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.
- 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:
- GHG Emissions
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.