The Real Estate asset class is covered by APG's overall responsible investment policy. There are specific detailed Responsible Investment Guidelines available for the Real Estate asset class, but these are not publicly available. Listed Real Estate investments are also subject to our Corporate Governance Framework, which is publicly available. In addition, we have developed a tailored remuneration guideline for Real Estate.
APG uses the Global Real Estate Sustainability Benchmark's tools and services for assessing and monitoring the sustainability performance of its real estate investments over time. APG is using the results of the annual GRESB survey to engage with its investments.
Concerning new investments in non-listed Real Estate, participation of the investment in the annual GRESB-survey for the full holding period of our investment is mandatory. To the extent that the investment does not achieve a 4 or 5 star GRESB rating, the manager agrees to work in good faith with APG to identify and to implement agreed upon strategies designed to improve the future performance within the GRESB benchmark and become a 4 or 5 star within a period of  years. We selectively work with some of our unlisted real estate partners to undertake efforts to improve sustainability performance at the asset-level. With some our listed RE investments we also provide feedback on issues we believe that they need to address better. We influence relevant investor – property forums and groups (this could be via INREV / ANREV / APREA / GRESB relevant committees and through relevant speaking events to influence thinking in the sector).