ESG issues are considered in Savills IM's contracting and monitoring of third party property managers.
Third party contracts have been checked for the inclusion of the following clauses (or similar):
Wherever possible, the Property Manager will:
- Monitor, collect and report resource consumption data
- Engage with tenants on ESG to improve sustainability within the portfolio
- Develop and provide training on sustainable practices/ technologies
- Deliver property management best practice in accordance with the Better Building Partnership (BBP) Managing Agent’s Core Provisions (http://www.managingagentspartnership.co.uk/integrating-sustainability-property-management-services-core-provisions)
Where such ESG clauses already exist, monitoring performance of and adherence to these has been added to the agenda for regular review meetings between our Fund Managers and the third party property managers. Doing so has allowed Savills IM to centralise different ESG considerations taken by our third party property managers. Where no ESG clauses were found in third party contracts, portfolio managers are in discussions with third party property managers to add these.