— THE GRESB PRE-ASSESSMENT —
A straightforward, standalone ESG evaluation comprised of a subset of indicators from the GRESB Real Estate Assessment.
The GRESB Pre-Assessment enables companies and funds to accelerate the integration of ESG into their operations and provides a stepping stone for participation in the full GRESB Real Estate Assessment.
It excludes asset level information and is suitable for entities that are capital raising and those that are in the early stages of managing their sustainability performance.
What is the GRESB Pre-Assessment?
More investors than ever before are directing capital toward companies and funds that are proactively measuring and managing ESG risks and opportunities. This trend is fueling demand for ESG reporting across an ever-widening set of real estate investment strategies, across all stages of the investment cycle and in new markets.
The GRESB Real Estate Pre-Assessment is designed to address this demand from investors by providing a preliminary ESG assessment that focuses on GRESB Real Estate Management and Policy Indicators and excludes asset level information. Reporting to the Pre-Assessment requires a lower commitment of time and resources and can be used as a stepping stone for participation in the full GRESB Real Estate Assessment.
The Pre-Assessment is validated and scored using the globally recognized GRESB methodology, and can be completed at any time outside the GRESB reporting period, with prompt scoring feedback. Pre-Assessment results are confidential and participants can control whether to distribute their results to GRESB Investor Members.
Who Should Participate in the GRESB Pre-Assessment?
The Pre-Assessment has two main use cases:
Existing real estate vehicles that have recently begun incorporating ESG into operations
The Pre-Assessment familiarizes you with the GRESB Benchmark, provides clarity on how your ESG performance compares with your peers and highlights what you can do to improve in the most efficient way.
Marcus Dillon, Procurement & Facilities Manager, Hibernia REIT: “Hibernia REIT plc joined GRESB in November 2017, we took part in the Pre-Assessment which offered us a valuable insight into the GRESB set up, it highlighted a number of areas that we could start working on immediately. Our corporate sustainability performance is key to our corporate objectives and our GRESB performance will be the benchmark against which we will be judged and against which we can continue to improve. The Pre-Assessment was invaluable in preparing for our first full submission of the main 2018 real estate assessment which we have recently completed.
Sander de Graaf, MN: “The 2017 Pre-Assessment gave us a chance to familiarize ourselves with GRESB, and discussing the results with the GRESB team gave us the input to confidently participate in the 2018 GRESB Real Estate Assessment. One of the main takeaways from participating in the GRESB Pre-Assessment was to jump right in by getting your whole team involved in the process, which is both a fun and educating experience and gives participants tools to further improve their ESG aspects of their portfolio.”
New mandates that are raising capital, undergoing due diligence or constructing a property portfolio
The Pre-Assessment helps you respond to new forms of ESG due diligence that investors are performing across an ever-widening variety of fund strategies, property companies, and markets. Your participation can be used as a marketing tool for fundraising.
Patrick Kanters, Managing Director Global Real Estate & Infrastructure, APG Asset Management “The GRESB Assessments give us the required ESG performance insight of our investments, and with this newly launched GRESB Pre-assessment we get the opportunity to receive the necessary information ahead of the decision-making related to new private real estate investments.”
Mathieu Elshout, Senior Director, Private Real Estate Europe, PGGM “PGGM requires all non-listed property investments to participate in the GRESB Real Estate Assessment, which shows the importance of ESG performance for all our investments. The GRESB Pre-Assessment serves a valuable role in our due diligence process for future investments as well as for investments in markets that are at an early stage of the ESG movement.
Benefits of Participating
Participating in the GRESB Pre-Assessment will:
|Get you familiar with the GRESB process and prepare you for participation in the broader Real Estate Assessment.||Provide you with a confidential ESG performance evaluation on-demand.
|Allow you to use your results as a marketing tool for fundraising.||Enable you to evaluate your ESG performance against a globally recognized standard adapted for specific investment strategies.|
|Provide clarity on how well you are managing material ESG risks, and how your risk management processes compare against the market.||Provide you with a checklist of improvement opportunities, where you are underperforming in comparison with your peers.
|Enrich your dialogue with investors, and highlight your efforts to make proactive ESG performance improvements.||Help you respond to new forms of ESG due diligence that investors are performing across an ever-widening variety of fund strategies, property companies, and markets.
GRESB Real Estate Investor Members
Never before have investors incorporated ESG risk analysis across such a wide variety of fund strategies, property companies, and markets. More than 70 pension funds and their fiduciaries use GRESB data and analytical tools in their investment management and engagement process in order to optimize the risk/return profile of their investments. The Pre-Assessment provides a communication platform for companies and funds to improve investor engagement and report validated ESG performance information in a format and language that serves their needs.
How the GRESB Pre-Assessment Works
The GRESB Real Estate Pre-Assessment can be completed at any time from October 1, 2018 to March 15, 2019. Participants report to GRESB on a subset of indicators from the GRESB Real Estate Assessment. The Pre-Assessment provides a meaningful evaluation of performance for the selected indicators in absolute terms and by comparison with the 2018 GRESB Assessment participants.
Once submitted, the data is validated, scored and benchmarked using the globally recognized GRESB methodology. Within 2 weeks of submission, you will receive a Pre-Assessment report. At this point, you will have the opportunity to request a Results Review, which is a high-level analysis of your initial score performed by the GRESB team.
Analytical Tools and Services
Pre-Assessment participants benefit from the following analytical tools and services:
Provides you with an individual GRESB score, a breakdown of your ESG performance and a summary analysis of how your performance compares to your peers.
Gives an in-depth analysis of your sustainability performance and a detailed indicator-level comparison with peers. The report allows you to compare your performance to your peer group, identify issues and opportunities, and to make business decisions.
Validation by GRESB staff of each indicator provides an important element of quality control and underpins the accuracy and reliability of the results.
Dedicated to helping you complete the Pre-Assessment smoothly and efficiently. The GRESB team is on hand to answer any questions you may have.
The “Guidance” tab in the Assessment Portal provides you with clear blueprints for completing the Pre-Assessment. This guidance is also provided in the Pre-Assessment Reference Guide.
Provides an opportunity to discuss your results and validation decisions with GRESB staff. The call is followed up with a Result Review Report summarizing topics discussed during the call and opportunities for improvement.
The Pre-Assessment Results
The Pre-Assessment results are made available in the GRESB Portal and include the GRESB Scorecard and Benchmark Report. The results remain confidential to the reporting entity. The account manager of the reporting entity can control the distribution to investors from the GRESB portal.
Each pre-assessment entity is allocated to a peer group, based on the property type and geographical location of underlying assets.
The comparison group is determined by the entities reporting in the Real Estate Assessment, carrying the same characteristics as the Pre-Assessment entity. This facilitates a meaningful comparison with the companies and funds that reported on a complete set of ESG indicators.