GRESB
GRESB is a company that provides standardized and validated environmental, social, and governance (ESG) data and related insights for the real assets investment industry.[1][2] Each year it provides annual benchmarks for standing real estate investments, real estate projects in development, infrastructure funds, and infrastructure assets.[3][4][5]
Organizational structure and relationship to real assets investors
GRESB was established in 2009 as a collaboration between a group of pension funds and Maastricht University to assess the sustainability of real estate fund managers.[6][7] In 2014 the company was acquired by GBCI and then sold in 2020 through a management buyout in conjunction with Summit Partners.[8][9] Today, GRESB is a benefit corporation with an associated but independent not-for-profit foundation that owns and governs the ESG standards upon which the GRESB assessments are based.[9][10] The GRESB Foundation is composed of representatives from its member organizations – institutional investors as well as companies and fund managers that participate in the various assessments.[11][9]
Assessment structure and timeline
The annual real estate and infrastructure assessments that GRESB manages are guided by what investors and the industry consider to be material issues in the sustainability performance of real asset investments.[12] They are aligned with international reporting frameworks as well as region- and country-specific disclosure guidelines and regulations.[13]
The GRESB assessments are open from April through June each year. From July through August, data submitted by assessment participants are reviewed, validated, scored, and benchmarked. Participants receive preliminary benchmark results in September and final benchmark results in October, after which they can share their information with investors and other stakeholders. This is also when GRESB releases aggregated global results to the public.[14]
Industry collaborations and use of data
The GRESB Foundation is supported by a Real Estate Standards Committee and an Infrastructure Standards Committee as well as several expert resource groups working on specific ESG topics. These committees and groups are staffed by professionals who work within the respective asset class, usually at companies that participate in the assessments.[11][10]
GRESB, the company, collaborates with industry associations, regulatory bodies, and research and innovation projects like the Carbon Risk Real Estate Monitor, better known as CRREM.[15][16][17]
GRESB data is also often used by borrowers and lenders to structure sustainability-linked loans and by stock exchanges and exchange-traded fund sponsors to create ESG-structured indices.[18][19][20][21]
References
- ↑ Sisson, Patrick (2021-10-26). "As Risks of Climate Change Rise, Investors Seek Greener Buildings". The New York Times. ISSN 0362-4331. Retrieved 2023-08-01.
- ↑ Azizuddin, Khalid (2021-08-31). "GRESB sees surge in ESG disclosure for real estate and infra". Responsible Investor. Retrieved 2023-08-01.
- ↑ Murray, Sarah (2021-05-14). "Measuring what matters: the scramble to set standards for sustainable business". Financial Times. Retrieved 2023-08-01.
- ↑ Mooney, Attracta (2021-03-15). "Investors scrutinise 'real' assets on sustainability credentials". Financial Times. Retrieved 2023-08-01.
- ↑ "GRESB lanceert vierde survey duurzaamheidsprestaties". Vastgoedjournaal.nl (in Nederlands). Retrieved 2023-12-20.
- ↑ Williams2011-03-31T15:30:00+01:00, Jonathan. "APG, PGGM, ATP join on real estate sustainability benchmark". Real Assets. Retrieved 2023-08-01.
- ↑ "The power of benchmarking: GRESB comes of age". 2014-04-23. Retrieved 2023-08-01.
- ↑ Lowe2020-11-16T15:04:00+00:00, Richard. "GRESB sold by GBCI as investors push for benchmark's independence". Real Assets. Retrieved 2023-08-01.
- ↑ 9.0 9.1 9.2 Mair, Vibeka (2020-11-17). "US asset manager helps buy sustainable real estate body GRESB". Responsible Investor. Retrieved 2023-08-01.
- ↑ 10.0 10.1 "A conversation with Rick Walters, Patrick Kanters and Katherine Sherwin: i3 senior editor Drew Campbell discusses the goals and purpose of the GRESB Foundation". Institutional Real Estate, Inc. Retrieved 2023-08-01.
- ↑ 11.0 11.1 Burgess, Kate (2023-07-09). "Masters of the ESG Universe". The Fifth Estate. Retrieved 2023-08-01.
- ↑ Kalsi, Sonny. "Council Post: What It Means To Be A Socially Responsible Real Estate Investment Manager". Forbes. Retrieved 2023-08-01.
- ↑ Writer, Guest (2022-12-01). "GRESB on tackling the EU Taxonomy". PERE. Retrieved 2023-08-01.
- ↑ "Key dates: GRESB Assessments timeline". GRESB. Retrieved 2023-08-01.
- ↑ "ESG data initiative of the year: Carbon Risk Real Estate Monitor (CRREM)". Environmental Finance. Retrieved 2023-08-01.
- ↑ Marsh, Joe (2022-09-26). "Real estate: CRREM cements status as transition risk standard setter". Capital Monitor. Retrieved 2023-08-01.
- ↑ Devine, Avis; Kok, Nils; Wang, Chongyu (14 August 2023). "Sustainability Disclosure and Financial Performance: The Case of Private and Public Real Estate". Journal of Portfolio Management: 23. SSRN 4540425 Check
|ssrn=value (help) – via SSRN. - ↑ "Nikkei launches green J-REIT index using data from GRESB". Institutional Real Estate, Inc. Retrieved 2023-08-01.
- ↑ "S&P Dow Jones, GRESB launch green REIT indexes". www.spglobal.com. Retrieved 2023-08-01.
- ↑ Tan, Emelia (2023-05-07). "Three more S-Reits added to iEdge-UOB Apac Yield Focus Green Reit Index". www.businesstimes.com.sg. Retrieved 2023-08-01.
- ↑ Sayer, John; Lai, Ir Albert (2021-11-02). "Sustainability-linked finance: the unresolved dilemmas". Eco-Business. Retrieved 2023-08-01.
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