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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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PR 01. Responsible Property Investment (RPI) policy



01.1. 組織に不動産の責任投資 (RPI) ポリシーを策定しているかどうかを明示してください。

01.3. 不動産における組織の責任投資へのアプローチの概要およびどのように不動産における責任投資を貴社の事業戦略とリンクさせているか簡潔に説明してください。

Some RPI expectations included in umbrella RI Charter: 

* Acquisition of new assets
Caisse des Dépôts prioritises the acquisition of highly energy-efficient buildings that meet new
building and insulation standards and of high environmental quality.
A particular effort is made to acquire buildings that anticipate changes in the regulations, especially
in terms of greenhouse gas emissions.
The financial property investment team (75% of assets) also focuses on acquiring assets that are
well served by public transport, and where the rent is high enough to offset the costs of works aimed
at improving their energy efficiency.
* Portfolio management and monitoring
Presently the main challenge lies in the renovation of the current portfolio. These requirements are derived from the Grenelle Law, which set a target of reducing energy consumption by at least 38% by 2020. The financial proprty investment team (75% of assets) , with a view on anticipating regulatory changes, began a detailed energy audit of the wholly-owned properties in 2011. The aim of the audit is first to estimate the renovation works that will enable the Grenelle target to be achieved, and second to identify buildings that consume large amounts of energy, which could be sold. This assessment has enabled a long-term building retrofits programme (2020-2030) to be drawn up, depending on usage factors, on natural obsolescence and on energy-efficiency.
For all property portfolios, assets that can be funded through the Green Bond proceeds (1% of property AUM) must meet green bon framework requirement, notably a minimum level of environmental/energy labelling or certification (French thermal regulations, BREEAM, LEED, HQE...)

CDC is a majority shareowner of Icade, which has developped its RPI approach in close interaction
with CDC. Icade's RPI policy is documented in its reference document and sustainability report.
Hence investment in REITS are not included in PRI reporting on property portfolio.