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CDC - Caisse des dépôts et consignations

PRI reporting framework 2018

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Pre-investment (selection)

PR 04. Incorporating ESG issues when selecting investments

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

04.1. Indicate if your organisation typically incorporates ESG issues when selecting property investments.

04.2. Provide a description of your organisation's approach to incorporating ESG issues in property investment selection.

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.

In addition, the financial property investment team (75% of AUM) 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. This policy is divided into several stages:
• The identification of new investment opportunity focuses on labelled or certified assets;
• Environmental, technical and energy due diligence are carried prior to each acquisition;
• The conclusions of this audit are presented at the Investment Committee, and taken into
consideration in investment decisions. They specifically enable an estimate to be provided for the
capital expenditures that needs to be performed in order to improve the asset'senergy efficiency
following its acquisition, which is integrated into the investment valuation.

In addition, assets that are eligible for financing through Green Bond proceeds (1% property AUM) are identified through a matrix of Green Bond eligibility analysis, including a minimum required
level of label/ certification (BBC Effinergie, HQE, E+C-, etc.), reduction the energy consumption
and the volume of CO2 emissions.

04.3. Indicate which E, S and/or G issues are typically considered by your organisation in the property investment selection process, and list up to three examples per issue.

ESG issues

Description [OPTIONAL]

          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.
        

Description [OPTIONAL]

          The real-estate investment team 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.
        

Description [OPTIONAL]

          Total avoided CO2 emissions for Green Bond assets: calculated on the basis of maximum energy
consumption of a building, theoretical energy consumption, and theoretical value of CO2 emissions.
        

Description [OPTIONAL]

          For assets that are eligible to Green Bond funding (1%), estimated number of direct jobs sustained during construction or renovation works.
        

Description [OPTIONAL]

          
        

Description [OPTIONAL]

          
        

04.4. Additional information. [Optional]


PR 05. Types of ESG information considered in investment selection

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

05.1. Indicate what type of ESG information your organisation typically considers during your property investment selection process.

05.2. Provide a brief description of how this ESG information was incorporated into your investment selection process.

ESG information is primarily collected and analyzed during the due diligence process:
- data provided by the seller
- possible request for additionnal information addressed to the seller
- analysis of the information and/or the asset by CDC and external specialists


Required level of label/certification to be obtained for a Green Bond -financed asset is stipulated in the contractual documentation.

Specific details are provided in the construction permit (dynamic thermal simulation, energy consumption) for Green Bond assets. The minimul required level of label/certification for the Green Bond assets are : LEED Gold (min) BREEAM Very Good (min) BBC Effinergie+ HQE Excellent NF Habitat et Environnement Compliance E+C- Bâtiment Durable Méditerranéen Qualité Environnement Calédonienne EcoLabel Européen


PR 06. ESG issues impact in selection process

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

06.1. Indicate if ESG issues impacted your property investment selection process during the reporting year.

          This process is particularly pertinent for identifying and confirming the eligibility of assets financed through Green Bond proceeds.
        

06.2. Indicate how ESG issues impacted your property investment deal structuring processes during the reporting year.

06.3. Additional information.

A minimum level of environmental certification is required when a real estate investment is undertaken.


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