Pradera has achieved five green stars for the performance of its Pradera European Retail Parks SCSp fund ‘PERP’ in the 2023 Global Real Estate Sustainability Benchmark (‘GRESB’) real estate assessment, securing the highest GRESB rating for distinguished Environmental, Social and Governance (ESG) management and performance. PERP has also maintained first place in its peer group in the core European retail warehouse sector for the second year running by recording a score of 90 points, which represents an eight point improvement from last year’s score of 82 and a 50 point improvement since the portfolio acquisition in 2017.

PERP’s primary goal is to reduce its carbon footprint by integrating various efficiency measures into daily asset and property management activities. The 2023 GRESB survey further confirms that the PERP portfolio has made great strides to reduce its energy consumption and greenhouse gas emissions with an annual like-for-like decrease of 5.1% and 7.9% respectively.

Colin Campbell, Pradera’s Chairman, said: ‘We are delighted to receive this outstanding recognition for PERP, which demonstrates Pradera’s continuing commitment to ESG to generate value for our investors in an ethical and sustainable way. With our asset and property management teams fully embracing ESG initiatives, we have progressed climate action and obtained Building Research Establishment Environmental Assessment Method (“BREEAM) In-Use certifications for the lion’s share of PERP’s assets and are working on securing additional certifications for the German assets.

Moreover, at Pradera we support the UN Sustainable Development Goals (SDGs) and take initiatives which avert adverse impact on the environment and develop positive relationships with the local community, our tenants, suppliers, business partners and employees as part of our commitment to running a responsible business.’

Anna Finch, Pradera’s Head of ESG, said: ‘This year we have improved the score once again, for the first time reaching the five star level. This is a remarkable achievement and testimony that Pradera is committed to delivering long-term ESG solutions. Factors that shaped PERP’s improved ESG performance include a focus on decarbonisation targets, our collaboration with tenants and robust data coverage.’

Image: EV chargers at Homepark Retail Park, Ulm, Germany