Our approach for ESG within active developments and major renovations is framed by what's needed for any building to optimise energy efficiency and cost, be attractive to potential tenants and maximise long term market value/build investment resilience. This may best be captured by a building certification ambition for example a BREEAM (UK Building Research Establishment Environmental Assessment Methodology used in the UK and Europe) or LEED (Leadership in Energy and Environmental Design certificated established by the US Green Building Council and used in Europe). There may also be an energy performance certificate rating ambition.

In all cases our developments and refurbishments will comply with relevant planning and building regulations/codes, environmental permits and contractor schemes. All of these include ESG considerations. Generally for all development and major renovation schemes we seek to achieve improved performance against the existing building and often against required standards. This helps to future proof our investments in relation to energy efficiency and regulation as well as potential changes to an asset's optimal use. In 2018 we introduced Sustainability Guidance on Developments and Refurbishments to support our investment team and third party service providers.

Monitoring of ESG considerations for active projects is often undertaken by third party project managers.