AMSTERDAM, (November 24, 2020): GRESB, the global environmental, social and governance (ESG) benchmark for real assets, has released the results for the 2020 GRESB Real Estate Assessment.
Participation in the 2020 Assessment grew by 22% to cover 1,229 portfolios (2019: 1,005) worth more than USD $4.8 trillion AUM. Data on key environmental performance indicators was reported at asset-level for more than 96,000 assets, across 64 countries, and aggregated to portfolio-level.
This increase in participation, coming despite the challenges of the covid-19 crisis, shows an industry responding decisively to the accelerating investor demand for comparable ESG data. The private sector led the growth trend, with participation growing 32% to cover 953 non-listed portfolios (2019: 723). On the listed side, 271 REITs and property companies reported to GRESB (2019: 240), an increase of 13% on the previous year.
A new baseline for measuring performance
2020 marked an inflection point for the GRESB Real Estate Assessment. We introduced mandatory asset-level data reporting to improve data quality and implemented a new reporting structure that placed a higher weighting((The Performance Component accounts for 70% of the total GRESB Score in 2020)) on the Performance Component towards the overall GRESB Score. This benchmark-wide score reset resulted in the average GRESB Score falling to 70 (2019: 72).
While the changes to the reporting structure and scoring weights make it difficult to draw detailed comparisons with previous years, several trend lines remain:
- Listed property companies still outperform the private sector, but with a smaller lead than previous years. The average GRESB Score for standing investments portfolios is 71 for listed companies and 70 for private entities. For development portfolios, the differences are slightly larger and favor the private sector – listed companies have an average score of 73, compared to 75 for private entities.
- By sector, average GRESB Scores for offices continue to outperform other property types, but the other sectors are closing in.
- The regional breakdown shows Oceania still ahead, with an average GRESB Score of 77. The Asian real estate sector comes in second, with 72, followed by Europe at 69.5, just slightly ahead of the Americas at 69.
- Once again, Europe leads the world in transparency with the highest number of new entities participating in the benchmark, while the Americas cohort remains the largest in dollar terms globally. Americas is also the only region where the average score for the private sector (70) is higher than the listed sector (67).
Environmental Performance Indicators
In 2020, thanks to asset-level data reporting, we are able to provide granular calculations of energy, GHG and water use intensities by entity and property type. The values are shared in the individual Benchmark Reports for guidance purposes. We will be engaging closely with the industry to agree on the development of the calculation methodology for future years.
GRESB is part of the Carbon Risk Real Estate Monitor (CRREM) project and the CRREM Tool aligns closely with the performance data reported in the 2020 Assessment. Our early analysis of participants who were able to provide 100% data coverage in Europe shows that average GHG intensity of participants exceeds the CRREM 2C pathway by 2035, and the 1.5C pathway as early as 2027.
After last year’s increase in like-for-like energy consumption, this year we observe a global reduction of 2%. This decrease can be seen across all regions, with Europe having the largest reduction of 3.2%. Global GHG emissions and water consumption also fell by 3% and 1.5%, respectively.
Participation in the 2020 Real Estate Assessment grew significantly from last year to cover 1,229 real estate portfolios worth more than US 4.8 trillion AUM. While we still have many challenges to overcome on our way to a more sustainable future, it’s inspiring to see this collective commitment to ESG transparency and collaboration from across the global real estate industry.” says Roxana Isaiu, Director Real Estate at GRESB.
Leadership in the GRESB Real Estate Assessment
Each year we are excited to recognize and celebrate GRESB Participants from across the world who have excelled with their leadership and commitment. For 2020, we announce the Real Estate Sector Leaders. We congratulate these members and hope that their example will inspire the industry to further improvements.
2020 GRESB Real Estate Standing Investments Sector Leaders
The GRESB Sector Leaders are the best performers by sector and region.
| Property Type | Name |
|---|---|
| Mixed use-Private | 20 Gracechurch St., Aviva Investors |
| Technology/Science | Alexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc. |
| Residential-Private | Altera Residential, Altera Vastgoed NV |
| Healthcare-Private | Amvest Living & Care Fund, Amvest |
| Residential-Listed | AvalonBay Communities, Inc., AvalonBay Communities, Inc. |
| Other-Listed | Big Yellow Plc, Big Yellow Plc |
| Hotel-Private | Bouwinvest Dutch Institutional Hotel Fund N.V., Bouwinvest REIM |
| Office - Private | Bouwinvest Dutch Institutional Office Fund N.V, Bouwinvest REIM |
| Diversified-Listed | CapitaLand Limited, CapitaLand Group |
| Diversified - Office/Industrial-Listed | Castellum AB, Castellum AB |
| Retail-Private | CBRE European Shopping Centre Fund II SCA SICAV-SIF, CBRE Global Investors |
| Office-Listed | Cegereal, Cegereal |
| Office-Private | Central Saint Giles Limited Partnership, Legal and General Property |
| Diversified - Office/Retail-Listed | City Developments Limited, City Developments Limited |
| Diversified - Office/Residential-Listed | Covivio, Covivio |
| Diversified - Office/Residential-Private | Credit Suisse Real Estate Fund Green Property, Credit Suisse |
| Office-Listed | Dexus Office Trust, Dexus |
| Hotel-Listed | DiamondRock Hospitality Company, DiamondRock Hospitality Company |
| Office-Listed | Fabege, Fabege |
| Industrial-Listed | Frasers Logistics & Industrial Trust, Frasers Logistics & Industrial Asset Management Pte. Ltd. |
| Diversified - Office/Industrial-Private | Frasers Property Australia Pty Ltd - Investment Properties, Frasers Property Australia Pty Ltd |
| Industrial-Listed | GLP J-REIT, GLP Japan Advisors Inc. |
| Diversified - Office/Retail-Private | Hines Master Fund Management Company S.a.r.l. on behalf of Hines Real Estate Master FCP-FIS, Hines |
| Diversified - Office/Residential-Listed | JBG SMITH, JBG SMITH |
| Office-Listed | Kilroy Realty Corporation, Kilroy Realty Corporation |
| Retail-Listed | Klépierre, KLEPIERRE |
| Office-Private | Lendlease International Towers Sydney Trust, Lendlease |
| Industrial-Listed | Mitsubishi Estate Logistics REIT Investment Corporation, Mitsubishi Jisho Investment Advisors, Inc. |
| Industrial-Listed | Nippon Prologis REIT, Inc., Prologis REIT Management K.K. |
| Diversified-Private | QuadReal Property Group, QuadReal Property Group |
| Industrial-Private | Real Estate European Industrial Fund (REEIF), CBRE Global Investors |
| Diversified-Private | SPP Fastigheter AB, Storebrand Fastigheter AB |
| Retail-Private | Steen & Strom AS, Steen & Strom AS |
| Mixed use | Swire Properties Limited, Swire Properties Limited |
| Office-Private | Vantage London LP, LGIM Real Assets |
| Property type | Name |
|---|---|
| Technology/Science | Alexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc. |
| Residential-Listed | AvalonBay Communities, Inc., AvalonBay Communities, Inc. |
| Office-Private | CommonWealth Partners, CommonWealth Partners |
| Diversified - Office/Retail-Private | CREIF, KingSett Capital |
| Industrial-Listed | FIBRA Prologis, Prologis |
| Diversified - Office/Residential-Private | Gerding Edlen Green Cities III, Gerding Edlen Investment Management |
| Industrial-Private | Institutional Logistics Partners, managed by BentallGreenOak, BentallGreenOak |
| Residential-Private | Institutional Multifamily Partners LLC, GID Investment Advisers LLC |
| Retail-Private | Ivanhoe Cambridge - managed portfolio, Ivanhoe Cambridge |
| Diversified - Office/Residential-Private | J.P. Morgan U.S. Value Add, J.P. Morgan Asset Management |
| Office-Listed | Kilroy Realty Corporation, Kilroy Realty Corporation |
| Diversified-Private | QuadReal Property Group, QuadReal Property Group |
| Retail-Listed | Taubman, Taubman |
| Property Type | Name |
|---|---|
| Residential | Advance Residence Investment Corporation, AD Investment Management Co., Ltd. |
| Diversified - Office/Retail-Private | ARA China Investment Partners, ARA Managers (APF) Pte. Ltd. |
| Diversified-Listed | CapitaLand Limited, CapitaLand Group |
| Diversified - Office/Retail-Listed | City Developments Limited, City Developments Limited |
| Diversified-Private | DREAM Private REIT Inc., Diamond Realty Management Inc. |
| Industrial-Listed | GLP J-REIT, GLP Japan Advisors Inc. |
| Industrial-Private | Goodman Japan Core Partnership (GJCP), Goodman Group |
| Hotel | Japan Hotel REIT Investment Corporation, Japan Hotel REIT Advisors Co., Ltd. |
| Office-Listed | Japan Real Estate Investment Corporation, Japan Real Estate Asset Management Co., Ltd. |
| Retail-Private | Lendlease Asian Retail Investment Fund 3, Lendlease |
| Retail-Listed | Lendlease Global Commercial Real Estate Investment Trust, Lendlease Global Commercial Trust Management Pte Ltd |
| Retail-Private | Lendlease Jem Partners, Lendlease |
| Diversified-Private | M&G Asia Property Fund, M&G Real Estate |
| Industrial-Listed | Mitsubishi Estate Logistics REIT Investment Corporation, Mitsubishi Jisho Investment Advisors, Inc. |
| Residential-Private | Natan Limited Liability Company, Tokyu Land Capital Management Inc. |
| Industrial-Listed | Nippon Prologis REIT, Inc., Prologis REIT Management K.K. |
| Diversified-Private | Nomura Real Estate Private REIT, Inc., Nomura Real Estate Asset Management Co., Ltd. |
| Office-Private | Ostara Korea Separate Account, Orion Partners |
| Diversified - Office/Residential | Premier Investment Corporation, Premier REIT Advisors Co., Ltd. |
| Property Type | Name |
|---|---|
| Mixed use-Private | 20 Gracechurch St., Aviva Investors |
| Residential-Private | Altera Residential, Altera Vastgoed NV |
| Healthcare-Private | Amvest Living & Care Fund, Amvest |
| Hotel-Private | Bouwinvest Dutch Institutional Hotel Fund N.V., Bouwinvest REIM |
| Office-Private | Bouwinvest Dutch Institutional Office Fund N.V, Bouwinvest REIM |
| Diversified - Office/Retail-Listed | British Land Company Plc, British Land Company Plc |
| Diversified - Office/Industrial | Castellum AB, Castellum AB |
| Retail-Private | CBRE European Shopping Centre Fund II SCA SICAV-SIF, CBRE Global Investors |
| Office-Listed | Cegereal, Cegereal |
| Office-Private | Central Saint Giles Limited Partnership, Legal and General Property |
| Diversified - Office/Residential-Private | Credit Suisse Real Estate Fund Green Property, Credit Suisse |
| Office-Listed | Fabege, Fabege |
| Diversified - Office/Industrial-Private | Genesta Nordic Real Estate Fund II, FCP-SIF, Genesta Property Nordic |
| Diversified - Office/Retail-Private | Hines Master Fund Management Company S.a.r.l. on behalf of Hines Real Estate Master FCP-FIS, Hines |
| Mixed use | Hufvudstaden AB, Hufvudstaden AB |
| Diversified-Listed | Icade, Icade |
| Retail-Listed | Klépierre, KLEPIERRE |
| Diversified - Office/Retail-Listed | Land Securities Group PLC, Land Securities Group PLC |
| Industrial-Private | Real Estate European Industrial Fund (REEIF), CBRE Global Investors |
| Diversified-Private | SPP Fastigheter AB, Storebrand Fastigheter AB |
| Retail-Private | Steen & Strom AS, Steen & Strom AS |
| Office-Private | Vantage London LP, LGIM Real Assets |
| Property Type | Name |
|---|---|
| Industrial-Private | Australian Prime Property Fund Industrial, Lendlease |
| Retail-Private | Australian Prime Property Fund Retail, Lendlease |
| Diversified - Office/Retail-Private | Dexus Wholesale Property Fund, Dexus |
| Industrial-Private | Goodman Australia Partnership (GAP), Goodman Group |
| Office-Private | Lendlease International Towers Sydney Trust, Lendlease |
| Retail-Private | Lendlease Real Estate Partners New Zealand, Lendlease |
Entity is an Overall Global Sector Leader (Achieved highest score for its sector)
Entity is a Global Sector Leader (Achieved highest score for the combination of nature of ownership and sector)
Entity is an Overall Regional Sector Leader (Achieved highest score for the combination of region and sector)
Entity is a Regional Sector Leader (Achieved highest score for the combination of nature of ownership, region and sector)
2020 GRESB Real Estate Development Sector Leaders
The GRESB Sector Leaders are the best performers by sector and region.
| Property Type | Name |
|---|---|
| Diversified- Listed | Alexandria Real Estate Equities, Inc., Alexandria Real Estate Equities, Inc. |
| Residential- Listed | AvalonBay Communities, Inc., AvalonBay Communities, Inc. |
| Retail- Listed | Brookfield Property REIT, Brookfield Properties |
| Residential- Private | Clarion Gables Multifamily Trust, Clarion Partners |
| Residential- Listed | Equity Residential, Equity Residential |
| Diversified - Office/Residential | Federal Realty Investment Trust, Federal Realty Investment Trust |
| Diversified- Private | GTIS Brazil Fund III, GTIS Partners |
| Diversified - Office/Residential- Private | GWL Canadian Real Estate Investment Fund No. 1, GWL Realty Advisors Inc. |
| Office- Listed | Kilroy Realty Corporation, Kilroy Realty Corporation |
| Office- Private | MetLife/Norges Bank Investment Management Joint Venture, MetLife Investment Management |
| Retail | Mexico Retail Fund, PGIM Real Estate, PGIM Real Estate, PGIM Real Estate |
| Diversified - Office/Residential- Private | Prime Canadian Fund, BentallGreenOak |
| Retail- Listed | Simon Property Group, Inc., Simon Property Group, Inc. |
| Industrial | Terrafina, PGIM Real Estate |
| Retail | Trademark Property Company, Trademark Property Company |
| Office- Private | USO II: U.S. Office Holdings Account, L.P. and U.S. Core Office APTWO, L.P., Tishman Speyer |
| Property Type | Name |
|---|---|
| Residential-Private | ASIA GREEN REAL ESTATE FUND, Asia Green Real Estate |
| Diversified | City Developments Limited, City Developments Limited |
| Industrial-Private | ESR Kendall Square, Inc., ESR Kendall Square, Inc. |
| Residential-Listed | Godrej Properties, Godrej Properties |
| Industrial-Private | PGGM RJLC LP, ESR Singapore Pte. Ltd. |
| Diversified | Phoenix Asia Real Estate Investments V, Phoenix Property Investors |
| Industrial-Private | RJLF 3 Co-Investment Platform, ESR Singapore Pte. Ltd. |
| Mixed use-Listed | Swire Properties Limited, Swire Properties Limited |
| Property type | Name |
|---|---|
| Residential-Private | Anlagestifstung - Immobilien Schweiz, UBS Asset Management |
| Diversified - Office/Retail-Private | Anlagestiftung - Kommerzielle Immobilien Schweiz, UBS Asset Management |
| Office-Private | CS (Lux) European Core Property Fund Plus (Feeder), Credit Suisse |
| Mixed use-Private | CWTC Multi Family ICAV, Hines Real Estate Ireland Limited |
| Diversified - Office/Residential-Private | FORE Partnership, FORE Partnership |
| Office-Listed | GECINA, Gecina |
| Office-Listed | Land Securities Group PLC, Land Securities Group PLC |
| Industrial-Private | Logistis, AEW Europe |
| Retail-Private | Lothbury Property Trust, Lothbury Investment Management Limited |
| Industrial-Private | Prologis UK Logistics Venture, Prologis |
| Diversified - Office/Residential-Private | Regent Street, The Crown Estate |
| Diversified - Office/Industrial-Private | Royal London Property Pension Fund (RLPPF), Royal London |
| Industrial-Listed | SEGRO plc, SEGRO |
| Industrial-Listed | Tritax Big Box REIT, Tritax Big Box REIT |
| Residential-Private | UBS (CH) Property Fund - Direct Residential, UBS Asset Management |
| Diversified-Private | UBS (CH) Property Fund - Direct Urban, UBS Asset Management |
| Diversified-Private | UBS (CH) Property Fund - Léman Residential «Foncipars», UBS Asset Management |
| Diversified-Private | UBS (CH) Property Fund - Swiss Mixed «Sima», UBS Asset Management |
| Residential-Private | UBS (CH) Property Fund - Swiss Residential «Anfos», UBS Asset Management |
| Property Type | Name |
|---|---|
| Office-Private | Australian Prime Property Fund Commercial, Lendlease |
| Retail-Private | Australian Prime Property Fund Retail, Lendlease |
| Residential-Private | Frasers Property Australia Pty Ltd - Investment Properties, Frasers Property Australia Pty Ltd |
| Residential-Private | Lendlease Retirement Living Trust, Lendlease |
Entity is an Overall Global Sector Leader (Achieved highest score for its sector)
Entity is a Global Sector Leader (Achieved highest score for the combination of nature of ownership and sector)
Entity is an Overall Regional Sector Leader (Achieved highest score for the combination of region and sector)
Entity is a Regional Sector Leader (Achieved highest score for the combination of nature of ownership, region and sector)
A new era for GRESB
With the world waking up to the imperative of sustainability, there is much work ahead of us to meet the reporting challenges and data needs of the community we serve. Last week, we were pleased to announce the start of a new era for GRESB – guided by an independent Governance structure and with more capacity to administer the industry benchmark, and support participants in their reporting efforts.
About GRESB
GRESB is a mission-driven and investor-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to the capital markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world. In 2020, more than 1,200 real estate portfolios reported to GRESB covering more than 96,000 assets. Our coverage for infrastructure includes more than 540 infrastructure portfolios and assets. Combined, the reported assets represent US $5.3 trillion AUM. The data is used by more than 100 institutional and financial investors to monitor investments across portfolios and navigate the strategic choices needed for the industry to transition to a more sustainable future. Learn more at GRESB.com.
For more information, please contact:
Claudia Gonella, Marketing & Communications Director at GRESB
[email protected]