GRESB 2018: The Results

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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!

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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.

EVORA sustainability consultancy services for UBS Asset Management

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PRESS RELEASE – 14 September 2018
Download the full press release here.

UBS Asset Management appoints sustainability specialist EVORA to deliver sustainability consultancy services on a three-year instruction.

EVORA, the independent pan-European sustainability consultancy is pleased to announce its appointment by UBS Asset Management (UBS) Real Estate & Private Markets-Europe (REPM) business on a three-year basis to provide consultancy support to its UK and European funds.

UBS has an established and leading approach to sustainability. This is clearly demonstrated through recent GRESB benchmark results, where all four participating European funds achieved 5 green stars with two sector first places.

Over the next three years, EVORA will support UBS to progress benchmarking and reporting results and assist in the development and roll out of asset and fund level sustainability improvement programmes.

Chris Bennett, Managing Director, EVORA said: “We are delighted to secure this important mandate from UBS. It is extremely exciting to work with a recognised front runner and have the opportunity to be part of their future success in driving forward their sustainability agenda.” 

Contact us to see how we can support your organisation.

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

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

Hines Pan-European Core Fund Recognized as Sector Leader by GRESB Results 2018 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.