings. That is after all the goal we all want.

Watch all the presentations on the BRE Conferences YouTube channel.


Author

Dr Paul Toyne is an independent adviser on the sustainable built environment and professional chair of conferences and events. Find out more about him on www.paultoyne.com or follow Paul on Twitter @Paul_Toyne.


To talk to us about improving health and wellbeing in your commercial properties, please don’t hesitate to get in touch.


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Are You 100% Prepared for GRESB? Take this 2-minute survey to find out

The window for GRESB submissions opened on 1 April and participants have until 1 July to complete the survey.

At EVORA, we support over 50 submissions each year, making this time of year a very busy period for us.  We are GRESB Premier Partners, and operate SIERA, our market-leading software, to ensure effective collation and analysis of data. In short, we are GRESB experts!

To help you with your preparations, we have created the following self-diagnostic questionnaire.

It takes 2 minutes to complete and is comprised of simple Yes or No questions. The questions can be used to analyse progress and preparation, and to flag where further consideration is needed.

With less than 50 working days before the survey deadline, ensuring you’re well prepared is key.


Prepared for GRESB Survey Button


Further GRESB Reading:


For any questions about GRESB, please don’t hesitate to get in touch. We are perfectly positioned to assist you.


GRESB

Introducing the GRESB Public Disclosure Score for Listed Real Estate Companies

In January, GRESB released its first public disclosure score (PDS) cards for listed funds. These new ratings are designed to complement the existing assessment and to provide investors with insights that are not fully captured in the standard GRESB reports for listed real estate companies.

The GRESB Public Disclosure Assessment evaluates each participating listed property company’s sustainability information disclosure. The results are communicated by a scorecard. An example is shown below.

GRESB Public Disclosure Score for Listed Funds

The GRESB Disclosure Score is based on an A to E sliding scale (where A is best). Listed participants that score an “A” demonstrate leadership in their approach to environmental, social and governance disclosure, and are characterized by a high degree of transparency on ESG commitments.

The PDS is generated by using responses to a subset of existing GRESB questions that relate to public disclosure of ESG issues.

GRESB states that:

‘ [The PDS] represents a base level of information for about 400 listed property companies globally, and could be utilized for integration into existing data platforms such as Bloomberg and S&P Global Market Intelligence.’

Results published in January 2016 are only available to participants. However, 2017 results will be available to GRESB members who are investors in the relevant funds – in the same way that full GRESB results are available now.

EVORA is a GRESB Real Estate Premier Partner and approved Service and Data Provider. In 2016, we provided GRESB support to 44 participant funds. Click here to download a copy of our free GRESB eBook, Survey, Submission, Success!’

For all GRESB support enquiries, please contact us today.

 


GRESB Premier PartnerAs a GRESB Real Estate Premier Partner, we are perfectly positioned to provide GRESB support. View our official Premier Partner profile.

We can work with you to complete the submission and understand your scoring, as well as develop a sustainability plan that will improve your future GRESB performance and align with your organisation’s key environmental objectives.

The Non-Financial Reporting Directive: Three Key Questions and How to Approach the New Requirements

This is our 20th blog post of 2017 so far – have you signed up to receive our monthly digest yet?


In December 2016, the EU non-financial reporting directive (Directive 2014/95/EU) was transposed into UK law via The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016.

In short, this legislation requires large companies to report additional non-financial (i.e. environmental and social) performance-related information within their annual reports.

The original timetable for transposition into national legislation by member states was the 6th December 2016. On the continent, several states are reported to have missed this deadline, which presents uncertainty as to how and when these requirements will be interpreted across jurisdictions.


1. Which companies are affected?

‘Public interest entities’ matching both of the following criteria are required to report against these new requirements:

A. Traded/listed company (anywhere in European Economic Area), banking company, insurance company, or company carrying on insurance market activity

B. ≥ 500 employees (on average during the financial year)

[Notwithstanding these criteria, in our opinion it would be a valuable exercise for any organisation to review their opportunities to develop or improve reporting of non-financial information to relevant stakeholders.]


2. What must be disclosed and when?

The legislation requires disclosure of these aspects of performance:

  • Description of the company’s business model
  • Policies (incl. due diligence procedures)
  • Principal risks and corresponding risk management procedures
  • Management approach
  • Non-financial key performance indicators
  • Outcomes

All the above aspects of performance should be reported in relation to these ‘non-financial’ issues:

  • Environmental matters
  • Social matters
  • Employee matters
  • Respect for human rights
  • Anticorruption and bribery matters
  • Board diversity (i.e. age, gender, geographical diversity, and educational and professional background) [1]

Information must be relevant and material, in order that stakeholders can fully understand an entity’s approach, impact and performance in relation to these environmental, social and governance matters. Where there are gaps in disclosures, an explanation must be provided.

For affected entities, these reporting requirements apply to reporting in relation to financial years starting in 2017. This includes financial years that begin on 1st January 2017.

Interestingly, the European Commission has committed to preparing a report for the European Parliament and Council by 6th December 2018 on the implementation of the Directive, including its scope, effectiveness and the level of accompanying guidance and methods. However, clearly, with the UK now committed to leaving the EU by April 2019, the outcomes of this review will not automatically directly impact UK legislation. More fundamentally, the entire existence of this piece of legislation may be threatened as a result of the UK leaving the EU, as the UK Government will be completing a process of reviewing the applicability of all laws passed pursuant to EU Directives. However, please note that in the meantime and until further notice [by UK legislators] companies will be required to apply this new legislation in its entirety.


3. Where should these disclosures be reported?

According to the legislation, the required information should be included as part of a ‘Non-Financial Information Statement’ within the strategic report of the entity’s annual report. Importantly however, “If information required by subsections (1) to (5) to be included in the statement is published by the company by means of a national, EU-based or international reporting framework, the statement must specify the framework or frameworks used, instead of including that information.”

As such, if for example an entity presently or plans to report through the UN Global Compact (UNGC) or Global Reporting Initiative (GRI), they may already be compliant and can continue to report this information outside of their annual report. In this instance, these separate aspects of reporting would need to correspond to the same financial year.

In our opinion, for companies that present UNGC or GRI-related information outside of their annual report, we hope that they will elect to include more than just a sign-post to this information within their Non-Financial Information Statement. Providing at least a summary of this information will clearly better comply with the intent of this legislation, which is to have relevant and material non-financial information presented alongside financial information in an integrated manner.


Final thoughts on how to approach these new requirements

  1. Consider the relevant criteria to determine whether your organisation is affected.
  2. Unpick the requirements and complete a gap analysis against your organisation’s current activities, performance and data/information collection procedures.
  3. [Optional] Explore synergies with other voluntary/mandatory reporting frameworks that your organisation already reports or would like to report against – e.g. Modern Slavery Statements (Modern Slavery Act 2015); Financial Standards Board (FSB) Climate-related Financial Disclosures (currently draft); GRI; UNGC; and, European Public Real Estate Association (EPRA) Best Practice Recommendations on Sustainability Reporting.
  4. Take a look at what your peers are doing – the Climate Disclosure Standards Board (CDSB) have helpfully compiled some relevant good practice examples that can be accessed here.
  5. Develop a plan to both improve your organisation’s performance in these areas and ability to report accurately and completely.
  6. Implement the plan.
  7. Report!

Nearly finally… we would recommend discussing with your auditor the level of assurance/verification incumbent upon information contained within your non-financial information statement. That said, we would always recommend that such information and data be generated and checked via robust procedures and, where appropriate, supported by third-party advisors and/or software tools. For example, our proprietary software SIERA holds all an organisation’s property-related environmental data in one secure database with powerful validation tools to ensure the accuracy and completeness of data.

And finally, please do get in touch if you would like to explore these requirements further and/or to discuss how your organisation can:

  • achieve compliance

  • derive benefits from better risk management and transparent reporting


We’re ready to help. Contact our experts today.


[1] Please note: Board diversity disclosure requirements are nuanced depending on the exact nature of the business. EVORA can provide more information upon request.

The 2017 GRESB Reporting Cycle (Part 2): A Review of the Recently Released Reference Guide

Two months ago, I set out the main changes to the 2017 GRESB Real Estate survey, based on what could be gleaned from the ‘pre-release’ of the questionnaire.

Critically, the full 2017 Real Estate Reference Guide has now been released.

At the time of writing, the Health and Wellbeing module and its accompanying reference guide had still not been released.


Important updates to the 2017 GRESB survey - Part 2 of EVORA's series.Click To Tweet

Additional key changes to note

Having read (comprehensively skimmed!) all 203 pages of the new Real Estate Reference Guide, I can share a few additional key changes that are worth noting:

Content

  • Performance indicators: There is a new table to complete as part of the energy question (Q25). Participants must set out the following total floor areas for each property type (the contents of the table are not scored):
    • Managed Assets split across:
      • Common areas, shared services and tenant spaces and/or;
      • Whole building.
    • Indirectly Managed Assets:
      • Whole building.
    • Stakeholder engagement: The question, “Does the entity include sustainability-specific requirements in its standard lease contracts?” (Q39.1) has changed in the last two months (i.e. since the 2017 pre-release) and is now aligned with the BBP Best Practice Lease standard.

Evidence uploads

  • GRESB has introduced an ‘evidence template’ for use as standalone document or document cover page (see the last page of the guidance document).
  • The attachment feature has been amended, adding in an option to make uploaded documentation accessible to investors. This feature is optional on a document by document basis. The default option will be for documentation to not be made available to investors.
  • It will now be possible to upload multiple documents per indicator.

Response check

  • The deadline for the response check is two weeks earlier than last year (1st June).

Validation

  • The number of respondents subjected to Validation Plus and Validation Interviews, is expected to “increase significantly” this year. GRESB anticipates selecting approximately 25-40% of respondents for Validation Plus and approximately 5% for a Validation Interview.

What Next?

I’m sure many of you will agree that the speed at which these past two months have passed is somewhat terrifying. There are now approximately 100 days left until the 2017 deadline…

As before, these remain my five tips for GRESB survey submission success:

  1. Start early.
  2. Remind yourself what went well and less well last year – consider both the process and individual question responses.
  3. Engagement and education of people that will support you in delivering GRESB. Keep in regular touch with these people, particularly if they will be providing you with information.
  4. Data automation – our propriety software, SIERA, delivered 41 GRESB submissions in 2016, helping clients to seamlessly acquire and report data. Why not take a look at the following blog post: GRESB Data Automation: Ensuring Seamless Does Not Result in Senseless.
  5. Seek external support / advice.

Free eBook: 'GRESB Survey, Submission, Success!' Download it now in preparation for your 2017 submissionClick To Tweet

Tips for ESG management and performance success

For more general advice on how to implement practical and tailored sustainability solutions, download your free copy of our GRESB eBook.


For market-leading GRESB submission support, please contact our experts today.

 


GRESB Premier PartnerAs a GRESB Real Estate Premier Partner, we are perfectly positioned to provide GRESB support. View our official Premier Partner profile.

We can work with you to complete the submission and understand your scoring, as well as develop a sustainability plan that will improve your future GRESB performance and align with your organisation’s key environmental objectives.

Healthy and Wealthy! Upcoming Event: How to Improve Health and Wellbeing in Existing Commercial Properties

On Monday 3rd April, EVORA is running an event in partnership with BRE focusing on the health and wellbeing of operational buildings. There has been a lot of attention on health and wellbeing at the design and construction stages, but practical steps need to be considered for our existing building stock.


Event: How to Improve Health and Wellbeing in Your Existing Commercial Properties - book now!Click To Tweet

As professional sustainability consultants, a key part of our role has focused on reducing the environmental impacts in buildings, especially energy, due to the greater carbon impact and cost.

However, with the World Green Building Council’s Health buy levitra india online https://levitraed.com/ Levitra is a modern medicine that can give me unforgettable emotions during sex. I prefer Vardenafil pills as it rapidly impacts my body, has a long-lasting effect and even is compatible with alcoholic beverages that I like to drink on a date. Wellbeing and Productivity in Offices study referencing that 90% of a typical business’s overheads are staff costs compared to less than 2% for energy, common sense dictates that we must also ensure focus on providing healthy and productive properties for our landlords.

Although far from easy, approaches like the WELL building standard are available to support application in design and construction phases. However, consideration in existing buildings, especially from a landlord perspective, is more challenging. The infrastructure is already in place and the fabric of the building is set, so is there much opportunity to address the key elements of health and wellbeing as defined by the WELL Building Institute, i.e.

  • Air
  • Water
  • Nourishment
  • Light
  • Fitness
  • Comfort
  • Mind

Secondly, where tenants are in situ, what influence can the landlord have? Energy management has generally been straightforward with the majority of managed offices providing shared services of heating and ventilation enabling the landlord to influence the energy efficiency throughout the building. Health and wellbeing is more complex where the real opportunity is in the tenants’ own demises. How should the landlord engage, who pays for an evaluation of the tenant’s space and what are the intended outcomes both for the tenant and the landlord?

In our Healthy Buildings event, we bring together a number of industry experts to share their knowledge, experience and latest research to provide clarity and practical application in achieving healthy and productive operational spaces to work in.

The event is split into three sessions: the first focusing on the landlord and occupier perspective; the second provides a consultant’s viewpoint, identifying both the challenges and opportunities; and the final session identifies research and the application of solutions in relation to key elements of healthy buildings including lighting, biophilia, air quality and thermal comfort.

Healthy Buildings event: join EVORA, UKGBC, BRE, Arup, The Crown Estate, British Land and others on 3rd April. Book now!Click To Tweet

Among the 15 speakers are:

  • John Alker, UKGBC
  • Rebecca Pearce, CBRE
  • Darren Wright, Arup
  • Jane Wakiwaka, The Crown Estate
  • Matthew Webster, British Land

I am extremely excited by this event which will challenge the real estate industry on what can be done to make our existing assets healthy and productive places to work.


Don’t miss this exciting event – click here to view the full agenda and book your tickets now.

Are you Future-Proofed for IoT? How SIERA can help you navigate the IoT landscape (part 3 of 3)

I highlighted in parts 1 & 2 of the series that the Internet of Things (IoT) will have a dramatic effect in shaping the commercial real estate industry but that it also presents significant opportunities to add value. With an emphasis on Big Data, data acquisition, accessibility, visualisation and more efficient reporting tools, the need for a solution has never been greater.

EVORA has created a solution which is fit-for-purpose now, but is also able to be continuously enhanced to meet industry requirements as these evolve. Our platform SIERA (Sustainability Intelligence Environmental Reporting & Analysis) is specifically designed to harness the IoT landscape to navigate and make sense of the data being collected, as I will elaborate below.

Are you future-proofed for IoT?

Our SIERA platform really channels the true potential of the IoT network. SIERA is a solution which draws together data, processes and people. For example:

  • Disparate data sources can be brought together to build powerful reporting analytics; data feeds have been established directly with SIERA enabling mass data acquisition of performance data, property information and data for normalisation.
  • Data can be accessed anytime and anywhere in the world, 24/7. The cloud-based application is available at your fingertips ensuring accessibility, availability and security.
  • Personal logins can be created for different types of users across your organisation.
  • It is built by Commercial Real Estate specialists for the industry, meaning that we share a common language with you to really understand your needs.
  • Powerful data visualisation capabilities, and data validation functionalities ensure data tracking, performance reporting, data completeness and robustness.
  • Our in-house consultancy service is part of the SIERA solution providing you with specialist Commercial Real Estate sustainability support. SIERA can help you harness the value of data to inform your strategy.

Common Issues Addressed by SIERA

I also wanted to summarise some of the most common issues of the industry to explain how, through SIERA, EVORA is providing a solution. If any of the challenges below sound familiar then SIERA could be the solution for you.

Common Issue 1: “My data is held physically on a hard drive. I can only access it when I am on a specific computer. It has been difficult connect all my information together as they are held in different locations.”

SIERA Solution: The IoT is demanding massive improvements in data management, connectivity and accessibility. To truly prepare for the data-driven landscape and extract the value that Big Data provides, we have focused on connecting these different elements together in one simple platform. If you need a better system for data storage and management, SIERA is a cloud-based application enabling data access anytime and anywhere 24/7 via the web. With data capture from various sources, all your environmental data will be held in one, simple and secure portal.

Common Issue 2: “How can I link all my disparate data sources into one place? Can this be achieved automatically?”

SIERA Solution: With the ever-increasing quantity of data available as part of the information age, it is crucial to link different datasets together to identity trends and conduct analyses to extract value. This is the essence of what Big Data is all about. For SIERA, we have really focused on connectivity and data acquisition. Where it is cost-effective and depending on the infrastructure in place, a direct data feed can be established with SIERA. This information is supported under the secure file transfer protocol (FTP) and an application programming interface (API) when can pull data into one place. We also have our consultancy service to support you on devising an appropriate strategy for you, which is informed by your data and reporting requirements.

Common Issue 3: “I already have an existing system, but it’s not working too well. It’s been a challenge to manage data across my portfolios. I want to engage the Facility Managers, Managing Agents and other nominated responsibilities to input and review performance data for specific buildings.”

SIERA Solution: We have really thought about usability when it comes to data input to streamline the process and improve engagements on all levels. In addition to automated consumption data feeds, data can be input by users through a simple tool. Data access and input, views are tailored according to the user depending on the locations they are responsible for as well permissions to appropriately manage security. Along with automated data validation functionalities and bulk data loading capabilities through CSV or Excel, data will be managed in the most effective way. Our audit trail is built into the application which will help you track data changes instantly. Our sophisticated data validation features ensure accuracy and completeness of data. Data variance checks are conducted to identify values above or below a threshold. Any data gaps and overlaps are also flagged. We also have on-going support to provide training where required.

Common Issue 4: “I want to normalise my portfolio performance by drawing in heating degree day (HDD) information to track against targets but I’ve been struggling to manage the information from lots of different sources and prevent errors creeping in. I want to centralise and standardise my data sources for reporting to GRESB and INREV.”

SIERA Solution: The API bringing in HDD and calculating intensity enables performance to be automatically HDD adjusted and normalised to be consistent with the way some of our clients report performance, whether this internally or externally such as for GRESB. Our cloud-based application has powerful automated reporting capabilities for GRESB and INREV. SIERA can model the data for reporting requirements, reducing on time and costs. As part of our integrated solution, we also have our consultancy service where our sustainability experts can support you on your reporting.

Common Issue 5: “I am concerned about the Minimum Energy Efficiency Standards (MEES) and risks across my portfolio.”

SIERA Solution: The visualisation capabilities of SIERA enable a quick and easy assessment of data from property management systems such as lease expiries, which can be intelligently analysed and modelled against EPC data to profile MEES risks.

SIERA – Our Solution

We are working hard at the leading-edge to understand our industry needs. We have adopted an agile development and management methodology which has enabled us to situate ourselves within a data-driven landscape. Get in touch to book a demo of SIERA today, which is our IoT platform designed for the information age. We are keen to have personal conversation with you to assess your current infrastructure and where SIERA could help you tap into new opportunities.


To speak to us about SIERA, or for any other enquiries, please don’t hesitate to contact us today.


Preparing for GRESB 2017

Last week we ran a productive and informative GRESB workshop at Schroders’ offices in central London.


Our own Ed Gabbitas kicked off, providing an overview of the Global Real Estate Sustainability Benchmark, its progression over the years and the changes being introduced in 2017 – finishing with his (our) ideas on how best to approach GRESB.

We then ran two productive workshop sessions focusing on identifying and then addressing the challenges of collating evidence needed to support GRESB submissions. The workshops were interspersed with an overview of Schroders’ approach to GRESB and a section from me on the increasingly hot topic – Health & Wellbeing.

So what were the conclusions. Well – both practical and strategic.

On a practical level:

  • Start early
  • Consider the 2017 questionnaire and evidence requirements in detail
  • Engage with others inside and outside of your organisations, who may not be fully aware of the GRESB process, but will be required to provide evidence.

HR and finance functions may need to contribute and engagement with Property Management teams is essential. Performance data collection is vitally important. Have a plan for your data (we use SIERA).

On a strategic level:

Have a strategy. GRESB is a survey based on best practice. It contains a lot of good stuff. However, an organisation’s single sustainability objective cannot, in my view, be to score well in GRESB. We recommend establishment of a management system (Plan, Do, Check, Act) approach tailored to deliver your own goals. Progress an approach that suits you, understand GRESB requirements and the results will look after themselves.


For more information have a read of our GRESB ebook.


GRESB: Survey, Submission, Success! (Free eBook)

How to prepare your assets and portfolios for success in the 2017 reporting cycle


In this first volume of our new series of free resources, we have collated our most popular pieces of GRESB thought leadership, plus some brand new content, into this handy 20-page eBook.

EVORA GRESB Survey Submission Success eBook

Download this free eBook today if you:

  • would like to learn more about the benefits of having an established Environmental Management System (EMS)
  • are interested in how to save endless frustration and time thanks to GRESB data automation
  • have wondered whether or not GRESB really can help to deliver fund performance
  • need to clue yourself up on the key changes to the reporting cycle this year
  • would like to give yourself the best possible chance for preparing for the 2017 reporting cycle
  • would like to improve your GRESB score(s) in 2017

Download now


For any questions about GRESB, including support with your 2017 submission(s), please don’t hesitate to contact our experts today.

 


GRESB Premier PartnerAs a GRESB Real Estate Premier Partner, we are perfectly positioned to provide GRESB support. View our official Premier Partner profile.

We can work with you to complete the submission and understand your scoring, as well as develop a sustainability plan that will improve your future GRESB performance and align with your organisation’s key environmental objectives.

INREV and Sustainability Reporting: Mandatory Requirements and Best Practice Recommendations

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. It is recognised as the leading platform for sharing knowledge on the non-listed real estate industry and has a goal to improve transparency, professionalism and best practices across the sector.


In 2016 INREV Sustainability Reporting Guidelines were revised to establish a disclosure framework that enables delivery of meaningful data to increase visibility and insight into an investment vehicle’s ESG efforts and also details their next course of action for improvements. The new guidelines aim to present a clear picture of sustainability strategies and require the reporting of energy performance data.  They are aligned, where possible, with other industry standards including GRESB, EPRA and GRI.

The new INREV Guidelines published in 2016 consist of mandatory sustainability reporting requirements and best practice recommendations.

The INREV Guidelines consist of mandatory sustainability reporting requirements and best practice recommendations.Click To Tweet

The mandatory requirements have to be reported on an annual basis to claim compliance with the INREV Guidelines. Managers are required to report, based on these guidelines, over the year 2017.


Mandatory Requirements

  • Describe the overall approach to setting a long term ESG strategy for the vehicle
  • Detail the vehicle’s approach for ensuring compliance for current legislation relating to ESG issues is in place
  • Set out the annual objectives and associated targets for the coming 12-month reporting period
  • Detail objectives for the next 12-month reporting period for ensuring compliance with current legislation in relation to ESG and about preparations for any future legislation that may be undertaken in this period
  • Report against annual objectives and associated targets set for the vehicle
  • Report against compliance with current legislation requirements and objectives and associated targets for preparations for upcoming legislation
  • Disclose absolute and like-for-like environmental data for the proportion of the vehicle’s portfolio that is in the fund manager’s operational control.  This should cover:
    • Energy
    • GHG Emissions
    • Water
    • Waste

Best Practice Requirements

  • Detail any additional key material aspects for the ESG strategy for the vehicle
  • Detail additional information on other annual objectives (related to key material aspects referenced above) and associated targets for the vehicle based
  • Report against the annual objectives and associated targets as set out above
  • Disclose absolute and like-for-like environmental data for the available tenant data for the vehicle’s portfolio

Whilst this blog focuses on INREV, EPRA – The European Public Real Estate Association – sets out CORE and Additional Requirements in much the same way.

EVORA, supported by our proprietary software, SIERA, is highly experienced in the collation, analysis and reporting of data.  For further information, please get in touch.