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CBRE Global Investors

PRI reporting framework 2020

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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.

          Sustainable building certification
        

11.3. Additional information. [Optional]

Our new construction and major renovation assets undertake a sustainable building certification to a high standard, relevant for the region and asset type (e.g. an office certified to LEED EBOM Gold in the US, a shopping centre in London to BREEAM Excellent and an office in Paris to HQE Excellent). By so doing, we ensure that all the complex sustainability issues relevant to such a project have been taken into account and addressed, local standards have been implemented and market recognition is achieved.

The following is our ESG approach for CBRE U.S. Development Partners 5:

Alongside CBRE Global Investors’ commitment to responsible investment management, Trammell Crow Company (“TCC”), the Fund’s preferred development partner, has long recognized that prudent environmental stewardship is a fundamental social and ethical corporate responsibility. TCC seeks to build value with comprehensive, integrated building solutions that are attentive to the environment, the health of the occupants and the needs of the investors. TCC seeks LEED certification for its projects when possible. TCC is a member of the U.S. Green Building Council and currently has 34 team members that are LEED APs and more than 40 million square feet of office, industrial, retail, civic and multifamily projects in the pipeline, under construction or completed that are sustainable or in various stages of obtaining LEED certification.

Recognizing that real estate development projects have a generational impact, TCC has moved toward the idea of healthy communities to better reflect the long-term significance of TCC projects. Beyond core environmental influences, TCC is committed to addressing the economic, wellness, social, transportation, and governance impacts of its developments. Each of these attributes contributes to developing healthy communities. This comprehensive approach aligns the interests of community members, stakeholders, investors, and clients, creating a Shared Advantage. 

The CBRE U.S. Development Partners 5 portfolio is reporting to GRESB Development module in 2019 for the first time.

European Value Partners 2 has adopted an ESG strategy specifying a minimum level of BREEAM Very Good for all forward funding regardless of the developer. As an early instance of implementation, an opportunity has been identified to certify the portfolio of assets to a higher level of green building certification than initially proposed by the developer (BREEAM Very Good instead of Good). The developer was requested to provide a list of additional sustainability features to include in the design and construction of the buildings. The additional cost was deemed acceptable and the development is progressing with an enhanced sustainability approach for all five buildings. The European Value Partners 2 portfolio is also reporting to GRESB Development module in 2019 for the first time.

 


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