Driving our sustainability agenda forward
Minimising the impact of our activities on the
environment is critical and we are doing our part to accelerate action across our portfolio.
We created a new leadership position responsible for driving forward our sustainability agenda in North America; Lauren Krause was internally promoted to the role of Director of Environment, Social & Governance.
As a signatory to the World Green Building Council Net Zero Carbon Buildings Commitment, we are invested in sustainable practices to improve development and asset performance for our US and Canadian portfolios. For example, the majority of our 3.8m sq ft of new development will target LEED Gold standards. Beyond individual building certifications, we are incorporating risk assessments and futureproofing considerations into acquisitions and portfolio management activities.
At Frontier Drive Shopping Centre in Springfield, VA, we hired a local architectural firm and a small local minority-owned General Contractor to lead a sustainability-focused refurbishment programme. The renovation helped to eliminate 100% of the lease rollover risk we stood to face at the Centre in 2021. Rents increased by an average of 9%, driving the asset valuation higher, and an improved landscaping design reduced energy costs by 64%. We completed the project for under US$1m, resulting in nearly a 400% return on investment.