8A — September 28 - October 11, 2018 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
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O wners , D evelopers & M anagers Will be used to determine limits for each use type Union Investment develops newManage to Green strategy
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H
ow can the building stock be made virtu- ally climate neutral by
2050. The investment neces- sary to achieve these target values is factored into the due diligence process and is there- fore included in the profitability analysis. Union Investment will use these limits and target values to formulate specific CO2 savings targets and other goals for its real estate portfolio at the beginning of 2020 as the core element of its Manage to Green strategy. “The redesigned SI Check is having a significant impact on the strategic direction of our portfolio, which shows we are taking the aims of the German Climate Protection Plan very seriously and are considering the increasing sustainability requirements at an early stage. In doing so, we are safeguard- ing the quality of our portfolio in the long term and making proactive decisions in the inter- ests of our investors,” said Dr. Reinhard Kutscher, CEO and Chairman of the Management Board of Union Investment Real Estate GmbH. Union Investment conducts the SI Check prior to every pur- chase of a commercial property.
The tool is also used to analyse existing holdings on an an- nual basis in order to identify potential for continuous im- provement in the sustainability performance of office, retail, hotel and logistics properties. Properties can achieve a score of between 1.0 and 5.0. The EMPORIO office building in Hamburg currently holds the top score in the Union Invest- ment portfolio at 4.3. “The results of the SI Check are already an important point of reference for our fund man- agers and our institutional customers,” said Dr. Kutscher. “By updating the evaluation procedure, we are aiming to es- tablish the SI score even more firmly as a property-specific equivalent to the ESG scores widely used for securities.” The revised SI Check eval- uates criteria across seven categories: energy, economy, resources, user comfort, op- erational measures, location and building automation. The “building automation” category has been added to the revised check to enable the extent of continued on page 10A
2050? That is the issue l o n g - t e r m investment m a n a g e r s are currently g r a p p l i n g w i t h . T h e Paris Agree- ment has now been ratified
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Dr. Reinhard Kutscher
by 179 countries. In light of this, Union Investment has revised the Sustainable Invest- ment Check (SI Check) it first introduced in 2009, thereby laying the foundation for its newManage to Green strategy. Going forward, the rede- signed SI Check will be used to determine limits for each use type. Properties and develop- ment projects that are being considered for acquisition will need to comply with these lim- its. Additionally, the check will make it possible to define the target values a property must achieve in future in order to meet the German government’s climate protection goals by
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