GRESB 2017

As a GRESB Premier Partner, Greengage was actively involved in the 2017 Assessment through running a workshop on ‘Using GRESB to Deliver ESG in Real Estate’, assisting clients in their submission, and participating in official GRESB training, events and targeted working groups to improve the assessment.

Our interactive GRESB workshop in April aimed to provide experienced ESG Managers and organisations benchmarking through GRESB for the first time, with insights to enable them to maximise the positive impact of their GRESB participation. It addressed the practical implications of promoting the ESG performance of real estate portfolios to ensure their sustained long-term value. Participants included investors, developers, asset managers, fund managers and managing agents.

A key topic was how to develop a robust sustainability strategy to underpin the ESG activities of a company. Significant components of this process that were further investigated in a group work exercise included: identifying material issues; securing stakeholder engagement and high-level buy-in; formulating strategy objectives and targets; and tracking progress and reviewing your approach. Resulting insights were then further considered in the context of a case study prepared by British Land focussing on their 2020 sustainability strategy.

Addressing climate risks to assets, such as flooding and overheating, was investigated through a case study of Land Securities’ approach to climate risks. A disastrous one in one-hundred-year flood in Leeds in 2015 caused £700m in damages, highlighting how vulnerable some real estate assets are to the increasing flood risk. Ed Dixon from Land Securities shared how this was identified as a key risk and how this was then addressed in a new 2017/18 commitment to: ‘assess and mitigate site specific climate change adaptation risks which are material across our portfolio’. He shared insights on practical implications to the acquisitions policy; assessing the impact on valuation, service charge, rents; and the efficiency and cost of construction work.

You can find a more detailed summary of case studies and the output of group work exercises on the GRESB website.

Greengage was also active in continuing to manage this year’s GRESB submission for our clients. Following from our work last year, we assessed Lothbury Investment Management in the submission of complete and robust responses and evidence for the New Construction and Major Renovation component of the assessment. Here we could draw from our experience in strategic approaches to integrated design, technological solutions and measurement and progress monitoring, as well as detailed project knowledge from BREEAM Assessments we carried out for this client.

For more information about Greengage’s services around GRESB contact Chris Burgess/chris.burgess@greengage-env.com