Property management firms are generally selected by an RFP process that includes multiple firms. Our philosophy is to hire the best in class firm in each market for each property type, and we do not have a global contract with any one provider. Standard ESG factors are included in the evaluation process and contracts with the property managers.
We have pan-regional ESG firms which manage our RI programs. Property management firms are generally monitored in annual or quarterly reviews. We set targets by individual property type and by fund. Performance monitoring against ESG targets is part of the contract and the quarterly reviews.
The property owner carries out a yearly sustainability rating of assets using GRESB benchmarking and data requirements. The property manager shall provide the necessary data at the owner's request (as far as this data is available) and shall help the owner to analyse the data in order to draw conclusions and develop measures for improvements.