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CBRE Investment Management

PRI reporting framework 2020

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SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。


01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、受託者義務(または同等のもの)の解釈、ならびに、ESGファクターおよび実体経済の影響をどのように考慮に入れているかについて説明してください。

The Firm's investment process is founded on the following principles:

  • Risk must be understood before it can be managed.
  • Market conditions change.
  • Every asset is unique.
  • Asset management creates value.
  • Consistency counts over the long run.

The Firm’s focuses on real estate and infrastructure, comprehensive capabilities and fiduciary commitment to its clients. We believe that ESG practices are more than trends; rather, they are fundamental to our business strategy, our investors, key stakeholders in the communities we invest in, tenants of those properties, and the underlying investments and property companies in which we invest. The outlook and forecasts provided by the Firm’s Research Group are the foundation for the construction and execution of the Firm’s investment strategies. ESG factors, real economy impacts and climate change risks and opportunities are considered in investment analysis and included as inputs to the Firm's proprietary portfolio/risk management tool which is used to build and manage portfolios that best meet the fund/client return goals and risk tolerance. The Firm provides a complete range of investment solutions for its investors and clients, including equity and debt, direct and indirect, real estate and infrastructure, and listed and unlisted strategies delivered through separate accounts and commingled funds.


01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。[任意]

The purpose of the Responsible Real Estate Investment Management Policy is to:

  • Promote transparency and disclosure on material ESG issues. We believe that sustainability and other ESG issues are a material consideration in the underwriting and management of all our investments including unlisted direct real estate, listed property companies, unlisted indirect real estate, infrastructure and private equity. We are mindful that business requirements vary across regions and investment programs.
  • We seek to employ responsible environmental policies and practices for the Firm’s discretionary programs and elevate our ESG disclosure rankings in GRESB and PRI, as well as to share such policies and best practices with our non-discretionary clients and within industry organizations.
  • Commit CBRE Global Investors to responsible investment throughout its operations, and
  • Outperform and be a leader in ESG performance as evaluated by industry benchmarking initiatives such as GRESB and PRI.

By adopting a culture of responsible investment, we hope to create value for our investors via:

  • Higher returns related to higher occupancy, higher rents and lower operating costs for our investments in properties; higher shareholder value due to property companies adopting responsible business practices and governance resulting in stronger performance for our investments in listed securities; and/or strong performing investments due to mitigation of significant risks and identification of opportunities in the infrastructure and private equity asset classes.
  • Risk mitigation by addressing ESG-related legal or regulatory requirements, climate change issues, early recognition of emerging tenant demand for ESG-related factors, and an ability to capitalize on government and utility district incentives by implementing ESG systems and best practices.

Through this policy, we strive to meet goals that are driven by:

  • Our fiduciary responsibility to identify potential intangible risks (e.g. climate change impacts, water supply, energy costs) that could impact our investments;
  • Local and national governmental regulations for building development, building operations, infrastructure, corporate transparency and reporting, that mandate minimum ESG-related standards;

  • Investors seeking strong performance while also meeting ESG targets to comply with commitments made to their beneficiaries, governmental agencies and non-governmental agencies (“NGOs”), such as PRI; and
  • Institutional investors who increasingly require measurable and material ESG metrics from investment managers.

ESG is an integrated part of our investment management process and is incorporated into CBRE Global Investors’ Investment Policies and Procedures. The Responsible Real Estate Investment Management Policy is supported by the fund/account-specific ESG strategies and implementation plans. Please see our RI Policy which is uploaded for how we integrate ESG into the Firm's investment management process.


At CBRE Global Investors, specific emphasis is placed on environmental sustainability and improving the environmental footprint of each asset under management. We recognize that we can make a tangible impact on improving energy efficiency, reducing greenhouse gas emissions and slowing climate change.

As such, we require investment teams to evaluate opportunities for green improvements for each asset prior to acquisition and track efficiency during the hold period with clear guidelines that we implement across our global investment programs at all stages – starting with the acquisition due diligence process and continuing throughout our asset management activities. We routinely engage third-party consultants to evaluate the physical and environmental characteristics of potential investments to identify opportunities for improvements that would reduce a property’s environmental impact.

Each team considers these findings when defining the investment strategy and capital expenditure program for a property, including climate change-related transitional and physical risks and opportunities; location; energy savings; building environmental characteristics (orientation, facades, landscape, etc.); presence of harmful materials or contamination; access to public transportation and environmental characteristics impacting wellbeing tenants (luminosity, thermal, visual, audio and olfactory comfort, etc.); as well as other relevant sustainability factors.



ESG practices are an integral part of the analysis and management of indirect investments through CBRE Clarion Securities and CBRE Global Investment Partners. Many of the property companies, operating partners and funds that we view as high-quality investments for our listed securities and unlisted indirect real estate portfolios have incorporated favorable business practices over time. This includes, for example, the practice of developing and maintaining portfolio assets, which at some level conduct activities which emphasize the use of resources more economically, including increased waste paper recycling, the economical use of water and light, HVAC upgrades, building energy management systems and creating desirable workspaces for users. From a corporate governance perspective, such practices include responsible and diverse board structures, a code of ethics and conflicts of interests policy, compliance structure as well as accurate and transparent accounting methodology. CBRE Caledon formally considers ESG characteristics as part of its investment process when evaluating investment opportunities in both infrastructure strategies and private equity. The investment process consists of a (minimum) two-stage approval process whereby the deal team presents each investment opportunity at least twice to the CBRE Caledon Investment Committee (consisting of the CBRE Caledon’s Partners) and once to the CBRE Caledon Advisory Committee (consisting of experienced external advisors). The deal team is required to directly address ESG considerations in presenting to the Advisory and Investment Committees. In this way, ESG considerations are brought to the fore and inform the decision to approve or reject each underwritten investment.


01.6. 補足情報 [任意]


SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。











02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。









02.3. 補足情報 [任意]

Additional information on the Firm's investment strategy and programs can be found at the following URL:

ESG concepts are closely linked to the principles of responsible investment. ESG reporting and monitoring are evolving from a niche area into standard practice, now widely regarded as a mandatory part of fund management which requires, and is thereby indicative of, very high standards of performance. ​A well-designed ESG strategy enables organisations to align their sustainability efforts with their key stakeholders’ interests, highlighting where they can have the greatest impact, meet their targets and demonstrate their achievements in a transparent manner. ​Setting a comprehensive ESG strategy is a demanding task. There is a wide range of frameworks available, and each fund and asset types have different drivers and needs specific ESG strategies and interventions.​ CBRE Global Investors’ approach to targeted tailored ESG strategies has two phases: Development and Delivery.​ The Development of an ESG strategy involves Benchmarking and Strategising, whereby the current and desired future position of the organisation’s ESG performance is defined. ​In the Delivery phase, actions are Implemented, and Achievement of the set targets is monitored and reported. CBRE Global Investors operates within the ESG-spectrum from Basic through Improving and Engaged to fully Integrated strategies, including Impact Investment. On one end, it is our fiduciary duty to ensure an effective response to ‘push’ factors through critical exclusions and active ESG risk management. On the other end, we actively pursue all ‘pull’ opportunities to enhance value through green practices, set and achieve ambitious targets and effect positive social impact. When setting a portfolio strategy, we take into account the upstream commitments and aspirations of clients and beneficiaries, as well as downstream boundaries of assets and investment strategy, to develop an ambitious and achievable set of material targets and action plans to achieve them. An example of this approach in action completed in 2019 has been published in a case study by Better Buildings Partnership (BBP) and has received an Edie Sustainability Leaders Investor of the Year 2020 award.


SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

03.2. 投資プロセスにおける潜在的な利益相反を管理するポリシーについて説明してください。

CBRE Global Investors has an allocation policy based on a rotation process so that all clients/investors are treated fairly as monitored by Compliance.

The Firm utilizes third parties (including CBRE and other affiliates) for various services. CBRE affiliates are engaged when the relationship allows the Firm to access the highest quality professionals in a given market. If CBRE professionals, services and/or pricing are determined to be less than the best available in the market (based on research conducted by the investment team), the engagement will be competitively bid. The structure of the Firm’s relationship to its parent and affiliates serves to minimize this conflict of interest. A policy is in place in which all investment decisions, including selection of service providers, are made solely by CBRE Global Investors professionals. No employee of the Firm is financially rewarded in any way for fees paid to affiliates. The compensation of senior management/investment teams is largely dependent upon portfolio performance aligning staff economic interests with those of the investor/client/partner. The relationship between a fund/account and affiliated service providers is governed by an agreement which ensures access to the highest quality professionals on arm's length terms and outlines the services to be delivered.


03.3. 補足情報 [任意]

To further mitigate conflicts of interest and avoid any potential incentive to direct business to CBRE on behalf of client accounts, the Firm prohibits its employees from owning CBRE stock without the consent of senior management and the Global Chief Compliance Officer. In addition, all investment professionals must disclose to senior management and the Compliance Department any personal investments in third party funds, partnerships, joint ventures, individual commercial real estate assets, or otherwise which may have overlapping investment objectives with any CBRE Global Investors’ investment programs.

SG 04. Identifying incidents occurring within portfolios (Private)