SUSTAINABLE INVESTMENT IN REAL ESTATE

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1 SUSTAINABLE INVESTMENT IN REAL ESTATE A guide to green value creation and risk management Table of contents Edited by Paul McNamara, PRUPIM

2 SUSTAINABLE INVESTMENT IN REAL ESTATE Edited by Paul McNamara, PRUPIM 1. Introduction and history of sustainability, main themes and challenges Paul McNamara, PRUPIM 2. A global perspective on green value in commercial property Nils Kok and Andrea, Chegut Maastricht University, Netherlands 3. Defining and implementing sustainability risk management Bill Hughes, Legal & General Property 4. How to raise a sustainability-focused real estate fund, make suitable investments and exits - Q&A Tim Mockett and Esme Lowe. Climate Change Capital 5. Fundraising to fund management in sustainability-focused real estate Louise Ellison, Quintain Estates & Development PLC 6. Green rating audits in pre-acquisition due diligence Jean-Francois Le Teno, AXA Real Estate 7. Green Office: educating tenants in the benefits of sustainable tenancies Gary Holtzer, Hines 8. Maintaining energy efficiency over the life of the lease Katharine Deas, Low Carbon Workplace Ltd. 9. An institutional investor s view of sustainability - Q&A Ownen Thorne, Merseyside Pension Fund 10. ROI of sustainable improvements Julie Hirigoyen, Jones Lang, LaSalle

3 SUSTAINABLE INVESTMENT IN REAL ESTATE Contents continued Optimising the business case for low-carbon refurbishment Isabel McAllisteer, Fiona McWilliams, Richard Quartermaine, Cyril Sweett 12. The IPD Sustainable Property Index Christina Cudworth, IPD 13. Environmental metrics and fund performance Charles Woollam and Chris Edwards, Sustainability in Asset Management 14. Energy Efficiency Financing Barriers and Opportunities Namrita Kapur, Environmental Defense Fund 15. Special considerations in sustainable property financial analysis Scott Muldavin, Green Building Finance Consortium 16. The role of regulations in changing tenant and landlord behaviours a UK case study Dave Farebrother, Land Securities 17. Valuation techniques, trends and models Philip Parnell, Drivers Jonas, Deloitte 18. A comparative international study of green-lease terms and structures Bonny Hedderly, Steven Cox and colleagues, K&L Gates 19. Regulatory environment for real estate investment in sustainability Tatiana Bosteels, Hermes Real Estate 20. Sustainable real estate design and its link to creating value Paul Edwards, Hammerson

4 01 Responsible property investment setting the context Paul McNamara, PRUPIM Introduction This chapter reflects on the current state of play with respect to responsible property investment (RPI) and, by outlining how this field is developing and the range of issues property market practitioners are currently wrangling with, provides a context for many of the more detailed chapters later in this book. Given the range of issues to be addressed and the space available, what follows is not meant as a comprehensive documentation of the history and current landscape of the RPI field. Furthermore, given the focus of my own working background and experience, it is necessarily partial, draws particularly on the British experience from an institutional investor perspective and focuses almost exclusively on commercial rather than residential property. This chapter begins with a brief review of the drivers behind the emerging field of RPI and how they have evolved over the past decade. It then reviews some of the key questions property owners and investors are dealing with today such as why they should manage property portfolios responsibly, what responsible property investment looks like and what types of things do responsible property investors do. The chapter ends with a brief look at some of the emerging issues surrounding RPI likely to be debated in coming years. Responsible property investment: historical context The first driver towards responsible Investment in real estate is a general rather than specific one, and relates to the growing pressure on businesses of all kinds, not just in real estate or even the wider investment field, to operate in accordance with some code of conduct or value system. This is not a new phenomenon. We can trace the existence of ethical investment practices back over a considerable time most obviously those influenced by religious beliefs. Adhering to Muslim principles, Shari ah-compliant investment is one well-known example of ethical investment which, in common with similar Christian investment policies, refers to religious beliefs when eschewing investment in businesses related with, among other things, alcohol and sex-trade-related activities, or actively choosing to support other businesses which chime with other beliefs. Naturally, each ethical value system can lead to its own specific form of investment screening, which delimits what economic activities should or should not receive capital support. As social mores and consciousness have evolved and embraced new and more secular issues, it is not surprising to see the bases for negative and positive screening of investments also evolve. 1

5 Section 1 In the 1960s (see Sparks, 2002) there was orchestrated and widespread activism with the aim of wringing political changes with respect to both the Vietnam War and the apartheid regime in South Africa. Some of this was directed at denying access to investment capital for armaments manufacturers and what was considered a pernicious political regime. We can now recognise that another burgeoning area for activism around the same time related to the destruction and degradation of the environment. Environmental activism developed at all spatial scales. At the localist end of the spectrum, many communities reacted against the destruction of their local environments through urban redevelopment programmes while, at the global scale, a wide range of social movements have mobilised to campaign about the destruction of tropical rainforests, the dangers to biodiversity, pollution and many other issues. A further important, indeed potentially all-encompassing, environmental issue that has emerged has been the concern over man-made influences on the warming of the global climate. The growing awareness among politicians, regulators, activists and concerned members of the property industry that, through hosting the majority of human social and economic activity, the built environment is both a key part of both the problem and the solution to such issues, has led to sustainability issues rising rapidly up the agenda of all those involved in property concerned with its development, use, ownership and governance. Furthermore, as these factors have increasingly been perceived as a burgeoning influence on the operation of the property market and the economics of property investment, they have also fostered a growing business imperative to understand and act on sustainability issues more fully (see below). Naturally, the response to environmental issues both in general and across the property industry specifically is neither universal nor synchronised around the globe. Attitudes and policy responses to the environmental impacts of property vary in line with differing socio-political beliefs on how and whether polities should influence market forces, with differing perceptions around the need to conserve or secure natural resources and energy, and with the differing stages of economic development yet reached around the world with developing countries resisting any externally imposed constraints on their right to economic development. However, there is one constant when and wherever we look at how the property industry has involved itself in these issues, namely, that the early movers in the property industry taking action on environmental issues have been those involved in developing and constructing new buildings. This is perhaps unsurprising given property development is the single-most environmentally impactful and obvious activity that property investors involve themselves in, affecting local communities and environments and constituting major environmental impacts in their own right, but with the greatest scope to determine the environmental performance of a built structure over its entire life. This early focus on new construction was responsible for a phase in which environmental issues in property became associated almost exclusively with new development. 2

6 Responsible property investment - setting the context This misperception could not and did not last. New developments add only around 1-2 percent to the stock of a mature property market each year. As such, it quickly became clear to many that attention on issues relating to carbon emissions and resource usage in property needed to be redirected to the much more important area of existing built stock. As environmental and climate-change concerns grew and the number of policy reactions to them burgeoned, concerns about sustainability and RPI inevitably spread to all areas of property markets in mature countries. With this came all of the arguments which had raged around what could be afforded and how to act responsibly in green development and began to be heard with respect to property investment and asset management, more generally. As these environmentally driven changes were gaining momentum in the property industry, elsewhere across the corporate world internal and external pressures were building on companies to be increasingly explicit about the actions they were taking to support local communities and protect environments. Similar pressures were also building on investment fund managers to provide vehicles through which issues-based and ethics-based investors could invest in ways that respected their value sets. Observing companies in other sectors and investment managers in other asset classes, property investors and fund managers became increasingly aware in the early 2000s of the need to publicly report their own corporately responsible actions and, further, to consider the potential nature and practice of RPI. Clearly, all companies possess a unique heritage and culture and many have had honourable histories of community-based initiatives, charitable and otherwise, long before the term corporate social responsibility (CSR) was ever coined. However, growing pressures from investors and activists, or the need simply to be recognised more generally among peers for good works being done, fuelled a growth in CSR reporting for property companies. As environmental concerns have grown, this trend has continued with an increasing number of companies and investment houses reporting on their environmental activities. This emerging pressure for property investors to take action and manage their property portfolios responsibly and to report on the environmental benefits of that action has spawned an entire industry of building-related environmental consultancies and environmental performance-measurement providers. Sometimes both activities are embodied in the same organisation, sometimes not. This growth has largely been spontaneous, localised and uncoordinated, with advisory businesses and expert entrepreneurs perceiving a potential market void to exploit. Not only was there a growing desire to create environmentally acceptable buildings but for them to be recognised and labelled as such. These metrics and labels were initially related to the environmental credentials of new constructions. Different 3

7 03 Defining and implementing sustainable property Bill Hughes, Legal & General Property Introduction Acknowledging sustainability as a set of risks which, if managed appropriately, can minimise the downside and potentially maximise the upside benefits in real estate investment is gaining traction with property investors in many developed economies. In order to position sustainability within a range of traditional risk factors, at the level of a building or location, it is important to focus on which risk aspects have gained increasing prominence in recent times. Figure 3.1 illustrates increasingly relevant risk factors, highlighted in green, which are becoming part of the physical, legal and financial considerations of investing in commercial real estate. Figure 3.1: Traditional real estate risk factors Legal Physical Contamination Changing location preferences Obsolesence Depreciation Competing supply Flooding Tenure Restrictive covenants Landlord tenant obligations Regulatory / legislative change Source: Legal & General Property Rent levels Capitalisation rates Running costs / service charges Void periods Tenant default risk Capital expenditure Tax Financial Sustainability is undoubtedly becoming a key issue for real estate investment managers, but it is far from clear how it fits into their fiduciary responsibilities to investors, which must remain their first priority. Alongside the concept of treating customers fairly, a manager s central concern is delivering the mandate as specified in its investment 23

8 Private equity real estate Definitions of sustainability in real estate Definitions of sustainability vary widely across different types of organisation and even among property fund managers. The key categories for consideration, listed below, fall into two distinct areas those associated with the building itself and those that are defined by the property s location: z Energy usage and energy efficiency (building) the control and efficiency of energy usage is a key factor influencing how occupiers consider the space they use for business, and inputs directly into occupational costs. z Reduction in carbon dioxide emissions (building) the level of carbon dioxide emissions is a measurable component of the environmental performance of a building, which is becoming a landlord and/or tenant cost under current and future regulation. z Water usage and water efficiency (building) the cost of water is increasingly considered as a sustainability factor; water-efficient buildings with low usage and/or water-recycling systems are at an advantage. z Waste production and recycling (building) waste costs, most notably in terms of landfill taxes, have increased and are likely to continue to rise in proportion to overall property occupation costs. Therefore, assets with effective waste recycling and management systems in place to reduce waste will fare comparatively better. z Overall adaptability (building) as regulation, technology and occupier behaviour evolve increasingly rapidly, so the risk of functional obsolescence increases. Thus, the scope for buildings to be sufficiently flexible to adapt to changing circumstances and remain commercially useful is a key consideration. z Carbon-efficient accessibility (location) for as long as transport continues to be fuelled by predominantly oil-based products, proximity to public transport or privately run shared transit systems will be beneficial, especially with the increasing cost of oil. This factor is being addressed in part through technology, that is, the development of hydrogen fuel cells, electric cars and hybrids, which may alter the balance between private and public transport. z Ground contamination (location) this has become a major determinant in the behaviour of landowners and occupiers of land, and, as such, features large in property decision-making regarding sustainability. z Flood-risk mitigation (location) the possibility of being adversely affected by flood is a significant factor, particularly where concerns exist regarding the insurability of flood damage. As a general observation, it seems that there is currently a disproportionate focus upon carbon, due to its measurability, as well as the direction of travel of global treaties and domestic regulation. It is likely that the sustainability agenda will broaden over time to cover all of the other issues listed above. More widely, each property has social, economic and environmental effects on the community within which it is built (the triple bottom line). While there are instances where positive community engagement can influence commercial issues, such as planning, for now, the priority for focus set out above essentially targets the direct economic influencers, which in most cases also have environmental implications. 25

9 08 Overcoming structural barriers to deliver value through end-to-end carbon control in commercial property Katharine Deas, Low Carbon Workplace Ltd Introduction Occupiers are increasingly aware of the financial implications of volatile energy costs and the impact of inefficient use of scarce resources on their reputation as well as on the bottom line, leading them to value buildings with low energy consumption more highly. Buildings that fulfil occupier aspirations for low and stable running costs and help to mitigate the impact of future carbon legislation and energy price rises will build and hold value over the long term against equivalent buildings that cannot. There is growing evidence that broad sustainability credentials alone will drive superior returns in commercial property1 this is expected to harden to a finer carbon focus. The UK government, for example, already has targets to reduce CO2 emissions from its own office estate by 12.5 percent based on 1999/2000 levels by 2011/2012 and by 30 percent by The UK government is also committed to procuring buildings only from the top quartile of energy performance. Landlords and developers that fail to equip buildings to fulfil this low-energy, lowcarbon demand will be at increasing risk of competition from better-equipped stock and may be forced to reduce rents substantially or see their buildings become obsolete. There is no need for a carefully managed, thoughtful refurbishment that focuses on energy efficiency and conservation to cost incrementally more than standard refurbishment. This is as long as a carbon monitor (an organisation specifically tasked with holding the building s carbon budget) is involved to ensure the planned measures carry through to completion. Occupiers should not expect to pay a premium for a building that is run well. Owners, managers and property company advisers should not be afraid of imposing a set of simple but consistent carbon-management principles in order to conserve value. The Low-Carbon Workplace Fund (LCW Fund) has a clear strategic focus: return on investment through the increasing appetite for low-carbon workplaces. As one of the UK s ambitious low-carbon commercial property initiatives, the LCW Fund aims to significantly increase the availability of high-specification, low-carbon commercial property in the UK. Investors in the fund will benefit from returns at lower overall risk 1 See for example, European Property Sustainability Matters retrofitting buildings and places, 2010, King Sturge, and Are green buildings good for your portfolio? Why sustainable property may promise better returns, 2009, Global Investment Matters, citing three research projects conducted by the Pensions Management Institute and asset manager PRUPIM, Jones Lang LaSalle and GVA Grimley (www.watsonwyatt.com). 2 The State of the Estate: A report on the efficiency and sustainability of the Government estate, OGC,

10 Section 1 from a property portfolio, achieved primarily through enhanced letting and preletting prospects arising out of the uniquely competitive nature of the buildings from an occupiers perspective. The LCW Fund operates an end-to-end carbon management process 3 and also addresses the landlord-tenant relationship, which is a critical success factor, where collaborative working can deliver real capital value for both landlords and occupiers. Low-carbon buildings make good business sense: flexible, adaptable and energyefficient developments will attract occupiers and investors, and engage with the local context, in the short-to-long term. The demand for low-carbon workplaces According to Carbon Trust, 4 the UK s stock of 1.8 million non-domestic buildings consumes 300TWh of energy a year and is responsible for 108 million tonnes of CO2, which accounts for 18 percent of total UK CO2 emissions. To meet the UK government s target of 80 percent reduction on 1990 levels by 2050 and the interim target of 34 percent reduction by 2020 requires the equivalent of improving all UK commercial stock by an average of four Display Energy Certificate (DEC) 5 ratings (see Figure 8.1), which would be a reduction from 106 MtCO2 a year to 21 MtCO2 or less. It is expected that half the office buildings that will be in use in 2050 have already been built. In its current state, the UK s existing stock (98 percent of which is more than five years old) is unlikely to comply with current or future carbon legislation. For example, London s office stock is estimated to total 150 million square feet, of which 47 million square feet has not been refurbished or redeveloped since before Over the next five years, 33 percent of all the leases in the UK market will expire. Within this context, the Carbon Trust estimates that at least 1,700 organisations operate from multiple office sites and generate a significant proportion of their overall emissions from their office accommodation. An energy-efficient building, operated and used in an energy-efficient way, delivers three-fold benefits: environmental, reputational and financial. By aligning their sustainability targets with their real estate, an occupier can bolster its environmental credentials, save money by reducing its energy bills and also future-proof its 3 Maintaining the design integrity of a low-carbon building requires continued attention to the operation and occupation of that building once it has been handed over to the occupiers. The LCW Fund s end-to-end carbon management process spans every stage of a project from assetsourcing to occupation. Low Carbon Workplace Ltd is the key facilitator working with the developer, contractors, property managers, subcontractors and occupiers of the building. This work is ongoing through the lifetime of the building s ownership by the Low-Carbon Workplace Fund. 4 Building the future today, Carbon Trust, A DEC is an operational rating that records the actual CO2 emissions from a building over the course of a year and benchmarks it against buildings of similar use. Currently compulsory for public buildings in the UK of over 1000 m2 only, DECs are to be rolled out to most commercial buildings from October 2012, providing a public (if imperfect) statement of a building s energy performance and a basis for league tables. 6 Property Market Analysis,

11 Section 1 China Amy L Sommers and Vita Xu What is a green lease? Green leasing remains a novel concept in China. To the extent there is awareness of this strategy, it comes through the gradual introduction by international real estate brokers, lawyers and multi-national companies as tenants. In markets where green leasing is more widely known the emphasis tends to be not only on energy efficiency, but also a wider range of issues, such as water management, waste management, use of sustainable materials and transport. In China, the more common formulation is energy-saving leasing, with the focus on management of lease terms for the purpose of energy- (and cost-) savings. What is the main legislation that applies to/drives green leases in China? The laws, regulations and standards set out below apply to various stakeholders in the development process (for example, construction companies, designers and developers as well as to the agencies responsible for overseeing construction/ development activities). z Energy Conservation Law of the People s Republic of China, effective on April 1, 2008 Chapter III Article 3 (provisions 34 40) Chapter V Incentive Measures z Circular Economy Promotion Law of the People s Republic of China, effective on January 1, 2009 Article 23 and Article 25 Chapter V Incentive Measures z Energy Conservation Regulation for State-funded Institutions, effective on October 1, 2008 Article 20, 22, 23 and 27 z Energy Conservation Regulation for Civil-used Buildings, effective on August 1, 2008 z Evaluation Standard for Green Building GB/T , effective on June 1, What are the other drivers towards green leases in China and what are the obstacles? As a country with the world s largest population and the increasing demand of energy, China has an urgent need to drive adoption of green technologies, particularly in the construction and use of the built environment. If all of China s existing buildings were green, it would mean energy savings equal to half of the total electricity generated in China in 2007 (cited from: Total Electricity Net Generation (Billion Kilowatthours) China, US Energy Information Administration, Nov. 2010, accessed on March 17, 2011). However, developers and landlords are reluctant to pursue green leasing. Various factors influence this state of affairs: developers often build for short-term gain, rather than a long-term hold strategy, so energy savings over time accrued through use of more energy-efficient (but often more expensive) materials will not accrue to them. Additionally, the application of building standards and the enforcement of failures 92

12 An international comparative study of green leases to meet such standards tend to be uneven and weak. Finally, the available financial incentives for developers are quite low: for example, as of July 2011 there were no published national financial incentives for users or tenants of space. Given that specific localities may adopt locally relevant incentives, would-be users should make enquiries with respect of the city/locality where their facilities will be situated. How are green-lease provisions dealt with? It is unusual in China for tenants to include the sorts of sub-metering and energy reporting targets used in green leasing in Western markets. Would-be tenants interested in energy conservation aspects of the built environment are more likely to focus their efforts on site selection: for example, by identifying newer buildings that have been built to Leadership in Energy and Environmental Design (LEED) standards or have otherwise adopted energy-efficient systems and materials. What sorts of provisions are covered by the main green-lease clauses? Given that green-lease provisions are not well developed in China, they may only contain general requirements to the tenant with respect to energy-saving and environment protection. Example include: the tenant shall exercise due care when using the premise; the tenant shall comply with all relevant government regulations in relation to fire safety, public security, sanitation, green coverage, etc.; the tenant shall be responsible for the losses and damages to the premises (normal wear and tear excepted) due to the tenant s improper use. Formerly, office buildings were constructed with individual heating, ventilation and air conditioning (HVAC) controls in each office space, but without sub-metering to reflect actual use newer buildings are tending to use centralised systems with the aim of greater efficiencies (because, for example, in the summer, the tendency before may have been for individual users to keep air conditioning temperatures turned very low, which created a heavy drain on the electricity supply). Are there any financial incentives to green properties? There are certain tax incentives and financial incentives published for the purpose of encouraging development (as opposed to usage) of energy-saving and lowcarbon projects and operation, such as the Notice of the Ministry of Finance and the State Administration of Taxation on the Enterprise Income Tax Policies for the China Clean Development Mechanism Fund and the Enterprises Implementing the Clean Development Mechanism Projects, effective as of July 1, With respect to green properties, incentives are generally financial incentives and tend to be made available by the municipal governments. For example, some cities, such as Tianjin, have published financial support policies in favour of green properties. According to the Measures of Financial Supporting to Green Economy and Low-carbon Technology of Tianjin Binhai District, for buildings that have been evaluated as first class, second class and third class in accordance with the Evaluation Standard for Green Building GB/T , the government of Tianjin will grant the building owner a lump sum of financial subsidy 93

13 19 Effective regulatory framework to support a sustainable real estate sector Tatiana Bosteels, Hermes Real Estate* Introduction This chapter assesses the effectiveness of the European Union (EU) regulatory framework in supporting the development of a sustainable commercial real estate sector and correcting market barriers to improving the existing building stock. While growing regulatory pressure has played a key role in improving understanding of sustainability in the built environment and in implementing some technical measures, a more effective framework will be required for the sector to fully embrace this agenda and to achieve the twin objectives of sustainability and cost effectiveness. There is much to learn from the regulatory mechanisms implemented in recent years. Arguably, the regulatory framework would be more effective if it were more sensitive to the intrinsic complexities of the real estate market. This is particularly important given the sector s considerable environmental impact, which is addressed by the large amount of looming regulation and legislation across the entire EU. Specifically, this chapter discusses two key characteristics of the property sector. First, it addresses the impact of the changing nature of real estate market practitioners owners, occupiers and service providers over a building s relatively long lifecycle and the complex types of management arrangements that exist between these parties. Second, it discusses the fundamentals of real estate investment and assesses how sustainability requirements might affect the sector s financial performance. The discussion is illustrated throughout by examples of UK energy and sustainability policies and regulations, how they have been implemented and the lessons learned. Assessing the uptake of sustainability measures in real estate Since 2007, and despite the global economic and financial crisis, understanding how to improve the sustainability of the built environment has advanced and there has been a growing uptake of measures to improve new buildings environmental performance. Even so, a limited level of effective sustainability measures has been implemented in the commercial real estate sector as a whole. * This chapter represents the view of the author solely and does not represent the views or opinion of Hermes Real Estate Investment Management Limited. While the author takes full responsibility for the content, she would like to thank Nigel Roberts, Paul McNamara and Corin Thoday for their comments and critical views and Ashraf Ibrahim for his contribution to editing the original text. 117

14 Section 1 Drivers of sustainability uptake in real estate This is important to policymakers because the EU building sector is responsible for 40 percent of total energy consumption and contributes 35 percent of CO2 emissions, 1 taking into account the full lifecycle of buildings. It has been estimated that implementing existing technologies (such as better insulation, efficient lighting and heat recovery) could help reduce a building s energy consumption by about 30 percent, in turn reducing the EU s energy consumption by as much as 11 percent by The uptake to date has mainly been driven by growing regulatory pressure on a sector previously subject to limited regulation on environmental and social issues. With a number of energy-related directives being drafted under the EU s Energy Efficiency Action Plan, there is an important opportunity for governments and businesses to work together and improve the sustainability and cost effectiveness of the sustainability regulatory process. However, alongside regulators, real estate practitioners have started to take responsibility for supporting the sustainability agenda and implementing regulatory mechanisms. Institutional investors, more risk-aware today than ever, and consequently their fund managers, are increasingly introducing better governance and sustainability risk management into their real estate funds. In light of the growing cohort of signatories pension funds, insurance companies and investment management companies to the UN Principles for Responsible Investment (UN PRI) (covering over $25 trillion in assets at March 2011) and the more robust stance UN PRI is taking on enforcing implementation of those principles by the signatories, this positive trend is expected to continue. Over time, this growing trend should be further supported by the emergence of better sustainability reporting guidelines (for example, the Global Reporting Initiative s Construction and Real Estate Sector Supplement, (GRI CRESS) 3 ) and global sustainability benchmarks (such as the Global Real Estate Sustainability Benchmark (GRESB) 4 ). These initiatives should allow comparison of fund sustainability performance and foster greater market competition. Demand from occupiers for better-performing assets, while less well advanced, is on the rise in a range of European jurisdictions and is expected to strengthen over time with the continuing uptake of voluntary environmental and energy certificates (for example, BRE Environmental Assessment Method (BREEAM), Leadership in Energy and Environmental Design (LEED), Haute Qualité Environnementale (HQE), Deutsche Gesellschaft für Nachhaltiges Bauen (DGNB) and Bewertungssystem Nachhaltiges Bauen (BNB)). Environmental issues are not, as yet, proving critical factors in property investment and management, particularly at a time when rents and yields are under intense 1 European Commission, available at: ConstructionandRealEstate/ 4 Global Real Estate Sustainability Benchmark (2011), GRESB research report

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