14 December 2020
Grosvenor Europe retains 4 Green Stars in 2020 GRESB reporting
Grosvenor Europe has retained its 4 Green Stars in the newly revised Global Real Estate Sustainability Benchmark (GRESB) reporting.
As part of the corporate rankings, Grosvenor Europe scored 81 points, 4 points ahead of our peer group, reflecting our commitment to making a lasting positive contribution to the places in which we are active.
We achieved full marks in the Leadership, Policies and Reporting aspects of the GRESB assessment, reflecting our leading environmental, social and governance (ESG) strategy and policies covering all business operations. We also achieved top scores for Data Monitoring & Review and Targets due to our well-established data and reporting processes.
The Grosvenor London Office Fund was awarded the highest rating of 5 Green Stars, scoring 93/100. It was recognised for its BREEAM certification, full data coverage and outstanding environmental performance across energy, carbon emissions, water, and waste.
Our portfolio of residential projects in Madrid scored significantly higher than its peer group, with 81 points compared to an average of 52. This was due to the portfolio’s strong ESG requirements, including minimum BREEAM Very Good ratings for development projects and measures to manage the supply chain, material selection, energy efficiency and waste management.
The Grosvenor European Retail Partnership (GERP) Fund, which owns a portfolio of Swedish shopping centres, and the Grosvenor Liverpool Fund, scored in line with the peer group average (80 and 76 points), while Retail Centres V and Grosvenor wholly owned investments scored 72 and 67 points respectively.
As we reported on our Paris Office JV for the first time, it received a grace period this year.
Sara Lucas, Chief Executive Officer, Grosvenor Europe, said: “Grosvenor takes a long-term view of its responsibilities and activities, with social and sustainability considerations an important factor in all investment, asset management and development decisions. This approach is driven by our purpose to deliver lasting commercial and social benefit to the communities in which we operate.
“To achieve this, we aim for continuous improvement in performance, through measurement and monitoring. In the past year we have published a strategy for delivering social benefit, which includes ambitious commitments to achieve a net zero carbon portfolio by 2050, and we are about to launch our net zero carbon strategy. We are thrilled that our commitment to being a responsible investor and developer continues to be recognised.”
GRESB assesses the ESG performance of real estate and infrastructure companies, portfolios, and assets worldwide. Since inception in 2009, GRESB has established itself as a roadmap to high sustainability performance for the real estate sector. This year the assessment methodology was updated to focus on more consistent data collection, setting a new industry benchmark for over 1,200 property companies, investment trusts, funds and developers who participated.
About Grosvenor Europe
Grosvenor Europe invests in, develops and manages real estate assets in vibrant European cities including Paris, Stockholm and Madrid. As a part of Grosvenor Group, with a track record of over 340 years, our activities are designed to improve properties and places that will deliver lasting commercial and social benefit in the places we are active.
Our approach to delivering social benefit identifies five priority areas where we believe we can have the most measurable impact on social and environmental sustainability and in 2020 we launched our net zero carbon strategy, committing us to halving our total carbon impact by 2030. This target was approved by the Science Based Targets Initiative and verified in line with the most ambitious trajectory of the Paris Agreement, to limit global warming by 1.5oC.
As at 31 December 2020, we managed £1.7bn AUM, including a several residential development projects, a growing office portfolio in Madrid and Paris, and retail-led assets in Stockholm.
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