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British Columbia Investment Management Corporation

PRI reporting framework 2019

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Pre-investment (selection)

PR 04. Incorporating ESG issues when selecting investments

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.

QuadReal Property Group, on behalf of our investment agent BCI, integrates ESG considerations into all aspects of property operations. Since the beginning, investment strategies have been implemented to ensure that all properties are environmentally friendly, energy efficient, barrier-free, tenant friendly and designed to function in compatibility with community standards. Phase 1 environmental reports are required for all new acquisitions.  We look carefully at locational attributes of new acquisitions including Walkscore and transit score which have a significant impact on the building’s carbon footprint from commuting.  As well, the Investment Committee has a transparent governance structure in place for new acquisitions.

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.

Environmental example 1, description

          Phase 1 environmental reports are completed for all new acquisitions.
        

Environmental example 2, description

          The acquisition team assesses location attributes such as sea-level position and flood plain risk as part of the process.
        

Environmental example 3, description

          
        

Social example 1, description [OPTIONAL]

          New property investments are made in knowledge-work cities where community infrastructure is already in place.
        

Social example 2, description [OPTIONAL]

          We consider the location and accessibility via public transit when analyzing new acquisitions.
        

Social example 3, description [OPTIONAL]

          
        

Governance example 1, description

          QuadReal is governed by nine global and business real estate leaders who bring broad networks and deep global expertise through their long experience in private and public-sector organizations.
        

Governance example 2, description

          QuadReal's code of conduct mandates that employees avoid conflicts of interest, whether real or perceived in their duties.  Employees who find themselves in an actual, perceived, or potential conflict of interest are required to disclose the matter to their manager.
        

Governance example 3, description

          
        

04.4. Additional information. [Optional]


PR 05. Types of ESG information considered in investment selection

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.

QuadReal's sustainability strategy considers any health, safety and environmental factors that may negatively impact our tenants, employees, or communities that we operate in. Our sustainability strategy aims to create places that promote wellbeing and productivity, through prudently upgrading buildings such that they are conducive to the wellbeing and/or high productivity with features such as excellent air quality. We incorporate internationally recognised green certifications such as LEED and BOMA BEST across all new and existing properties. For new developments we also consider higher standards of Total Energy Use Intensity and Thermal Energy Demand Intensity that are currently voluntary in some jurisdictions. Building resiliency is also reviewed for investments that will be long term.

 


PR 06. ESG issues impact in selection process

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

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

06.3. Additional information.

Extensive due diligence process which includes environmental assessment.  Phase 1 reports are conducted for all potential new investments with a more detailed Phase 2 for sites with identified liabilities.  We also assess properties based on walkscore, transit score, current green building certifications and building condition assessments (which includes age of mechanical & HVAC systems). 


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