ESG is an important part of our overall due diligence process and information on the target funds' ESG policies are collected as part of the due diligence questionnaire the target fund managers complete.

In addition to reviewing a fund's ESG policies, we will also consider how it incorporates these policies into the fund strategy, how it reports its ESG strategy to its investors, what relevant laws and regulations impact the fund, and any sustainability initiatives the fund is already participating in. This information is then incorporated into the investment decision making process.

ESG is an important part of our overall due diligence process and information on the target funds' ESG policies are collected as part of the due diligence questionnaire the target fund managers complete.

In addition to reviewing a fund's ESG policies, we will also consider how it incorporates these policies into the fund strategy, how it reports its ESG strategy to its investors, what relevant laws and regulations impact the fund, and any sustainability initiatives the fund is already participating in. This information is then incorporated into the investment decision making process.

We ensure ESG forms part of our due diligence process because we recognize the value of proactive and positive ESG policies. The benefits of these may include: limiting the risk of regulatory non-compliance, maintaining properties' competitive position in the market, increasing the appeal of a property to tenants and purchasers, and in some cases, reducing expenses and improving returns.

Among the underlying funds, the majority have implemented ESG policies, are signatories to the UN's Principles for Responsible Investment and participate in the GRESB survey.

We thoroughly consider how a manager incorporates ESG policies into firm and fund strategy, how it reports on ESG topics and issues to investors, on the relevant laws and regulations impacting its fund, any sustainability initiatives embraced by the manager, etc. This information is then incorporated into the investment decision-making process. For example, we will not consider fund managers with investment strategies which include certain sub-sectors that are deemed environmentally unsuitable, or operating business in countries that are not able to demonstrate their commitments to human rights, etc.