Business Forum • 1 November, 2024 at 10:36 AM
Genesis Property, one of the most prominent office building owners in Romania, became the first real estate company in Romania in 2024 to participate in the ESG performance assessment and benchmarking process organized by GRESB (Global Real Estate Sustainability Benchmark). Through this process, the company was awarded the "Green Star" rating, recognizing and appreciating the quality of its sustainability management. This rating is granted only to real estate portfolios that demonstrate a full integration of ESG aspects into their operations.
“This recognition demonstrates the significant importance we place on integrating sustainability and ESG factors into the investment and operational strategy of our real estate portfolios. It legitimizes the hard work our team puts into enhancing the quality of Genesis Property's portfolio performance and encourages us to continue on this path. Our strategy in this area aims to strengthen investment and operational processes by reducing risks, improving efficiency, and increasing tenant satisfaction. We believe this recognition reflects our organization's commitment to effective governance, community engagement, and minimizing environmental impact,” said Ioan Bejan, Sustainability Director, Genesis Property.
Each year, GRESB evaluates and benchmarks the ESG performance of real estate assets on a global scale, providing financial markets with greater clarity and extensive information on complex sustainability topics.
GRESB assessments are guided by what investors and the industry consider to be materially significant aspects of real estate assets' sustainability performance, aligned with existing international reporting frameworks, evolving objectives, and regulations. This year, a record number of 2,223 real estate portfolios, both listed and unlisted entities from 80 global markets, were evaluated by GRESB, with a gross asset value of $7 trillion.
The information and data provided by GRESB are used by many financial institutions and thousands of asset managers worldwide to benchmark the performance of real estate investment portfolios and to better understand the opportunities, risks, and choices they need to make as the industry transitions toward a more sustainable future.
“Each year, the GRESB assessment serves as a powerful reminder of the positive impact that companies' sustainability efforts can have on our industry and beyond. The continuous growth of the GRESB assessment and the dedication of participating members, as reflected in this year's results, are clear indicators that the real estate industry is making real strides toward a greener future. We congratulate and support the team at Genesis Property for its ongoing commitment to sustainable development,” stated Sebastien Roussotte, CEO, GRESB.
This achievement is part of the company's sustainability strategy, through which it aims to become a leader in Romania's real estate sector in promoting sustainable development. Recently, Genesis Property received the BREEAM Outstanding certification for Building F in the innovative YUNITY Park business campus, home to renowned companies such as Hewlett Packard Enterprise, HP Inc., Garanti BBVA, Luxoft, and Yokogawa.
In 2021, Genesis Property became the first company with 100% Romanian capital to join the United Nations Global Compact, committing to support its 10 principles on human rights, labor, environmental protection, and anti-corruption. Beginning this year, Genesis Property measures and reports its environmental, social, and governance (ESG) performance to the Global Real Estate Sustainability Benchmark (GRESB). Recently, the company received approval from the Science Based Targets initiative (SBTi) for registering its near-term and long-term emission reduction commitments. Moreover, for its near-term target, Genesis Property obtained SBTi validation in 2023, shortly after releasing its first report on Scope 1 and Scope 2 greenhouse gas emissions, prepared according to the GHG Protocol methodology.
GRESB is a global organization representing the real estate industry, with a distinct mission to provide financial markets with standardized and validated environmental, social, and governance (ESG) data. Founded in 2009, GRESB has become the primary benchmark for assessing and comparing the ESG performance of real estate and infrastructure portfolios worldwide, used by 150 institutional and financial investors to support their decision-making processes. For more information, visit GRESB.com.
Genesis Property, with over 20 years of experience in the Romanian real estate industry, is one of the leading owners, developers, and operators of Class A office buildings. It owns and manages YUNITY Park and West Gate Business District with over 150,000 sqm GLA of office space occupied by companies such as HP Inc., Hewlett Packard Enterprise, Accenture, Ericsson, Garanti BBVA, Infineon, Luxoft, Yokogawa, Siemens and Alpha Bank, where over 15,000 employees work. Genesis Property also initiated the IMMUNE Building Standard™, a global standard that certifies the resilience of buildings to health threats such as the Covid-19 pandemic. Genesis Property is the developer of Romania's first private student campus, West Gate Studios.