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B&I Capital AG

PRI reporting framework 2020

You are in Direct - Listed Equity Incorporation » ESG incorporation in actively managed listed equities » Implementation processes


LEI 01. Percentage of each incorporation strategy

01.1. 以下を記載してください。(1)組織でのアクティブ運用上場株式にどのESG組み入れ戦略や組み合わせを使用しているか(2)アクティブ運用している上場株式の戦略または戦略の組み合わせ別内訳

ESG組み入れ戦略 (当てはまるものをすべてお選びください)
アクティブ運用される上場株式に戦略が適用される割合 (推定 +/- 5%)
100 %
アクティブ運用している上場株式の合計 100%

01.2. 組織が実施しているESG組み入れアプローチ、および、特定のESG組み入れ戦略を選択している場合はその理由を説明してください。


From an investment perspective, we have always viewed ESG initiatives of REITs as important factors for long-term value creation, hence incorporating a REIT’s ESG profile (especially Governance) in our investment analysis and decision-making processes. Our portfolio construction is a bottom-up, index agnostic, and best-in-class stock picking process. To properly assess a REIT’s ESG profile, we combine qualitative and quantitative data from both external and internal sources.

Regarding the external sources, B&I Capital is a member of Global Real Estate Sustainability Benchmark (GRESB) for investors. GRESB specializes in assessing and benchmarking the ESG of real assets with a very close focus on environmental and social factors. As members, we have access to their detailed data, scorecards, benchmark reports, etc. It also enables us to track the REITs’ ESG improvements on YoY basis. Complementary to GRESB, we subscribe to Green Street Advisors, a specialist in assessing of corporate governance of individual real estate companies. They provide their own proprietary evaluations and rankings of corporate governance using a set of factors focusing on board make-up, compensation, anti-takeover weapons, and other conflicts of interest.

Regarding the internal sources, we gather ESG data via our proprietary B&I Capital ESG questionnaires, open dialogue with company managements which includes face to face meetings, conference calls, property visits, conferences, etc. We have developed a quantitative scoring methodology reflecting the questionnaires which evaluates the ESG performance of individual REITs.

Not all REITs or RE companies (typically small caps and/or specific geographic regions) are covered by GRESB or Green Street Advisors and thus we have created our own internal assessment procedures reflecting the ESG factors we believe are most material for REITs. The comprehensive ESG overview of individual companies that we are invested or might invest in is part of the B&I research and analysis process. We put a lot of emphasis on the development of each individual company over time. We look for an improving trend rather than just investing in REITs that are already highly ESG rated. 


01.3. ESG組み入れ戦略の組み合わせを使用して資産を運用している場合、ESG戦略の組み合わせをどのように使用しているかを簡単に説明してください。 [任意]

LEI 02. Type of ESG information used in investment decision (Private)

LEI 03. Information from engagement and/or voting used in investment decision-making (Private)

C) 実施: 統合

LEI 08. Review ESG issues while researching companies/sectors

08.1. E・S・Gの各要因が投資分析の一環として体系的に調査されている、アクティブ運用の上場株式ポートフォリオの割合を記載してください。








08.2. 補足情報 [任意]

LEI 09. Processes to ensure integration is based on robust analysis

09.1. ESG統合が徹底した分析に基づいていることを確実にするために、組織が使用しているプロセスを記載してください。

09.2. 組織の統合戦略の一環で包括的ESG調査の対象になるアクティブ運用上場株式の割合を記載してください。

09.3. ESG統合戦略に使われる第三者のESG評価が更新される頻度を示してください。

09.4. ESG統合戦略に使われる組織内調査を見直す頻度を示してください。

09.5. ポートフォリオ・マネージャーがどのようにしてESG情報を保有し、使っているのか説明してください。

09.6. 補足情報 [任意]

LEI 10. Aspects of analysis ESG information is integrated into (Private)