Embassy Office Parks REIT (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, is pleased to announce that it has been awarded a 4-star (out of 5 stars) rating in the 2021 Real Estate Assessment by GRESB, the leading global ESG benchmark for real estate and infrastructure investments.
In its first year of participation, Embassy REIT achieved a “Green Star” status and an overall score of 80% for its Standing Investments, placing it 7 percentage points above the average.Embassy REIT stood out in particular on the ‘Governance’ pillar with a score of 19/20, surpassing the peer average, reflecting the best-in-class framework and strong corporate governance standards adopted and followed by the REIT.
Embassy REIT also achieved high scores for the ‘Environmental’ (47/62) and ‘Social’ (14/18) pillars, taking into account the high proportion of electricity from renewable sources and the strong stakeholder programmes in areas of health, education and public infrastructure which have been running for a number of years.
What is GRESB?
GRESB is a mission-driven and industry-led organization that provides actionable and transparent environmental, social and governance (ESG) data to financial markets.Created in 2009, 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.
A member-based organization, GRESB is trusted by 140 institutional investors and more than 2,200 fund managers, companies and asset operators to improve decision-making.In 2021, more than 1,500 property companies, REITs, funds and developers participated in the Real Estate Assessment, representing $5.7 trillion in assets under management. The Assessment covers nearly 117,000 assets across 66 countries.
Michael Holland, Chief Executive Officer, Embassy REIT, said, “We are extremely proud to be awarded a GRESB 4-star rating in our first year of participation in this prestigious global benchmark assessment. Our ESG initiatives comprising 19 distinct programmes around the pillars of Responsible Business, Resilient Planet and Revitalised Communities have always been a significant part of our business philosophy and our multi-year ESG action plan is already underway. We will continue to strengthen our efforts by scaling up our ongoing ESG programs and commitments.The rating also reflects the transparent reporting of our ESG performance to our rapidly growing investor base.”
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