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Health and Wellbeing: Emerging or Mainstream?

For many professionals working in the built environment, Health and Wellbeing still feel like relatively new buzzwords. In some ways this is surprising given that the subject area has been around for many years; for example, the term “sick building syndrome” was coined by the World Health Organisation (WHO) in 1986.

In reality though, the subject area has received a massive uptick in attention in recent years and a simultaneous increase in the number and robustness of relevant building standards: RESET was released to the public in 2009, the WELL standard (V1) was published in 2014 and Fitwel in 2015.

Perhaps in part this is due to an increase in available academic research linking employee health and wellbeing with improved productivity, which significantly boosts the business case for it to be taken seriously. And arguably, being taken seriously it is…

  • WELL boasts it has projects covering 195 million of square feet.
  • The health and wellbeing GRESB module will be integrated with the main GRESB survey in 2019. Indeed 32% of Real Estate participants and 52% of developers responded in 2018.

All of this makes me wonder whether Health and Wellbeing is now genuinely becoming mainstream?

Well, in my view the trajectory is certainly forward however, Health and Wellbeing certifications are not desirable for all buildings. Typically, these standards are being applied to new buildings and major renovations where clearly, the application of Health and Wellbeing will always be easier with a blank canvas. For me the challenge really lies in the integration of Health and Wellbeing improvements in existing buildings. According to Defra 80% of the current UK building stock will still be standing in 2050; thus there is  a huge imperative to address what can be done to make the spaces in which we work and inhabit supportive of long-term health and mental wellbeing.

As a first step towards achieving this goal for existing buildings, we work with clients to baseline the Health and Wellbeing credentials of their portfolios. This identifies gaps and key opportunities that will make a material difference and optimise the available budget. Whilst it may not be possible to redesign the fabric of the building or available daylight, improving the cycling facilities can enable tenants to switch their mode of commute. ‘Enable’ is the key word for landlords here. Although more direct interventions are possible through improvements to the ventilation and thermal comfort following a review of the building management system and the installation of sensors. These are but some of the scalable solutions that can be considered regardless of the inherent constraints of a building.

Going a step further if Healthy Buildings are to become mainstream this must be tackled in conjunction with the understanding that buildings do not operate in isolation.

Going a step further if Healthy Buildings are to become mainstream this must be tackled in conjunction with the understanding that buildings do not operate in isolation. The fact that the built environment can make a positive impact to enable ‘Healthy Placemaking’ needs to also be considered. Linking the internal with the external does move the goal post but it is all the more necessary if we are to be truly successful at enabling healthy outcomes for tenants and communities alike and fostering resilience.

The WELL Community standard seeks to address this and it will be interesting to track its adoption. Taking an integrated approach further boosts any derived benefits from interventions made at the asset level. Returning to the example of the improved cycling facilities within the building. Where this is made in conjunction with improved access to local cycling routes outcomes can be further enhanced. Approaching Health and Wellbeing as part of a joined-up strategy that situates the building in its locality will ensure we create truly Healthy Buildings and urban environments that serve many generations to come.

This blog post was first published on GRESB Insights.


You can download our FREE GRESB eBook here or contact one of the team to discuss how EVORA can help you.

GRESB 2018: The Results

At EVORA, we support a broad range of clients to complete GRESB submissions – from new starters and organisations just starting out on development of their ESG strategies through to industry leaders.

This year, we assisted around 70 submissions.  It has been (and continues to be) challenging work. However, we are delighted with the results.  We are in the process of completing a detained analysis for all participants we supported, however, below, we set out some exciting highlights.


GRESB 2018 Results for some of our clients

FORE Partnership, a purpose-driven, direct co-investing platform for UK and European real estate achieved five green stars (out of five) and came third in its peer group.  This was particularly pleasing as FORE has rapidly progressed to five green stars through a deep-rooted commitment to incorporate sustainability into everything it does.

SPF Joint Venture, an investment in German out of town retail parks and managed by PATRIZIA achieved five green stars and came third overall in Germany.  This GRESB result recognises two years of work to establish best practice ESG programmes.

The Hines Pan-European Core Fund(HECF), an open-ended non-listed pan-European diversified core fund, also achieved five green stars.  This time, for the second year in a row. HECF also retained its GRESB Global Sector Leader status and ranked first among European diversified office/retail portfolios. This year, HECF also achieved first place among the 367 European non-listed vehicles and seventh globally among the 874 vehicles that participated in the survey. Notably, the HECF also ranked first globally in the optional ‘Health & Well-Being’ and ‘Resilience’ modules.  Read more here.

Europa Capital submitted five funds to GRESB. EVORA has supported Europa to develop and operate an ESG strategy over the last two years and has assisted with responding to GRESB for longer.  The ongoing work is paying off.  This is reflected by improved ratings for all funds and an average 15% score increase.

For more information on GRESB, and on Health, Wellbeing and Resilience in particular, why not request to attend our upcoming event.


EVORA Global GRESB Premier PartnerWe 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.

GRESB 2018: A Call to Arms!

Following the release of individual respondent-level GRESB results on Friday 7th September, overall results were presented by GRESB in London on Tuesday 11th September. Results presentations will continue to be delivered by GRESB around the world throughout September.

Headline figures presented demonstrated both the increased level of interest in GRESB and the positive impact the survey is having on real estate sustainability performance. In summary:

  • Participation has increased. In 2018 there were;
    • 903 survey responses (207 of which were from publicly listed entities)
    • From 64 countries
    • Covering 79,000 assets and $3.5 trillion in gross asset value.
  • A continual improvement in ESG performance was reported – where average GRESB scores increased to 68, up from 63 in 2017.  GRESB state that this continued improvement reflects the industry’s commitment to further integrate ESG best practices.
  • Australia maintains its regional leadership position but the performance gap between geographies is narrowing.
  • Of the 79,000 buildings covered by GRESB, 50,000 submitted data at ‘asset level’ (74% of all participants).
  • 83% of reported energy data was subject to a third party review.
  • Like-for-like energy, GHG and water data all demonstrated a year-on-year reduction (a good thing).
  • 11% of reported floor area benefits from some form of green building certificate.

I am heartened by progress to-date and continue to believe that GRESB remains a powerful mechanism that can help drive change in the real estate industry. However, I also believe that as an industry we must change-up a few gears.

However, as an industry we must rapidly progress further towards automated collection and transfer of ESG performance data to speed-up the process and also reduce potential for human error.

We have been talking about data – coverage and quality – for years, and yet it is still a problem. This must be addressed ‘globally’ and soon. EVORA developed our proprietary software tool SIERA to support the process of data acquisition and validation.  The decision to do so was and continues to be transformational for us and our clients. It has helped simplify and speed-up data collection and analysis at meter, asset and fund level. However, as an industry we must rapidly progress further towards automated collection and transfer of ESG performance data to speed-up the process and also reduce potential for human error. The technology exists to automate data acquisition but adoption remains low, in simple terms, data collection is still a bottle neck and the source of many errors, even in 2018!

Furthermore, wholescale adoption of new technologies and investment in retrofit of domestic and non-domestic buildings is needed, especially if, as an industry, we are going to contribute to our fullest ability to the internationally agreed commitments to mitigate climate change.

Rapid progression is needed!


EVORA Global GRESB Premier PartnerWe 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.

GRESB Results 2018: EVORA supports Hines to achieve Sector Leader status and top global ranking in Health, Wellbeing and Resilience

PRESS RELEASE – 12 September 2018
Download the full press release here.

Hines Pan-European Core Fund Recognized as Sector Leader by GRESB for Sustainability Performance

We are delighted to congratulate our client, Hines Pan-European Core Fund (HECF), for their absolutely stellar GRESB 2018 results:

  • GRESB Global Sector Leader
  • GRESB Europe Sector Leader
  • Ranked 1st Globally in the supplementary Health & Wellbeing module.
  • Ranked 1st Globally in the supplementary Resilience module.

It’s testament to their historic investment in and ongoing commitment to sustainability/ESG, plus their ability to respond quickly to emerging trends and topics such as health, wellbeing and resilience.

We have thoroughly enjoyed providing HECF with sustainability consultancy (including GRESB submission support) during the past two years and look forward to continuing our collaboration during the year(s) ahead.

Ed Gabbitas, Director, EVORA said: The EVORA and HECF teams have worked incredibly hard over the past year to maintain Sector Leader status. It is great to see our high performing ESG strategy contribute to an equally high performing overall fund strategy, which has seen occupancy at 99.4% (as at Q2 2018), and doubling of assets under management (to €1.2bn GAV) since we first started working with Hines.

You can read the full Hines press release here.


GRESB Premier PartnerWe 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.

GRESB 2018: over, not done with!

With GRESB over we talked to a number of staff across our business to get a view on experiences faced, whilst it was still fresh in the team’s mind.


Supporting the team for our busiest ever GRESB season.

Paul Sutcliffe – Director

I’ve lost count of the number of GRESB submissions I have supported over the years. I do know that this year at EVORA we supported around 70 submissions, from a broad array of clients (covering sector Number 1s through to first time participants). Our busiest ever GRESB season!

Whilst we represent a broad array of participants with different fund structures and objectives, we do see some common themes. Our clients universally want to ensure that:

  1. Sustainability policies and practices are effective and appropriate for their organisations
  2. Their GRESB submission correctly and accurately reflects their true sustainability position.

There is a clear recognition and acceptance that GRESB is a one size fits all approach. To use a sloppy analogy – sometimes the shoe fits perfectly, other times it’s a bit loose, sometimes too tight, but everyone can still walk in it.

With the GRESB deadline of 12 noon Eastern US time fast approaching, I prepared myself for some long nights. I needn’t have worried though. Our team and clients mobilised, focused, used SIERA (our sustainability software platform) and worked hard to get everything in on time. Final confirmation, of the last submission (for me) came from the last of my clients early on Saturday morning. I breathed a sigh of relief. I had a weekend to enjoy!

One last thing. GRESB has been able to galvanize the industry and drive forward the sustainability agenda. Our industry should work with this and in particular, reflect when the results come out in September. I am a strong believer that GRESB should be used to inform, not drive individual organisational ESG agendas.


Time flies when it’s your first GRESB year!

Katie Brown – Junior Sustainability Consultant

As this was my first year supporting GRESB, there was a lot to grasp and a lot to learn, fast! The time flew, and on reflection preparation is key. Some elements of the submission would have been extremely challenging and time intensive to complete without the help of our SIERA software. We would not have been able to support so many submissions without it. It was important to plan well and communicate early – time well invested should be reflected in an accurate (and higher) GRESB score.

Some elements of the submission would have been extremely challenging and time intensive to complete without the help of our SIERA software. We would not have been able to support so many submissions without it.

I have been impressed that despite the focus on environmental performance of assets forming a core element of the survey, there is a broad spectrum of the sustainability agenda covered, with attention also on social and governance topics including health and safety, management, policies, and supply chains, just to name a few! Also, the inclusion of the health and wellbeing module, and this year a new module on resilience, brings to the forefront important and emerging ESG trends.

The GRESB survey promotes much needed transparency of the sustainability efforts by businesses in the real estate sector, both as a benchmarking tool and providing greater visibility for investors, but also provides a great opportunity to guide and inform more ambitious and rigorous ESG strategies going forward.


It’s all about the data.

Nick Hogg – Associate Director (SIERA Software)

As those that have participated in the GRESB submission process will know, the amount of information and effort that can be required to provide a seemingly straight forward number in answering a GRESB question can be sometimes underestimated. The Performance Indicators is an aspect where this can challenge participants due to sheer quantum of data that might need to be handled across all the impact areas for an entity, not least with more participants submitting data at asset level.

Across all the submissions we were supporting on this year we found that SIERA handled over half a million datapoints through the Asset level interface alone. We have blogged before that GRESB have allowed the automated transfer of Performance Indicator (PI) data from sustainability management software systems, such as SIERA, directly into the GRESB portal for the last few years. We found this automated transfer of data through SIERA vital, not just in trying to make the complexity of reporting more efficient but essential in establishing a robust and transparent method of reporting asset level data.

Across all the submissions we were supporting on this year we found that SIERA handled over half a million datapoints through the Asset level interface alone.

We introduced additional functionality in SIERA this year to further automate the calculation of energy, GHG and water intensity and have plans to continue expansion of SIERA’s GRESB capability over the coming months.


Submissions are done, but it’s not over!

Louise Russell –  Senior Sustainability Consultant

This will have been my fourth year supporting GRESB clients. I support a variety of clients each at a different stage on their sustainability journey.  Existing clients who are already hot on sustainability continue to maintain leading positions principally due to their wider sustainability programmes which we support during the year. For them, GRESB is useful to benchmark the position of their various funds against peers and internally. However, GRESB is not the driver and broader sustainability as well as responsible investing is something that is taken very seriously.

For my clients that were newcomers to GRESB this was the first time that they as an organisation considered what sustainability means to them. Clients are often surprised by what is already in place within their organisations albeit via an unstructured approach. Where we assist is coordinating the various stakeholders to collate the responses. Whilst we never advise that a sustainability strategy should be GRESB driven it does act as a gateway for those approaching sustainability for the first time.

The key to this is starting early especially for those clients that report in calendar year, waiting until the results come out in September will only allow just over three months to December to make improvements before the GRESB reporting year is over.

Now that we are post-GRESB these same clients are looking to build on their existing processes, formalise their sustainability strategy and put in place a sustainability programme that will deliver an improved score in 2019. The key to this is starting early especially for those clients that report in calendar year, waiting until the results come out in September will only allow just over three months to December to make improvements before the GRESB reporting year is over.

If you have anymore questions about the content of this blog or GRESB in general, get in touch and our team of experts will be happy to help.


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.

GRESB Survey: We answer your questions

With many of us currently knee-deep in spreadsheets for this year’s GRESB submissions, we took some time out to speak with one of our Consultants and ask your questions about the GRESB survey.

About the survey

GRESB is an investor-driven assessment of sustainability performance, that gives Real Estate and Infrastructure funds of all shapes and sizes the opportunity to measure and showcase their performance on a range of environmental, social, and governance issues, and compare themselves to similar entities in the industry.

Real Estate and Infrastructure funds participate in two separate GRESB Surveys which, whilst having a different set of questions, have a similar structure and cover many of the same core ESG issues. At EVORA we have in-house experts on both surveys, so if you’re looking for assistance with your submission or just want some more information, then give this blog a read to get the basics and feel free get in touch if you want to know more.


Q.  How long is the overall submission process to the GRESB portal? Is there a timeline for the submission process?

The final GRESB deadline is July 1st, but a submission doesn’t come together over night! I would say that, to allow time for careful completion of the portal and a proper review, you generally need to have started collating data and evidence in March and you want the pieces in place by early June.

GRESB also offer a ‘Response Check’, where a GRESB employee will evaluate your response and help ensure you’re not going to miss out on points through mis-completion or insufficient evidence. The deadline for this is June 8thso, whilst you don’t have to be finished at this juncture, you want to be most of the way there to get the maximum benefit from the Check.

Q. What kind of evidence do I need to prepare before the GRESB portal opens?

To uphold the credibility of GRESB, a large amount of supporting evidence is required throughout the Survey, and rightly so. Certain indicators are entity specific, such as tenant surveys, risk assessments and completion of technical building audits, whereas others do allow responses from the Organisation / investment manager, such as employee and governance issues.

The key thing here is to make sure people on all levels are well-informed of what GRESB entails for them and that, linking back to the previous question, you start getting organised early!

Q. What is the most efficient way of collating and submitting to the GRESB portal if I have an international portfolio? 

At 25.6%, the Performance Indicators section carries the greatest weight of all the Aspects. Therefore, whilst it is often a challenge to organise, the hard work is heavily rewarded by GRESB. I would highly recommend that you get some purpose-built environmental data management software such as ours, SIERA, which is designed with GRESB in mind and can produce an import sheet which can be uploaded straight onto the GRESB Portal. Data collection programmes can be at all levels of temporal granularity, from a one-off annual request ahead of GRESB, to half-hourly data imports into our M&T module.

Q.  How can I improve my GRESB scores?

Each entity is a little bit different and will be stronger and weaker in different areas, however these are some general areas that you can target:

  • Get an EMS – Having an Environmental Management System in place not only scores points directly on the GRESB Survey, but has the indirect effect of planning and guiding your ESG strategies to be as effective as possible.
  • Sort your data – As outlined above, PI data is a huge part of the Survey so it’s worth the effort of organising it. EVORA’s bespoke environmental data management software, SIERA, is perfect for minimising effort and maximising performance in these elements of GRESB.
  • Green Building Certifications – with a global average of just 46 out of 100 last year, the Certifications aspect is a common weakness for participants. At EVORA, we have in-house BREEAM, WELL, LEED and Fitwel Assessors, so get in touch if you’re interested in certification to bolster your GRESB score and reap the wider benefits of certification.

Read more about our research and how to improve your score in this blog.

Q.  Can you make a submission without disclosing the results?

A cornerstone of GRESB, as an investor-driven sustainability assessment, is that the results can be made visible to investors. However, there is a “Grace Period” for first time participants allowing them to opt-out of sharing  result whilst they get to grips with the Survey.

Q.  Can I only submit my evidence and responses in English?

Responses do have to be made in English, however, GRESB will allow you to submit foreign language documents as evidence. In these circumstances, be sure to clearly indicate in the open text boxes provided exactly where in the document the relevant information is held, along with a thorough summary of content. This will help ensure nothing is missed or misinterpreted.

Q. What happens after I make my submission?

GRESB’s response validation process takes place in July and August, with the official results released at a series of events across the world in September. You will also receive your Benchmark Report at this point, which gives you the full breakdown of how you did on each Dimension, Aspect, and Indicator. Off the back of this, EVORA offers a “GRESB Gap Analysis” to new and existing clients, where one of our in-house experts will evaluate your performance and pick out key opportunities for improvement, and can then help implement them. In truth, for top GRESB performers, the process never really stops! The Survey really rewards comprehensive, sustained sustainability programmes.


Year-on-year the GRESB survey is becoming increasingly comprehensive. This year increased scrutiny has been placed on some existing questions, such as asking that Green Building Certification ratings be provided, some new questions have been added, and every participant will be subject to at least a low-level of validation. Furthermore, the currently optional Health & Wellbeing and Resilience modules are set to be built into the main Survey next year and in three years respectively. I expect this trend of increasing complexity and moving goalposts to continue as investor demands expand and change, so having an experienced GRESB consultant to provide support will become increasingly important.

Here at EVORA, we are entering our seventh year assisting with GRESB submissions, and have acquired a great knowledge base in this time to help maximise your GRESB performance. We have experience of delivering more than 150 submissions, including a number of 5 Star submissions and Sector Leader status.

In conclusion, I think the key takeaways for a successful GRESB submission is to: make sure everyone on all level is well informed and knows their role, start your submission early, use SIERA, and get an experienced consultant on board to help out.

If you have anymore questions about the content of this blog or GRESB in general, get in touch and our team of experts will be happy to help.


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.

Why sustainability cannot be ignored by the real estate industry

A key motivation when we started this business was for sustainability to be seen and accepted as a valuable asset management tool by the property industry. Seven years on, has our goal been achieved? Read on!


What is sustainability in Real Estate?

Sustainability can mean many different things to many different people so to keep it simple, I see sustainability in Real Estate as delivering enduring value. For the real estate industry, ultimately, for a building to be sustainable it needs to be occupied both now and for the foreseeable future, delivering an acceptable return to the investors.

Delivering value comes down to the key drivers of occupancy, rent, lease length and covenant strength so if a sustainable approach can enhance any of those key elements it will deliver value, in the same way as any other asset management tool. That has been my approach for the last seven years although I hope some of our methodologies have matured!

Sustainability is far more than managing energy, water and waste. Don’t get me wrong, these are important aspects, which can reduce the operating costs of a building and improve its resilience, all of which should be attractive to the occupiers.

Does this deliver quantitative returns?

The answer is not obvious in Europe, although the award-winning study entitled “Decomposing the Value Effects of Sustainable Real Estate Investment: International Evidence” measured the impact of sustainable investment on the value and performance of listed real estate investment firms (REITs) and found that strong sustainability practices are associated with superior investment performance.

If you ignore sustainability you marginalise your ability to attract the broadest scope of occupiers, potentially those most likely to have the best covenant strength who often also have the strongest CSR credentialsClick To Tweet

More importantly, if you ignore sustainability you marginalise your ability to attract the broadest scope of occupiers, potentially those most likely to have the best covenant strength who often also have the strongest CSR credentials. We have experienced, on a number of occasions, corporates matching this profile, willing to commit to longer leases for buildings which have excellent green credentials. This is of course not a one size fits all.

What does this mean?

At a regulatory level, in the UK it is now unlawful to let a building if it does not have a minimum EPC energy rating of an E. In addition E rated properties may still be at risk from MEES regulations. This is significant. For the first time we have energy efficiency regulation that impacts rental income and value. It will be interesting to see if this transitions into Europe in the future.

Interestingly though, we have seen greater uptake of sustainability through voluntary reporting than enforced regulation. GRESB, the global sustainability benchmark survey has mobilised the real estate industry over the last few years with 850 portfolios participating in 2017, representing more than USD$3.7 trillion in assets under management. GRESB is investor driven, to assess the environmental, social, governance (ESG) performance of their investment managers, where many see ESG as a fiduciary duty to protect and enhance future value of their investments. It is also interesting to note that research in July 2017 by Dirk Brounen and Maarten van der Spek identified a return premium of 3% between the highest and lowest GRESB scoring participants.

What practically should we be thinking about for the future?

So there appears to be some quantitative correlation to performance if enough research is done. But what practically should we be thinking about for the future?

For me, the three big impacts to plan for will be climatic change, technological advances and a generational shift in behaviour. I’m not going to dwell on climate change but the combination of rapidly advancing technology with a changing work culture will see a move away from honest work for honest pay to meaningful work in a meaningful environment. The advent of health and wellbeing to deliver a ‘meaningful environment’ is already upon us and my instinct tells me this will be the new face of sustainability, which will mobilise the industry far more quickly than just measuring energy.


To speak to a member of the team about how we can support you, please contact us.

GRESB Support 2018

GRESB reporting season for real estate and infrastructure participants is here again, and as a GRESB Premier Partner, EVORA is recognised as a leader in the provision of GRESB support, including training and strategic insight.

We have provided GRESB support for the last six years, and in 2017 we directly supported over 50 submissions from organisations that represent a cross section of the European property industry. We have helped clients get on the GRESB ladder and have equally supported clients to be market leaders.

We sit on a number of GRESB benchmark committees and our close working relationship with GRESB ensures that we are prepared and aware of future changes.

With our experience and expertise in this ever-emerging market sector, we ran a webinar last week with participants across Europe on our end to end service Titled “How to overcome GRESB challenges and achieve your best score”.

In this session we shared valuable insights and tips in a 5-point GRESB strategy, to increase awareness on how to get the best out of the reporting process and how you can align GRESB ratings with your long-term sustainability strategy.


Five point GRESB strategy

Our GRESB strategy covered an action plan for a seamless GRESB submission process. A quick recap is set out below.

  1. Plan your next GRESB submission in advance. Map out a plan on who to talk to, what to ask and which evidence you need to provide.
  2. Reduce the complexity of reporting by engaging in a streamlined process with your property managers. At EVORA, our consultants provide asset-level templates to property managers, to help in the collation of asset-based questions such as technical assessments, tenant engagement and efficiency measures.
  3. Improve scoring, where appropriate. Don’t miss out on easy points, discounting your reporting efforts by not meeting validation requirements. Read more here on our GRESB verification blog on how to ensure your response is accurate and acceptable by GRESB.
  4. Focus on data integrity and performance. Our proprietary software SIERA ensures that the process of data management is transparent, accurate and robust.
  5. Finally set actions for future success. GRESB addresses several key areas of an EMS within their survey such as management responsibilities, communication, training, objectives and, importantly, the results they are delivering. Developing an EMS therefore seems an appropriate approach to score well in GRESB. Find out here how a Plan-Do-Check-Act (EMS) approach can impact your GRESB score.

Final thoughts for GRESB success in 2018;

  • Start early / now!
  • Engage with internal colleagues and external stakeholders
  • Understand indicator intent and scoring requirements
  • Gather evidence and identify alignment to requirements
  • To make it easy on yourself and others – get in touch and our team of experts will be happy to help.

Request the webinar recording


GRESB Premier PartnerWe 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.

GRESB Infrastructure Survey: What is it?

EVORA is now entering its seventh year of helping entities produce GRESB Real Estate Survey submissions, and with each passing cycle we have accrued more expertise, expanded our client base, and become leaders in the field. Last year we provided comprehensive support to 26 funds and general support to many others, and this year the figure is set to get even higher as we gain greater recognition for our expertise.

But GRESB offers more than just the Real Estate Survey, and for 2018 we have expanded our scope of services to include the GRESB Infrastructure Survey.


What is the GRESB Infrastructure Survey?

Much like its real estate equivalent, the GRESB Infrastructure Survey is an investor-driven assessment of ESG (Environmental-Social-Governance) performance for entities.

Much of the content is also very similar, however the setup of the Infrastructure Survey is quite different from that of GRESB Real Estate, as it is broken down into two sub-surveys: 1) the Fund Assessment and 2) the Asset Assessment.

The Fund Assessment is a relatively small element of the overall survey, and focuses on ESG policies and principles, persons responsible for ESG issues, and the monitoring and mitigation of ESG risks, at the entity level.

Meanwhile, it is the Asset Assessment that is broken down into the familiar Management, Policy & Disclosure, Risks & Opportunities, Monitoring & EMS, Stakeholder Engagement, Performance Indicators, and Certification & Awards modules, albeit with differences in the questions themselves and the distribution of points compared to GRESB Real Estate. Additional content includes questions relating specifically to biodiversity and air pollutants in the Performance Indicators section, whilst there is for example less focus on certification.

An optional Resilience module has also been introduced for GRESB Real Estate and GRESB Infrastructure in 2018 – you can read more about it here.


Asset Assessments – Weighted Asset Average

You are free to submit a standalone Fund Assessment without asset-level evaluation if you wish. However, to get an overall GRESB Infrastructure score you must also complete the Asset Assessment for at least 25% of your portfolio (usually weighted by GAV). Furthermore, there is an advantage to completing Asset Assessments for as many assets as possible, as your scores are collated into a Weighted Asset Average (WAA) where assets that did not complete an Asset Assessment score zero.

Your WAA is worth 70% of the final GRESB score, with the Fund Assessment making up the other 30%. A simple example calculation is provided below:

GRESB Infrastructure Survey - WAA table

Combined with an example Fund Assessment score of 76, the overall GRESB score would be:

(56   x  70%)   +   (76  x   30%)   =   62

Which represents:

(WAA Score x Asset Assessment Weighting) + (Fund Score x Fund Assessment Weighting) = Overall Score

The GRESB Infrastructure Survey is comprehensive in its coverage of ESG content, whilst also allowing a wide range of infrastructure assets, from airports to schools to toll roads to windfarms, to be compared. ESG issues matter for all forms of built infrastructure, and GRESB provides an ideal platform to meet investor and public demand for improved sustainable performance.


If you think GRESB Infrastructure might be for you, then get in touch and our team of experts will be happy to help.

 


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.

GRESB Resilience Module: will you survive and thrive in the face of systems disruption?

When you hear the word resilience you might think of an activist like Martin Luther King, an explorer such as Ranulph Fiennes, or an athlete akin to Mo Farah.

In all walks of life it is an admirable and desirable quality, but the meaning it carries in the field of commercial property is perhaps not as well defined or understood as it needs to be given the increasing role it is expected to play in securing long-term success.


GRESB is recognising the importance of resilience in real estate portfolios by introducing a brand new module for the 2018 GRESB survey. Much like the Health & Wellbeing module that came before it, the GRESB Resilience module will standalone and evolve over the next 3 years with the intention of subsequently integrating it into the main GRESB survey.

But what is it that makes real estate resilient?

What is it that makes companies and funds resilient?

And what is it that will make you GRESB resilient?


What is resilience?

The exact definition of resilience in a sustainability context is not yet fully agreed, however the IPCC defines it as:

“The ability of a system and its component parts to anticipate, absorb, accommodate, or recover from the effects of a hazardous event in a timely and efficient manner, including through ensuring the preservation, restoration, or improvement of its essential basic structures and functions”.

Meanwhile, GRESB defines it as:

“The capacity of companies and funds to survive and thrive in the face of social and environmental shocks and stressors”.

In short, how well equipped is your organisation to deal with big events that disrupt systems (floods, fires, earthquakes, terrorist attacks etc.), and the stressors that make you more susceptible to harm when events do occur (poverty, environmental degradation, aging infrastructure etc.)?


The GRESB resilience module

The GRESB Resilience module has been kept fairly simple this year, asking basic-level questions on the involvement of management and stakeholders in resilience-related decisions, on asset and business operational risk reporting, on strategies for the management of risk, and, interestingly, to “describe your response to three illustrative, disruptive, extreme, or catastrophic events or near misses during the reporting period”. I am intrigued to see what kind of responses come in for this last one.

I am confident that the Resilience module will follow the projected path of the Health & Wellbeing and ultimately become a part of the main survey. Firstly, because the probability of these system shocks is indisputably growing for many issues (e.g. climate change, terrorism, I.T. security) and secondly, because of the potentially huge environmental, social, and financial consequences that could result from failing to invest in resilience.

Exactly how the module will look in a few years’ time is hard to say, with GRESB using this year to gauge the current state of play in the industry. I doubt it will progress to any kind of individual asset-level evaluation any time soon given the multitude of uncertainties in resilience modelling and the unique situation every asset is in with regards to external shocks and stresses. Instead, I expect it will likely remain procedural, focussing on how organisations go about identifying, assessing, and mitigating risks in their portfolio, and how they are communicating these risks to different parties. However, we wait with intrigue to see how this new reporting element develops.


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.

Contact us about GRESB support.