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Storebrand ASA

PRI reporting framework 2020

Export Public Responses

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Post-investment (monitoring and active ownership)

Overview

PR 08. ESG issues in post-investment activities

08.1. Indicate if your organisation, and/or property managers, considers ESG issues in post-investment activities relating to your property assets.

08.2. Indicate whether your organisation, and/or property managers, considers ESG issues in the following post-investment activities relating to your property assets.

08.3. Describe how your organisation, and/or property managers, considers ESG issues in post-investment activities related to your property assets.

Good strategy and competence are main factors to ensure ESG risks and opportunities are taken care of in the best possible way. Third party certified Environmental or Sustainability management systems provide a good ground for this. The real estate department of Storebrand Asset Managment AS holds it's separate certification for the environmental management system Eco-Lighthouse for real estate managers (aligned with EMAS). Partners, suppliers and contractors are required to hold similar environmental management system certificates, e.g. ISO 14001.

We seek to align our own and our partners', suppliers' and contractors' practices with our main targets of 1) continuous improvement on property environmental footprint, 2) increasing share of properties holding a green building certificate (BREEAM NOR VG/Exc in refurbishment/new-build and BREEAM In-Use VG/Exc Part 1 + 2 for standing investments), and 3) five stars GRESB rating on portfolio /investment manager level. 

 


Property monitoring and management

PR 09. Proportion of assets with ESG targets that were set and monitored

09.1. Indicate the proportion of property assets for which your organisation, and/or property managers, set and monitored ESG targets (KPIs or similar) during the reporting year.

(in terms of number of property assets)

09.2. Indicate which ESG targets your organisation and/or property managers typically set and monitor

Target/KPI
Progress Achieved
          GRESB rating
        
          Proportion of BREEAM certfied properties
        
          Environmental footprint: Energy and water consumption, GHG emissions, waste production and recycling rate
        
          Increase from 76 in 2018 to 82 in 2019 in average GRESB score across all four reporting entities (value-weighted average)
        
          Increase from 30% in 2018 to 41 % in 2019 across all portfolios
        
          From 2018 to '19: Energy -2 %, Water +17%, GHG -8%, Tot waste production (Norway only) -11%, recycling rate from 75 to 72% = increased energy recovery
        
Target/KPI
Progress Achieved
          Zero Serious Health, Environment and Safety incidents in operation and development
        
          Tenant satisfaction - above 80 % average satisfaction
        
          Employer satisfaction - among the best of departments in Storebrand
        
          zero maintained 2019
        
          Achieved 2019
        
          Frequent measurements (6 - 10 per year) - well above average, but not top three.
        
Target/KPI
Progress Achieved
          Zero incidents of bribery and corruption within in our operational control
        
          
        
          
        
          zero maintained 2019
        
          
        
          
        

09.3. Additional information. [Optional]

The logistics part of the portfolio holds barehouse lease contracts, and are outside of investor's operational control. Thus influence on ESG targets and development is limited. However we have newly succeded in getting agreements with these tenants for us to monitor energy, water and waste indicators, which increases our possibilities of bringing up ESG strategy and improvement targets. Tenant engagement initiatives on ESG were taken in this segment in 2019.


PR 10. Certification schemes, ratings and benchmarks (Private)


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.

11.3. Additional information. [Optional]

Our general requirement of refurbishment and property development is the target to meet the mininum standards of 1) energy label B, 2) BREEAM NOR Very Good, and 3) have a sustainability plan that also covers ESG aspects not covered by BREEAM, or where certain BREEAM points and standards are made mandatory. Aside from this we have developed Fit-out guidelines for interior materials with preaxepted products and solutions. This in order to reduce investment costs, optimize operation costs, and not the least - take care of environmental aspects (life-cycle energy consumption, GHG emissions, recycling/circularity, pollution etc), and health, safety and wellbeing of entrepreneurs, tenants and actors in product value chain.

Projects are to establish a sustainability program from day one, to be continuously developed through the phases from concept sketching through area zoning, architect contests etc to tendering and building, in order to secure high ESG quality in both process and resulting property. Guidelines for sustainable procurement are especially focused in the tender process, tender documents and final contracts, to safeguard high ESG standards in the high risk project value chain. 


Occupier engagement

PR 12. Proportion of property occupiers that were engaged with

12.1. Indicate the proportion of property occupiers your organisation, and/or your property managers, engaged with on ESG issues during the reporting year.

(in terms of number of occupiers)

12.2. Indicate if the following practises and areas are typically part of your, and/or your property managers’, occupier engagements.

12.3. Additional information. [Optional]

Sustainability aspects are covered in lease contracts as well as in general building user guidelines. This is not regarded comprehensive enough to be categorized as a sustainability guide. Along with most of the other practices indicated above, this is on the program for improvements in the occupier engagement scheme.


PR 13. Proportion of green leases or MOUs referencing ESG issues (Private)


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