(LONDON) – The Hines Pan-European Core Fund (HECF), an open-ended non-listed pan-European diversified core fund, has achieved the highest possible rating of five Green stars out of five in the Global Real Estate Sustainability Benchmark (GRESB) for the second year in a row. For two consecutive years, HECF was named GRESB Global Sector Leader and ranked first among European diversified office/retail portfolios. HECF also ranked first among 367 European non-listed vehicles and seventh globally among 874 vehicles that participated in the survey this year. Notably, the Fund also ranked first globally in the optional ‘Health & Well-Being’ and ‘Resilience’ modules.
The GRESB Sector Leader Awards Program recognizes real estate and infrastructure companies, funds and assets that have demonstrated outstanding leadership in sustainability. Each year GRESB assesses and benchmarks the environmental, social and governance (ESG) performance of real assets worldwide and monitors progress towards global sustainability goals. GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of real asset investments and are aligned with international reporting frameworks such as GRI and PRI.
The award demonstrates HECF’s ongoing commitment towards incorporating the highest levels of sustainability aspects across the portfolio. Furthermore, the results provide evidence of the strong quality of the assets and organizational structure supporting HECF to achieve its objectives covering stakeholder engagement, building certification, monitoring & Environmental Management System, performance indicators, risks and opportunities, policies & disclosures and management.
Daniel Chang, Hines Managing Director and responsible for HECF Asset Management, said: “We are thrilled to achieve the Global Sector Leader award in both 2017 and 2018, as we continue to work towards improving the sustainability standards of our growing portfolio. We view sustainability as a key indicator of the quality of our portfolio.”
Peter Epping, Hines Senior Managing Director and Fund Manager HECF, added: “Responsible investment is an integral part of the Fund’s investment strategy and this allows us to both deliver value to our investors and support and service of the communities where we operate.”
Sander paul van Tongeren, Managing Director at GRESB, said: “We are proud to recognize the 2018 Sector Leaders for the significant steps they have taken to incorporate sustainability into their operations and communicating their performance to investors. The Sector Leaders have set the bar even higher for sustainability performance in 2018, while at the same time paving the way for the entire sector to follow.”
As of Q2 2018 the HECF portfolio was 99.4 percent occupied with an aggregate value close to €1.2bn. The portfolio of the Fund is currently composed of 18 assets invested in 15 city markets across 8 different European countries. Of these assets, 14 hold sustainability certificates and two are in the process of obtaining them. In 2017 the portfolio achieved overall energy savings of eight percent compared to the previous year.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Since entering Europe in 1991, Hines has grown its European platform to include a presence in 55 cities in 13 countries and Hines Europe currently has over €16.7 billion of assets under management in Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Spain and the United Kingdom.