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PRI reporting framework 2019

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Property developments and major renovations

PR 11. Proportion of developments and refurbishments where ESG issues were considered

11.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

11.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations.

          Encourage general improvements in practice. ESG requirements of suppliers are included in the appointment/selection process.

11.3. Additional information. [Optional]

A key part of our property investment strategy is to acquire ‘non-trophy’ grade A assets, usually well-located buildings. These can be improved (both socially and environmentally), through refurbishment, delivering a substantial uplift in their value and increase their yield. Sustainability criteria is a key component of this approach. We recognise that improving sustainability standards can often be done with relatively little investment, cuts the running costs, can be more appealing to prospective tenants, and improves the potential rental income. For this reason, it is a core part of our approach.

During the reporting year we conducted three, qualifying, refurbishments at properties in London, Glasgow and Leeds. Steps taken included fitting, energy efficient lighting, improving the air quality and creating an attractive environment around the property.