CORESTATE continues to set itself high standards when it comes to sustainability objectives and maintains a responsible investment strategy to future-proof assets under management through an ESG due diligence process. Corestate has adopted ambitious environmental, social, and corporate governance (ESG) targets to align their business goals with sustainability goals.
Frankfurt, September 30, 2021. CORESTATE Capital Group S.A. (Corestate), a leading independent real estate investment manager in Europe, continues to set itself high standards when it comes to sustainability objectives and maintains a responsible investment strategy to future-proof assets under management through an ESG due diligence process. Corestate has adopted ambitious environmental, social, and corporate governance (ESG) targets to align their business goals with sustainability goals.
The ESG report published today demonstrates the progress made in implementing the ambitious plans. For example, Corestate was able to reduce CO2 emissions/m² in managed properties by 8% compared to the previous year, six percentage points more than planned. Energy consumption/m² fell by 7% in the same period (target 5%). Water consumption was reduced by 1% (target 2 %).
René Parmantier, CEO Corestate Capital Group: “At Corestate, we aim to prove every day that we can make a significant social and economic contribution when it comes to our ESG objectives in the Real Estate industry and beyond. We are on the right track which is also reflected by the recently published ESG study “Ecology, Economy & Social Value” by Focus-Money, which named us “Germany’s Most Valuable Company” in the category of real estate investment companies. Our quantifiable ESG targets and strategy set us apart from our peers as we not only deliver measurable results but also take action in aligning ourselves with the EU Green deal action plan.
Ashley Wester, Senior Associate ESG Corestate: “This year we standardised our ESG due diligence process to address physical climate risks and transitory risks implemented for all new acquisitions and offered our investors sustainable products aligned with the Sustainable Finance Disclosure Regulation SFDR at the beginning of the year. However, not to be left out, social and corporate governance are equally important to us and so we have made great strides in these aspects across the Group as well.”
Streamlining data flow
Compared to the report from the previous year (covering FY 2018-2019), consumption emission data from 188 buildings, representing 15% more (+25 buildings), have now been recorded and taken into account. In addition, up-to 33,000 data points for consumption data for assets under management were reviewed, which represents an increase of around 85% compared with the analysis from last year. This was only made possible by improving data flow work streams and utilizing a centralised data platform. The data coverage is expected to increase even further once the roll-out of smart meters for the general electricity meters is completed, which should be expected at the turn of 2022/2023. Further smart-meter solutions for water and waste are also planned.
Diversity, non-profit and corporate governance
In addition to its environmental goals, Corestate is focusing particularly on social issues and corporate governance. The company has created structures and processes that specifically promote the advancement of women into leadership positions. The company has set itself to increase the proportion of female managers by 5% per year by 2025 and has clearly exceeded this with an increase of 9% compared to the previous year. However, diversity encompasses much more than gender. For this reason, Corestate established the “CORESTATE Capital Pride Network” (CCPN), CORESTATE’s LGBTQ+ diversity group.
With the establishment of the Corestate Foundation at the end of 2019, the company supports local projects, associations and organisations whose work is dedicated to the betterment of the lives of children and young people. Notably, with 2020 being heavily impacted by COVID-19, the company was able to support seven local organisations.
Clear and transparent corporate governance is the basis of every business relationship for Corestate. Annual compliance and governance training for employees and managers, an expanded Code of Conduct, and ethics training are therefore central and recurring elements.
The ESG report is available here: https://corestate-capital.com/wp-content/uploads/2021/09/esg-report-2021.pdf
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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