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LGS and VFMC join sustainability push
Local Government Super (LGS) and Victorian Funds Management Corporation (VFMC) are among a group of global asset managers that have partnered with major real estate industry associations to create a foundation that will focus on the sustainability of fund managers in the real estate industry.
The Global Real Estate Sustainability Benchmark (GRESB) Foundation will survey fund managers with the aim of reducing the sector’s carbon footprint by increasing the transparency of real estate investment managers.
The data will enable institutional investors to compare the environmental performance of individual property investments with their environmental real estate targets, according to a joint statement from LGS and VFMC.
The results of the initial survey are expected in September this year and will form the basis of a collective effort to improve the resource efficiency of the institutional real estate industry, the groups stated.
VFMC chief executive Justin Arter said VFMC believed investor value and sustainable practices could be enhanced through proper management of environmental, social and governance risks
LGS chief executive Peter Lambert said he encouraged all property investors to look at means to reduce their impact.
“Since 2004 LGS has made significant improvements in energy, water, carbon efficiency and waste recycling to our direct property portfolio and we are now starting to see financial benefits from this in terms of higher yields and superior occupancy rates,” he said.
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