POLAND - March 21, 2018 – Galeria Mazovia, a retail asset located in Płock, Poland and owned by the CBRE European Shopping Centre Fund (ESCF), has obtained a BREEAM (Building Research Establishment Assessment Method) rating of ‘Excellent’ in tests conducted in February 2018.
Tests were carried out across seven categories all designed to measure the environmental, social and economic sustainability performance of an asset. The latest ‘Excellent’ rating represents an improvement on the previous round of testing in 2015, for which the asset received a ‘Very Good’ rating.
Galeria Mazovia, is the largest shopping centre in Płock, and comprises more than 100 retail and leisure outlets. The property saw like-for-like sales growth of 8.4% in 2017, attracting a total of 4.3 million visitors that year.
The shopping centre boasts an occupancy rate of 98.5% and includes a number of high-profile tenants, including Zara, Reserved, H&M, Media Markt and Go Sport. During 2017, the tenant mix was further enhanced following the signing of leading Polish retailers House and Martes Sport.
Karel Zeman, Head of Investment Operations Poland at CBRE Global Investment, “Our commitment is to ensure Galeria Mazovia positively contributes to the local environment and community and supports the sustainability objectives of our tenants. 70% of the leases signed are green leases, which indicates the increasing focus tenants have on sustainability and we are proud to have achieved the BREEAM rating together. It has resulted in optimal trading conditions for tenants and stronger returns for investors, as reflected in the asset’s sustained revenue growth.”
Toby Smith, Portfolio Manager of ESCF said: “ESG (Environmental, Social and Governance) practices are fundamental to our strategy as a Fund and as a business, which is why we continuously invest in enhancing the sustainability performance of our assets. Our recently established Responsible Investment Management Committee ensures each layer of our business retains a key focus on sustainability. As fund managers we provide an important link between investors and tenants and by enacting this strategy across our portfolio of assets, this ensures that we continuously meet and exceed the expectations of investors and stakeholders.”
BREEAM is the world’s foremost methodology for assessing, rating, and certifying the sustainability of buildings. BREEAM-rated developments are formally recognised as being sustainable environments that enhance the well-being of the people who live and work in them, making for more attractive property investments.
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