18 Oct 2022
Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Group”), today announced that it has received recognition for continued sustainable innovation and Environmental, Social and Governance (ESG) efforts in the 2022 Global Real Estate Sustainability Benchmark (GRESB) rankings.
For the second year in a row leading commercial and residential developer, asset manager and investor, Frasers Property UK (FPUK), has been awarded a 4* rating in the GRESB rankings.
In further recognition of the company’s credentials in environmental sustainability and its commitment to reducing its carbon footprint across its property portfolio, FPUK was awarded an overall score of 83 – well ahead of the average score in its peer group (69). This puts it top of its peer group once more on all matters related to Environment, Social and Governance (ESG). Frasers Property UK scored 100% in the Management category, a first for the company.
All Frasers Property entities took part in the Standing Investments categories, with relevant entities also participating in the Development category. Participation in the GRESB rankings enable our entities to benchmark performance with our peers and provide a platform for cross-sharing between our business units.
Each year, GRESB assesses and benchmarks the ESG performance of real estate assets worldwide, providing valuable independent insight for financial markets on the complex issue of sustainability. Aligned with international reporting frameworks such as TCFD and GRI, and emerging regulations, the results help guide investors and the industry on the sustainability performance of asset investments.
Commenting as the results were announced, Frasers Property UK Senior Sustainability Manager, Amira Hashemi, said: “FPUK’s GRESB rating and our above-average overall score demonstrate our strong and ongoing commitment to improving the governance and performance of our portfolio across the UK, in line with global initiatives to decrease carbon emissions as we all work towards achieving net zero carbon.
“With an increasing interest in ESG; greater expectations around reporting and transparency and more scrutiny than ever, I am not surprised to see that the number of entries for this year’s GRESB assessment has increased and would encourage more in our industry to benchmark themselves against the standards. I am pleased to report that FPUK achieved 100% in the Reporting, Risk Management and Data Monitoring categories.
Commercial Director at Frasers Property UK, James Smith added: “We are delighted that GRESB has recognised our continued improvement of environmental performance across the portfolio.“
The rating is an important and independent way for companies to demonstrate their progress and commitment to decarbonising the built environment.
Mr Chia Khong Shoong, Group Chief Corporate Officer, Frasers Property Limited, said:
“Our outstanding performance in the GRESB rankings is further affirmation of our comprehensive sustainability efforts across our entities. As an internationally recognised benchmark that assess properties’ ESG performance, Frasers Property recognises the value of having our business entities participate in the annual GRESB assessment.
“The annual rankings are useful to benchmark ourselves in our relevant markets and sectors. There is a growing need for transparency in disclosure and reporting consistency, thus having all business entities participate together helps provide greater accountability to stakeholders.”
This year marks a significant milestone in FPUK’s sustainability journey, which is due to complete its transformation of the former London Metropolitan School of Art, now known as The Rowe, on the City Fringe in London. The new building will establish an increased total footprint of 162,000 sq. ft. of modern workspace and over 17,000 sq. ft. of outdoor terraces, with outdoor space on each floor. – Through retaining the existing façade and implementing sustainable construction principles, the embodied carbon within The Rowe is c.15% less than an average office development.
Running on 100% renewable energy, The Rowe is now a modern, sustainable work environment that pays homage to the building’s artistic and cultural heritage.