Responsible Asset Management

Management of the existing portfolio

This financial year we initiated a first review of our occupied (“in-place”) buildings. All eight office buildings, which are multi-tenanted and where the Group has control of the utilities, were assessed for energy efficiency, water usage, and greenhouse gas emission and waste production for the period 1 April 2015 to 31 March 2016. As part of this, measurement of the metrics recommended in the EPRA Best Practices Recommendations on Sustainability Reporting (September 2011) was undertaken.

The metrics assessed cover electrical and gas energy, water and waste. A total of approximately 39,000 square meters over the eight buildings was covered. These metrics will continue to be measured as we undertake initiatives to improve building efficiency in the future.

The key EPRA metrics for the eight buildings for the assessed period were:

EPRA sustainability summary
EPRA code EPRA code Performance measure GRI G4 indicator Unit Total for assessed buildings
Building Total treated floor area     (m2) 39,260
  Occupancy level       95%
Energy Elec-Abs Total electricity consumption G4-EN3 (kWh/ann) 4,475,000
  Fuels-Abs Total fuel consumption G4-EN3 (kWh/ann) 5,753,000
  Energy-Int Building energy intensity CRE1 (kWh/m2.ann) 261
Carbon GHG-Dir-Abs Total direct greenhouse gas (GHG) emissions (Gas) G4-EN15 (T CO2/ann) 1,151
  GHG-Indir-Abs Total indirect greenhouse gas (GHG) emissions (Elec) G4-EN16 (T CO2/ann) 2,059
  GHG-Int Greenhouse gas (GHG) intensity from building energy consumption CRE3 (kgCO2/m2.ann) 82
Water Water-Abs Total water consumption G4-EN8 (m3/ann) 16,751
  Water-Int Building water intensity CRE2 (m3/ m2.ann) 0.55
Waste Waste-Abs Total weight of waste G4-EN23 (Tonne/ann) 203
Cert Cert-Tot Type and number of sustainability certified assets CRE8 No. N/A

Note: Building Energy and Greenhouse Gas Intensity (CRE1 and CRE2) as reported are inclusive of total (i.e. Landlord plus Tenant) electrical energy consumption for Montague House (solely), as its current metering arrangement records whole-building usage only. It is estimated that the inclusion of tenant electricity consumption for this particular property amplifies expected energy and carbon intensity for the entire portfolio by the order of 5-10%. Sub-metering of electrical installations is being implemented at Montague House in order to enable future sustainability reporting to reflect solely landlord energy consumption throughout the portfolio. As this is our first year of reporting, no “like for like” numbers are available.