2017 GRESB Real Estate Results - Hamburg (C)

2017GRESBRESULTS

E U R O P E

2017GRESBRESULTS

W E L C O M E

Jörn StobbeCOO and member of the Management Board of Union Investment Real Estate GmbH

2017GRESBRESULTS

G R E S B R e s u l t s

Sander Paul van TongerenManaging Director, GRESB

Enhance and protect shareholder value by assessing and empowering sustainability practices in the real asset sector

2009

Assesses the ESG performance of property companies, fund managers and developers

2015

Assesses ESG performance of real estate lenders

2016

Assesses the ESG performance of infrastructure assets and portfolios

GRESB Reporting FrameworkAnnual ESG disclosure for real asset portfolios

GRESB ApplicationsPortfolio risks and opportunities | engagement tool

Institutional Investors• Positive screening for capital

allocation and manager selection

• ESG portfolio monitoring and continuing due diligence

• Comparative market analysis

• Carbon footprinting

Private Equity & REIT Participants• Competitive market and business

intelligence• Policy and practical gap analysis• Engagement tools for internal and

external stakeholders• Management improvement

pathways

Institutional Investor MembersIntegrate ESG data | utilize GRESB analytic tools

TRANSPARENCY RISKOPPORTUNITY

Efficient Capital Markets

2009

Assesses the ESG performance of property companies, fund managers and developers

2016 2017

Tests the degree of listed property companies’ disclosure of sustainability information

GRESB Real EstateAnnual ESG disclosure for real estate portfolios

Provides insights on leadership and actions related to health & well-being in buildings

Health & Well-being Module

2017

Stepping-stone for funds that are capital raising, undergoing due diligence, have short hold strategies and are seeking preliminary assessment of their ESG performance.

PORTFOLIO OWNERS

REAL ESTATE DEVELOPERS

INSTITUTIONALINVESTORSSTRUCTURED

COMMUNICATION

2017 Assessment

© 2017 GRESB B.V.

Pre-release January 17, 2017

MethodologyBasis for benchmarking

• Focused on “entities” (i.e., property companies and funds)

• Linked to units of financial reporting, investment return or management

• Aligned with global standards

• Management & Policy plans, policies, governance, accountability, analysis and data management

• Implementation & Measurement actions, monitoring, and outcomes

GRESB Real Estate Assessment is…

Addresses two essential dimensions…

Policy & Disclosure

Building Certification

Monitoring & EMS

Management

Performance Indicators

Risks & Opportunities

Stakeholder Engagement

Assessment AspectsNumber of indicators

8.8%

9.5%

12.4%

8.8%

10.9%

25.2%

24.5%

Assessment AspectsNumber of indicators

Policy & Disclosure


Monitoring & EMS

Management




GRESB SCORE

8.8%

9.5%

12.4%

8.8%

10.9%

25.2%

24.5%

GRESB SCORE

Policy & Disclosure


Monitoring & EMS

Management




198

850

Do you collect energy data?

2010 2012

Precise energy data coverage

24%

2017

60%

Sustainability clauses in lease contracts?

2012

23%

2017

Sustainability clauses in lease contracts?

80%

GRESB Score

GRESB participants(density)

2012n=445

0 20 40 60 80 100

2017n=823

2013

2011

2012 2014

2015

2016 2017

20172013

2011

2012 2014

2015

2016

North America

Asia

Australia/NZ

Europe

Europe

2017

ESG LEADERS ADOPT HEALTH & WELL-BEING

North America

Europe Asia Aus/NZOther

2016 174

2017 25230% 70100 63

All GRESB

StakeholderEngagement

Management

Policy & Disclosure

Risks &Opportunities

Monitoring &EMS


Building Certifications

57%

Precise energy data coverage

EUROPE

INDUSTRIAL RETAIL RESIDENTIAL HOTEL OFFICE80 162 120 216 166

Intensities/Property type

Europe

North America

Australia/NZ

OFFICE

Average L-F-L energy consumption change

2016:

-1.1%

GRESB average annualized intensity & l-f-l targets

204

$2,324.5bn

11

$2.3bn

3

$11.6bn

433

$803.7bn

124

$346.9bnGlobally diversified9

$26.7bn

66

$146.3bn

204

$2,324.5bn

11

$2.3bn

3

$11.6bn

433

$803.7bn

124

$346.9bnGlobally diversified9

$26.7bn

66

$146.3bn

NORTH AMERICA EUROPE ASIA-PACIFIC

54% 70% 50%

GRESB listed market coverage (% of market cap)

100%GRESB Public Disclosure

GRESB Public Disclosure

ABCDE0

50

100

150

200

Transparency is key

Non-GRESB participants

Transparency is key

0

100

80

60

40

20

2010 2017201620152014201320122011

52100

First-year

8-year

75100

Investors

94%

35%

100%

Use GRESB data in their investment process

Set specific targets in terms of GRESB performance

Consider their managers to be moderately to fully prepared to

meet ESG requirements

2012

2017

Investors have driven ESG-related disclosures in the real estate sector, with the aim to protect and enhance shareholder value

We can more precisely measure and evaluate ESG performance due to increased coverage, better metrics, and higher quality data

The sector’s increased transparency and improved performance supports our mission to evaluate and empower sustainability practices

This image cannot currently be displayed.

2022?

Sustainable Real Assets

2017 GRESB Sector Leaders - Europe

Sander Paul van TongerenManaging Director

[email protected]+31 627045730www.gresb.com

|

2017GRESBRESULTS

EUROPE

v

FAKULTÄTFÜR WIRTSCHAFTS- UNDSOZIALWISSENSCHAFTEN


Latest sustainability / ESG trends from the academic perspectiveHamburg, 18.10.2017

Prof. Dr. Timo Busch

Research Group on Sustainable Finance University of Hamburgwww.wiso.uni-hamburg.de/sustainablefinance

Center for Sustainable Finance and Private WealthUniversity of Zurich www.csp.uzh.ch

v


44


One key question: does ESG pay off?

• 400years0of%empirical%research%on%ESG%(Environmental,%Social,%Governance)%and%Corporate%financial%performance%(CFP)

• Existing%review%studies%summarize%and%analyze%fractions%(small%samples)%of%%available%studies%– which%makes%review%results%ambiguous%and%hardly0generalizable

• Many0questions on%the%ESGFCFP%effect%(e.g.,%asset%class%or%E,%S,%G%subcategories)%have%not%been%analyzed%for%large%samples

• FirstForder%metaFanalysis%is%wideFspread,%but%no%secondDorder0metaDanalysis0has%been%performed%in%the%field%of%ESGFCFP%so%far

v


45


Sample

• Combines%600academic0review0studies,%

thereof%35%soFcalled%voteFcount%studies%and%

25%metaFanalyses

• More%than%3,7000primary0studies0(gross)%

and%a%net0number0of0>02,2000studies0

(considered%in%summary%effects)

• Roughly%~350times0larger0than%the%average%

prior%study%in%this%field

Friede,(Busch(&(Bassen((2015)(ESG(and(financial(performance:(aggregated(evidence(from(more(than(2000(empirical(studies

Free(download:(http://dx.doi.org/10.1080/20430795.2015.1118917

v


46


47.9%

6.9%0.146

62.6%

8.0%0.150

share%of%positive%findings share%of%negative%findings weighted%correlation%level%r%in%studies

voteFcount%studies% metaFanalyses

Source:(Friede,(Gunnar,(Timo(Busch,(and(Alexander(Bassen.(2015.(“ESG(and(Financial(Performance:(Aggregated(Evidence(from(More(than(2,000(Empirical(Studies.”(Journal(of(Sustainable(Finance(&(Investment(5((4)

Result: Unequivocal evidence for the business case based on more than 2,000 studies

! 2nd order meta analysis: Roughly 90% of studies find a non-negative relation with an overwhelming share of positive results

v


47


Asset classes: The positive relation for Bonds and Real Estate is even more dominant as compared to Equities

52.2%

63.9%71.4%

4.4%0.0% 0.0%

Equities Bonds Real%Estate

positive negative

(vote-count sample)

v


48


E, S, & G categories: Slight dominance of governance factors (vote-count sample)

58.7% 55.1%62.3%

35.3%

4.3% 5.1%9.2% 7.1%

E S G various%E,%S%and%G%combinations

positive negative

v


2017GRESBRESULTS

EUROP E

2017GRESBRESULTS

P r e s e n t a t i o nThies GrotheAbteilungsleiter Grundsatzfragen der Immobilienpolitik, ZIA ZentralerImmobilien Ausschuss e.V., Berlin

ÜberblickCSR-Initiativen des ZIA

18. Oktober 2017

Hamburg

Inhalt

1.

2.

3.

4.

5.

6.

7.

8.

18.10.2017 2017 GRESB Real Estate Results for Europe and Germany, Hamburg 2

Vorbemerkung

Grundlagen

CSR-Anfänge im ZIA

ZIA-Struktur „Corporate Social Responsibility“

CSR im ZIA I (strukturell)

CSR im ZIA II (Inhalte / Themen / Trends)

ZIA-Produkte zum Themenfeld CSR

Dialogpartner

Der ZIA e.V.:

! Gründung 2006

! Geschäftsstelle Berlin, Büro Brüssel

! 24 Mitarbeiter

! Ziele: Einheitliche und umfassende Ver-tretung der gesamten Wertschöpfungskette der Immobilienwirtschaft

! Ordnungspolitische Orientierung

! Schwerpunkt Kapitalmarkt / Investoren

! Mitglied u.a. im BDI und im DIN

! Unternehmer- und Verbändeverband

! 202 Einzelmitglieder, 25 Verbände (227)

! ZIA spricht direkt und indirekt für mehr als 37.000 Unternehmen der Immobilienbranche

3

207

26

Unternehmen

Verbände

VorbemerkungZIA: Spitzenverband der Immobilienwirtschaft

2017 GRESB Real Estate Results for Europe and Germany, Hamburg18.10.2017

Gesamtvermögen von 9,3 Billionen Euro

Anteil von 20% an der deutschen Bruttowertschöpfung

3,8 Millionen Erwerbstätige (10% aller Erwerbstätigen in Deutschland)

bis zu 40% CO2-Emissionen

rund 40 Millionen Haushalte

€

„In Deutschland kann es nachhaltige Lösungen nicht ohne die Immobilienbranche geben“ Prof. Dr. Dr. Franz Josef Radermacher

Wachstum &Beschäftigung

Energie &Umwelt

40% CO2

Leben &Arbeiten


ZIA-Nachhaltigkeitskodex - Nachhaltigkeitsleitbild für die Immobilienwirtschaft (1. Auflage Oktober 2011, Fortschreibung & Erweiterung in Vorbereitung)

Branchenreporting(in Vorbereitung)

CSR-Bericht(in Vorbereitung)

Benchmarks(in Vorbereitung)

Überlegungen zum Bereich CSR vor 6-8 Jahren

Nachhaltigkeitspreis gemeinsam mit Mitgliedsunternehmen (in Vorbereitung)

Nachhaltigkeit als Leitthema z.B. „Tag der Immobilienwirtschaft 2012“ (23.05.2012)


Kernpunkt

Der ZIA hat mit und für seine(n) Mitgliedsunternehmen ein Nachhaltigkeitsleitbild der Immobilienwirtschaft erstellt, in dessen Kern der ZIA-Kodex als freiwillige Selbstverpflichtung der Branche steht. Den Kodex und das Leitbild wollen wir kontinuierlich weiter entwickeln und ausbauen!Dazu lädt der ZIA alle interessierten Mitglieder sehr herzlich ein!


…

ZIA-Struktur „Corporate Social Responsibility“ (CSR)

Nachhaltige und werteorientierte Unternehmensführung (Corporate Sustainability Leadership)

EconomicSustainability

EnvironmentalSustainability

SocialSustainability

Corporate Governance

Corporate Citizenship

ZIA: Gesellschaftliche Verantwortung der Immobilienunternehmen (CSR)

Auftragsvergabe ansoziale Organisationen

+ ++ +

Compliance / Korruptionsbekämpfung

Führungskultur

Transparenz/Reporting

Management-Entwicklungs-

u. Vergütungssysteme

Marktchancen (auch durch

Nachhaltigkeit)

Ertragsoptimierung/Kosteneffizienz

Risikomanagement

Wertschöpfungsketten-Management

Ressourceneffizienz / Materialeffizienz

Klimaschutz(z. B.

Verbräuche, Reisen)

Kreislaufwirtschaft (Recycling, Entsorgung)

Diversität / Vielfaltsmanagement

Gesundheit & Sicherheit

am Arbeitsplatz

Mitarbeiterorientierung

Arbeitsplatzsicherheit

Unternehmensspenden

Unternehmenssponsoring

Gemeinnütziges Engagement

…

…

…

Freiwillige Zertifizierungen

(DGNB u.a.)

…

Unternehmensstiftungen

Institutionalisierte Partnerschaft:

! Kooperation mit der ICG

Gremien:

" Nachhaltigkeitsrat

" 3 Ausschüsse (CSR, Energie und Gebäudetechnik, Diversity)

" Themenspezifische Arbeitsgruppen, aktuell:

! AG Green Leases

! AG Reporting

! Task Force Energie

! AG zu Energieeffizienz und Klimaschutz im Bestand

! AG Nachhaltigkeit in der Lieferkette

! AG Nachhaltige Quartiersentwicklung


CSR im ZIA I (strukturell)

! Reporting

! Interne Nachhaltigkeit

! Energieeffizienz und Klimaschutz

! Green Leases

! Benchmarking

! Nachhaltige Quartiersentwicklung

! Nachhaltige Unternehmensführung

! Soziale Nachhaltigkeit innerhalb und außerhalb des Unternehmens (inkl. Wohlbefinden amArbeitsplatz)

! Bürgerbeteiligung

! Nachhaltigkeit in der Bewertung

! Diversity


CSR im ZIA II (Inhalte / Themen / Trends)

! ZIA-Nachhaltigkeitsleitfaden

! Buchreihe „Perspektiven der Immobilienwirtschaft“

" Bürgerbeteiligung

" Nachhaltige Unternehmensführung

" Verantwortung übernehmen

! Weitere Veröffentlichungen

" Unterstützung von zwei Broschüren zu Green Leases (Freshfields; Generali u.a)

" Flyer „Nachhaltigkeit in der Stadtentwicklung“

" Broschüre „Nachhaltigkeitsbenchmarking“

" Positionspapier „Nachhaltige Quartiersentwicklung“


Produkte zum Themenfeld CSR

1. Unsere Mitglieder

2. Stakeholder,

u.a.:

Rat für Nachhaltige Entwicklung der Bundesregierung

Parl. Beirat für Nachhaltige Entwicklung des Deutschen Bundestages

Bundesregierung

EU-Kommission


Dialogpartner

Vielen Dank für Ihre Aufmerksamkeit!

Zentraler Immobilien Ausschuss e.V.Unter den Linden 42

10117 Berlin

Telefon 030 20 21 58 5-0www.zia-deutschland.de

2017GRESBRESULTS

E U R O P E

18.10.2017%|%Page%52

GRESB0Case0StudyGRESB%Results Event%GermanyHamburg

18.10.2017%|%GRESB%Case%Study%|%Page%53

Content

1.Introduction

2.Example Results

3.Ways of Improvement

4.Managing%Sustainability


GRESB0Aspects


Parties Involved

GRESB

Asset%Management Consultant

Property%Management

Tenants

Suppliers ContracFtors

Fund%Management

CommuFnities

Facility%Managers


GRESB020170Results – Overview


GRESB020170Results – Overview

• Overall%score%improved from 63%to 69%! GRESB%Category:%Green0Star

• Management%&%Policy score%above Peer%and%GRESB%Average

• Implementation%&%Measurement%score%equals Peer%and%GRESB%Average


Room forimprovement

GRESB0Aspects


Management

Full points achieved


Policy &0Disclosure

Possible0improvement:

• Q7.2:%Third%party review of sustainability disclosure should be externallyassured.


Risks &0Opportunities


• Q12:%Revise evidence for implementation of governance policies.

• Q16:%Increase coverage of regular technical building assessments (incl.%energy%&%water efficiency,%waste management,%and%health &%wellbeing).

• Q17+Q18:%Implement more energy%and%water efficiency measures.


Risks &0Opportunities


Monitoring0&0EMS


• Q21.2:%Obtain external%certification of Environmental%Management%System%according to ISO%14001.

• Q23+Q24:%Increase coverage for monitoring of energy%and%water datab%have more automatic meter readings and%tenants report their electricity data.


Performance0Indicators


• Increase%data coverage

• Monthly reporting of performance data

• Increase use of renewable energy%(e.g.%ecoFpower)

• Reduce energy%&%water consumption


PerformanceIndicators








Building0Certifications

Possible improvement:0

• Increase coverage of Green%Building%Certificates for operational%performance(e.%g.%BREEAM%InFUse).


Stakeholder0Engagement

Possible improvement:

• Q34.1:%Conduct employee satisfaction survey by independent third party.

• Q37:%Conduct tenant satisfaction survey and%use the results to improve tenantsatisfaction.

• Q39.1:%Include more sustainability requirements in%lease%contracts and%provideevidence.

• Q40:%Have external%contractors /%service providers /%suppliers follow%sustainabilityFspecific requirements in%procurement and%provide evidence.%! The%relatedmonitoring is addressed in%Q41.2.

• Q42:%Draw%up and%implement a%wider%community engagement program.


ESG0Strategy – Elements


GRESB0throughout the year…


Contact: Managing0Director:ES%EnviroSustain GmbH Dr.%Birgit%MemmingerFRieveNeue%Grünstr.%17%(Mindyard) Mobile%%+49(0)160%/%97%94%99%10DF10179%Berlin [email protected]

2017GRESBRESULTS

P a n e lRobert KitelHead of Sustainability & Innovation, alstria office REIT-AG

Iris HagdornReal Estate Manager, UBS Real Estate GmbH

Jonathan PrzybylskiSpokesperson Sustainability, Corporate Communications, Vonovia SE

Martin TroddenEuropean Director, Rockspring Property Investment Managers

Maria HillDirector Sustainability & Internal Services, ECE ProjektmanagementG.m.b.H. & Co. KG, Hamburg

2017GRESBRESULTS

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