Our Sustainability Responsibility
Achieving the goal of environmental sustainability in urban development is a pressing issue, both today and in the future. We recognise the importance of working towards sustainable goals and we believe that the fund’s Environmental, Social and Governance (ESG) framework is an important and binding factor in creating long-term value for not only our investors but also for society.
As a result, in March 2021, Greenman OPEN was classified as an Article 8 fund as defined by the Sustainable Financial Disclosures Regulation (SFDR). While OPEN does not have, as its objective, a sustainable investment, we do promote environmental and social characteristics making ESG factors an integral part of the investment and development process; with the potential to increase the value of our investment portfolio, reduce exposure to risk, and play an important part in ‘future-proofing’ assets.
In 2022 Greenman OPEN has made the commitment to reduce its carbon footprint to the extent that by 2050, the combined net carbon emissions from OPEN’s portfolio shall be zero and the fund will be 100% taxonomy aligned.
Ambition
Unser Bestreben ist es, dass Portfolio mit den Klimazielen der EU im Rahmen des europäischen Grünen Deals in Einklang zu bringen, um Europa zum ersten klimaneutralen Kontinent zu machen. Das Immobilienportfolio von OPEN gibt jährlich ca. 116.400 Tonnen CO₂ ab. Unser Ziel ist es, diese Emissionen bis 2050 auf Netto-Null zu reduzieren.
Responsibility
OPEN’s portfolio consists of 77 properties with a retail area of c. 250,000sqm and a combined gross market visited by c. 280,000 German consumers daily.
Impact
Roughly 18% of the German population live within a 15-minute drive of a property owned by OPEN, therefore actions taken by us at OPEN’s properties can have a positive impact on a considerable number of people.REPORTING
SUSTAINABILITY REPORT
OPEN’s sustainability report outlines the progress we have made in initiating the Net Zero Pathway.
5by25
OPEN’s 5 by 25 commitments, where at least 5% of OPEN’s revenue in 2025 will be generated from non-rental activities, will also be an objective of the Net Zero Pathway, demonstrating the positive financial impact sustainability objectives will have on the fund’s performance.
OPEN estimates that a high percentage of all equity contributed to the Net Zero Pathway will result in either: direct additional income; have a direct positive impact on OPEN’s NAV or indirectly via other value addition mechanisms.
Some key elements to the Net Zero Pathway include:
Buildings and building systems improvements
OPEN will focus improving buildings and building systems to reduce energy consumption to a max of 161KWh/m2 let area for all existing grocer occupied properties.
Systems improvements
Open will target to reduce refrigerated based unrecovered heat loss emissions to below 14KWh/m2 let area for all existing grocer occupied properties.
Gas related carbon emissions to zero
By replacing existing systems with alternative systems powered by renewable energy OPEN will target to reduce all gas related emissions to zero.
Installation of PV solar panels
OPEN will install photovoltaic solar panels on all suitable roof and car port parking spaces generating over 10GWh/year across the portfolio by 2050.
EV Hyper chargers in car parks
OPEN will install Hyper Chargers (fast car charging stations) in the car parks of all suitable locations with the capacity to charge c. 6m EVs per year (c.245/location/day).
REPORTING
PRINCIPLE ADVERSE IMPACTS STATEMENT
How Greenman, OPEN’s Alternative Investment Fund Manager, considers PAI on sustainability factors on a practical level in the investment decision-making.
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