Occupier engagement is not a core component of our business model; this is due to the fact that the funds’ positions are self-liquidating as real estate units (either residential or commercial) are sold. Therefore, the only occupier engagement activities developed during the reporting period are related to the TIs (tenants’ improvements) according to the requirements of the various certifications pursued.
For the projects with EDGE certification, we need to guarantee all occupiers follow the efficiency requirements in terms of equipment, materials and sustainability processes. An example of this is a retail center with 75,374 sq. m. of GLA [OA1] and 498 retail spaces, which during the reporting period started the delivery of retail spaces to the occupiers so that they can complete their respective TIs. Hence, it was necessary to consider three instances to ensure occupiers use the same elements required by the EDGE certification. The first is the co-op bylaws, which includes a section with the specific illumination characteristics required according to the certification. Secondly, in each leasing/selling contract, in the contractor’s obligation section, there is a provision regarding reduction of environmental impacts. This includes the use of low energy consumption appliances, like LED lighting. Finally, the construction contractor oversees compliance with all provisions described above.