Apr 13, 2020
Stewardship ESG ESG advisory Real estate

Preqin采访了RSM Canada的Mark Jakovcic, partner, 以及RSM US LLP的斯科特·赫尔伯格, 高级经理和房地产分析师, 讨论为什么房地产普通合伙人和有限合伙人应该考虑ESG, 以及如何在投资决策中有效地实施ESG政策.

Preqin: To what extent is ESG a key element of the decision-making process for real estate investments?

Jakovcic: Environment, social and governance investing—known as ESG—is increasingly becoming a differentiator in the real estate industry. ESG programs foster the ability to identify and assess risks in asset acquisition projects, 以及更广泛的投资决策和策略. 资产管理公司和投资者越来越多地考虑这些标准.

ESG也更频繁地被用作风险管理工具. 为了一些额外的前期费用, ESG provides an opportunity to make large operational savings during the life of an investment. For example, an investment in energy efficiency can potentially be a good strategy. Commercial and residential buildings account for a third of global greenhouse gas emissions and consume up to 40% of global energy. Well-developed ESG programs can therefore enable real estate investors to manage the risks associated with climate change.


Helberg: Investing preferences are going to be crucial in this highly competitive market. Millennials are on track to inherit $30 trillion in assets over the next few decades, and they've emphasized social responsibility and climate change issues more than previous generations. It’s important that GPs have ESG policies and procedures in place in order to attract that capital.

Another benefit that maybe isn't as apparent is the karma-building effect of an active ESG policy. Being able to connect with the community and demonstrate the positive impacts of your policies might actually help you later on.

Preqin: How can private real estate professionals most effectively implement ESG into their investment decisions?

Jakovcic而不是专注于一系列的ESG因素, GPs need to focus on understanding the factors that are material to them and that are likely to impact the financial condition or operating performance of the company, 以及对他们的投资者来说什么是重要的. 房地产主要关注环境问题, 但是从社会支柱的角度来看, 你还有健康、安全和工作条件. And from a governance standpoint, ethics and risk management are viewed with a critical eye.

A lot of GPs understand what ESG is and the various criteria required to evaluate their own organizations, 但是关于统一报告有很多问题, 考虑到它现在还不存在. 成功启动ESG项目, companies should start by considering creating a vision or mission statement that defines the purpose of the program and what it means to them as well as to investors. Consideration needs to be given to which measurements apply and how to best report them, 以及它们的影响.

Helberg随着我们越来越关注减少碳足迹, evaluating the materials used is going to be a huge part of the development and construction process. For example, we are now looking at how to effectively utilize energy and focusing less on carbon fuels and more on electricity. 有几个选择, 但它们可能并不适用于所有人, 这取决于他们的位置或者他们对房产的用途.

Preqin:谈到ESG的采用, what differentiates investment in North American real estate from the rest of the world?

Helberg大多数人都同意欧洲在ESG政策方面处于领先地位, 标准和投资者偏好. For example, U.K.总部位于美国的REIT Great Portland Estates最近发布了一项ESG信贷政策. Indeed, the EU itself has imposed policy to require disclosures from asset managers. North America is definitely behind in comparison: a lot more ESG reporting has been investor driven rather than policy specific. 但直到现在. We have seen a 40% increase in ESG reporting among the top 100 public REITs in North America over the past few years. That said, while there are funds creating new investment vehicles specifically aimed at carbon footprinting and other ESG standards, 北美仍落后于欧洲.

Preqin:更密切地关注北美房地产vwin娱乐场官方, 2019 fundraising figures suggest increasing capital consolidation—only 187 funds closed but they secured a record $102 billion in aggregate. 你认为这种趋势会持续下去吗?

Jakovcic: We’re definitely seeing more capital consolidation and we do see this continuing. 人们对经济波动和经济下滑的担忧加剧, investors are certainly looking at more conservative approaches to investing in real estate. This means middle market real estate funds will need to diversify their structuring and ESG reporting in order to attract capital.

Preqin: The number of North America-focused real estate funds in market is approaching a record level of 590. 你认为北美vwin娱乐场官方的竞争会加剧吗?

Helberg: Absolutely. 我们的干粉接近历史最高水平了, 利率继续下降, and on March 5, the U.S. 10年期美国国债利率有史以来首次跌破1%. 随着股票vwin娱乐场官方的波动, investors are going to be looking to real estate as a much more stable asset choice.

看看当前的COVID-19疫情, in the short term there won't be a lot of activity going on as people want to get a better understanding of the potential depth and impact of the virus on the economy. 但是纵观全局, 由于利率保持在低位, we do expect property prices to continue to rise and cap rates to compress as people look to invest in real estate. 在筹款方面, this could price out middle market fund managers that have to hit return and yield targets. And, 随着房地产价值的持续上涨, it's going to be easier for the larger fund managers to acquire those assets compared to the middle market.