Real estate investor and manager, Cromwell Property Group (ASX:CMW) (Cromwell), has been recognised by the Global Real Estate Sustainability Benchmark (GRESB) for demonstrating strong environmental, social and governance (ESG) practices of buildings at an asset level.
Cromwell’s directly-owned portfolio in Australia achieved an overall GRESB score of 86 points, maintained a GRESB 5-star rating (global industry leader) and achieved an ‘A’ rating for public disclosure. Cromwell’s Australian directly-owned portfolio has participated in GRESB since 2013 when it received an initial overall score of 41, meaning the 2020 score of 86 represents a 110% increase in that time.
GRESB provides the global real estate industry with a consistent methodology for assessment, benchmarking assets by sector and geographic location, enabling the comparison of ESG performance across diversified portfolios.
Chief Sustainability Officer, Phil Cowling, commented, “Cromwell continues its year-on-year GRESB commitment to increase both the scope and extent of participation, as well as overall performance.”
“Cromwell’s 2020 GRESB score was again anchored by strong governance, in which we received a score of 19/20 alongside our management practices where we obtained a score of 29/30. Our overall GRESB score was ahead of our Oceania peer group average of 79, with Oceania being recognised as global leaders, this made for another year of continued improvement.”
“Cromwell has been reporting on its ESG performance for well over a decade. ESG is truly important to us, our securityholders, investors and other stakeholders. Our GRESB performance is a testament to our ongoing commitment to ESG management.”
For more information please visit https://www.cromwellpropertygroup.com/sustainability/performance to access Cromwell’s 2020 GRESB scorecards.
Launched in 2009, GRESB is an investor-driven global ESG benchmark and reporting framework for listed property companies, private property funds, developers and investors that invest directly in real estate.
Participation in the 2020 assessment grew 22% amid accelerating investor demand for ESG data, now covering 1,229 portfolios (2019: 1,005) worth more than US$4.8 trillion AUM. Despite the challenges of the COVID-19 crisis, this increase in participation demonstrates the real estate industry continues to respond decisively to the accelerating investor demand for quality and comparable ESG data.
GRESB measures and ranks public disclosure practices of participating listed entities on an annual basis. Categories assessed include sustainability governance, sustainability implementation, operational performance and stakeholder engagement practices.