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
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.