Redevco commences second year of BREEAM In-Use portfolio pilot

Redevco, the leading pan-European retail real estate investment management company with over 300 assets in 11 countries, has commenced the second year of its BREEAM In-Use portfolio pilot.

Since 2009, Redevco has been working to certify all assets under management using the BREEAM In-Use scheme and currently, 88% of its portfolio has achieved certification. In late 2016 Redevco engaged with BREEAM and assessor organisations Savills and Longevity Partners to develop a new approach of the application of the scheme for large portfolios.

Under the agreed Portfolio Maintenance Pilot established in 2017, assets which hold BREEAM In-Use certification no longer require revisiting by an assessor (recertification) every three years for certificates to remain valid. Instead, each year a random sample of the portfolio is selected for audit. The findings from this process are taken to be representative of the wider portfolio and all certificates can therefore be renewed on this basis.

Clemens Brenninkmeijer, Head of Sustainable Business Operations at Redevco, said: “A future-proof portfolio is the core of our investment strategy. This means we need to select the right places to invest and continuously improve the environmental performance of our assets. Within this process, BREEAM certification is not the goal in itself: it establishes a baseline against which we can set targets and track improvements. By applying the portfolio methodology to our assets under management, we have consistent reporting to track our progress over the years. The adoption of this methodology marks an important step towards using BREEAM In-Use as a portfolio management tool, helping us to maintain our holistic approach to sustainability and guide us in making environmental improvements to our assets, without jeopardising the financial and commercial objectives at asset level.”

James Fisher, Existing Buildings Products Lead at BRE Global said: “We are very pleased to be working so closely with Redevco on this major shift in certification practice for large real asset portfolios and can only commend them as market-leaders for their focus on continuous improvement. So many existing buildings need our help, so having schemes that can operate at volume is key for BRE as we seek to support the large numbers needing to make vital improvements to support our collective climate obligations. Redevco’s leadership is paramount in signalling to other large portfolio owners that the time for change is now and we welcome it wholeheartedly. The time is now.”

More information on the Redevco website here

For more information on BREEAM In-Use click here