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Impax Asset Management

PRI reporting framework 2017

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Post-investment (monitoring and active ownership)

Overview

PR 11. ESG issues in post-investment activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

11.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

11.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

11.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

The Impax Climate Property Fund buys UK commercial buildings and works in partnership with the occupiers to improve their environmental and efficiency performance. The fund uses environmental and resource efficiency KPIs to continuously measure the environmental performance of the properties. It aims to create value and "green alpha" through improved efficiency performance post-investment. An important element of this work is the detailed and continuous measurement of environmental data and the regular and frequent engagement with the property occupiers.


Property monitoring and management

PR 12. Proportion of assets with ESG targets that were set and monitored

New selection options have been added to this indicator. Please review your prefilled responses carefully.

12.1. Indicate the proportion of property assets for which your organisation, and/or property managers, set and monitored ESG targets (KPIs or similar) during the reporting year.

(in terms of number of property assets)

12.2. Indicate which ESG targets your organisation and/or property managers typically set and monitor

Target/KPI
Progress Achieved
          GHG
        
          Energy efficiency
        
          Water efficiency / occupant
        
          640 tC02 avoided
        
          52 kWh per m2 improvement
        
          7.4 m3 improvement
        
Target/KPI
Progress Achieved
          Engagement with and capacity building of occupiers
        
          Increase in waste recycled
        
          
        
          Quarterly tenant "Green Team" meetings
        
          32%
        
          
        

12.3. Additional information. [Optional]

At the end of the reporting period (end 2016) the Impax Climate Property Fund had only a single asset remaining, therefore a third party conducted a "shadow" assessment of the fund against GRESB criteria, following conservative scoring assumptions. This assessment pointed to the fund having again achieved "Green Star" status in the formal GRESB benchmark. The fund has formally reported to investors via the GRESB survey on 3 occasions (2011-2013), when the fund was fully invested, each time receiving a Green Star rating and twice achieving a leadership position.


PR 13. Certification schemes, ratings and benchmarks

13.1. Indicate whether your property assets are assessed against certification schemes, ratings and/or benchmarks

13.2. List the certification schemes, ratings and/or benchmarks your property assets are assessed against and what proportion of your property assets they apply to.

Specify
          GRESB criteria, Green Star Rating
        
Proportion of property assets these apply to

(in terms of number of property assets)

13.3. Additional information.

At the end of the reporting period (end 2016) the Impax Climate Property Fund had only a single asset remaining, therefore a third party conducted a "shadow" assessment of the fund against GRESB criteria, following conservative scoring assumptions. This assessment pointed to the fund having again achieved "Green Star" status in the formal GRESB benchmark. The fund has formally reported to investors via the GRESB survey on 3 occasions (2011-2013), when the fund was fully invested, each time receiving a Green Star rating and twice achieving a leadership position.  


Property developments and major renovations

PR 14. Proportion of developments and refurbishments where ESG issues were considered

New selection options have been added to this indicator. Please review your prefilled responses carefully.

14.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

14.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations.

14.3. Additional information. [Optional]


Occupier engagement

PR 15. Proportion of property occupiers that were engaged with

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate the proportion of property occupiers your organisation, and/or your property managers, engaged with on ESG issues during the reporting year.

(in terms of number of occupiers)

15.2. Indicate if the following practises and areas are typically part of your, and/or your property managers’, occupier engagements.

          Extranet site with continuous and comparative environmental performance data, quarterly engagement meetings with occupiers and facilities managers, occupier environmental training.
        

15.3. Additional information. [Optional]


PR 16. Proportion of green leases or MOUs referencing ESG issues

16.1. Indicate the proportion of all leases signed during the reporting year that used green leases or the proportion of Memoranda of Understandings (MoUs) with reference to ESG issues.

(in terms of number of leases or MoUs)

16.2. Additional information.

The investment thesis of the Impax Climate Property Fund is that property managed with environmental and efficiency retro-fits, environmental management, engagement with occupiers and anticipation and capitalisation of legislative, regulatory and technological developments in the sector, will generate financial value and "green alpha".


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