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OUR COMPANY AFFILIATES

CBRE GROUP

CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm, with 2020 revenues of $23.8 billion and more than 100,000 employees (excluding affiliate offices). CBRE has been included on the Fortune 500 since 2008, ranking #122 in 2021. It also has been voted the industry’s top brand by the Lipsey Company for 20 consecutive years, and has been named one of Fortune’s “Most Admired Companies” for nine years in a row, including being ranked number one in the real estate sector in 2021, for the third consecutive year. Its shares trade on the New York Stock Exchange under the symbol “CBRE.”

CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

INVESTMENT SERVICES

CBRE Global Investors, combined with CBRE Clarion Securities and CBRE Caledon, is one of the world’s leading real asset investment managers with $124.5 billion in assets under management.

Built up over more than 40 years, our unparalleled platform is focused on real assets, giving our institutional clients access to real estate and infrastructure in the Americas, Europe and Asia Pacific. Our clients benefit from a complete range of investment solutions including equity and debt, direct and indirect, and listed and unlisted strategies.

Trammell Crow Company, founded in Dallas, Texas in 1948, is one of the nation’s oldest and most prolific developers of, and investors in, commercial real estate.The CBRE Global Investors and Trammell Crow Company platforms make up the Real Estate Investments division of CBRE Group.

The Real Estate Investments division is led by
Mike Lafitte, Global CEO, Real Estate Investments.

BLOGS

Regularly released content on the state of the real estate and infrastructure industry are produced by our subject matter experts and shared on their blogs. A selection of them can be found below.

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REALIZING POTENTIAL IN SUSTAINABILITY

We seek to lead the transition to a sustainable, net-zero carbon, resilient, equitable and healthy society. Recognizing that this can be achieved only as a collaborative effort, we encourage our partners to join us in delivering on this ambition together.

CLIMATE

We commit to address climate-related risks and opportunities by focusing on delivering net-zero carbon performance and physical resilience.

 

PEOPLE

We commit to champion diversity, equity, inclusion and the well-being of our people and other stakeholders.

INFLUENCE

We commit to engage with and positively influence key stakeholders where we do not have direct management control.

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CBRE Group has made a strong commitment to be an industry leader in sustainability. We are proud to be in 3BL Media’s 100 Best Corporate Citizens for 2020 and #22 out of 1,000 companies evaluated in the Barron’s list of the most sustainable companies in the U.S. for 2021. Committed to diversity, equity and inclusion, CBRE has pledged to spend $1 billion with diverse suppliers in 2021 and to grow this spend to $3 billion in five years.

As the investment management division, CBRE Global Investors has both the responsibility and opportunity to contribute to the sustainability of the environment, the well-being of people and to positively influence our operating partners, occupiers, supply chain and industry. Our Sustainability Vision recognizes that Environmental, Social and Governance (ESG) factors are fundamental to our business and to driving long-term outperformance in the real assets portfolios we manage.

Our Sustainability Vision has ambitious targets for the next two decades, including a corporate commitment to achieve many of our aspirations by 2040. This work is the product of extensive engagement with our stakeholders, including many of our clients and employees who are deeply passionate about sustainability. We are also finalizing a detailed measurement system, which will establish targeted strategies for each of our investment programs and an approach to monitoring progress. As a guiding principle, we will seek to use recognized industry measures whenever possible.

The following will provide a detailed view into our commitments, which encompass the following areas:

Undoubtedly, climate change is one of the most significant challenges facing our society. Reducing carbon emissions is a key objective both for the assets we manage and our own operations. Therefore, where we have direct control of the asset and management discretion of our long-term core strategies, we commit to implement actions to achieve net-zero carbon performance by 2040 or sooner. This will involve progressively improving the operational efficiency of our assets and sourcing green energy suppliers. In our directly controlled shorter-term enhanced-return strategies, we will focus on creating energy-efficient future-ready assets. For our corporate offices, we commit to implement actions to achieve carbon reduction in line with Science Based Targets initiative (SBTi) criteria by 2035 or sooner.

More acutely, the COVID-19 pandemic has highlighted the inextricable links between human and economic health on every level. This crisis is accelerating structural changes that were already demonstrating the importance of social impact, health and well-being in the built environment. Through our investor-operator capabilities, we aim to be at the forefront of making positive contributions to social well-being in our assets and the people they support through the services and amenities we provide.

In addition, we are in the midst of a global conversation focusing on inequalities in our societies ranging from racial and gender injustice to economic impacts.

We recognize that the real assets industry lags other industries in addressing these issues, and we are committed to being at the forefront of embedding diversity, equity and inclusion in our operations.

Apart from our own operations and the investments where we have direct management control, we are also committed to using our position to positively influence our operating partners (companies and funds in which we invest), tenants and supply chain, as well as industry counterparts in general. I am delighted to report that this commitment to ESG engagement with companies was recognized by Global Real Estate Sustainability Benchmark (GRESB) in announcing our listed securities strategy as Investor Member of the Year, North America (2019).

At CBRE Global Investors, we endeavor to deliver sustainable real assets solutions. Our Sustainability Vision reflects this commitment. Together with our investors and partners, we intend to follow it through by integrating ESG, including diversity, equity and inclusion, into our culture, investment programs and day-to-day operations.

Disclaimer: Awards are not an indicator of superior performance. Nomination and selection criteria can be found on the following sites:  

3BL Media    Barrons    GRESB

‘We believe environmental, social and governance factors are fundamental to our business and to driving long-term outperformance. ‘
THE FUTURE OF SUSTAINABILITY

Through the commitments set out in our Sustainability Vision, we seek to lead the transition to a sustainable, net-zero carbon, resilient, equitable and healthy society. Recognizing that this can be achieved only as a collaborative effort, we encourage our partners to join us in delivering on this ambition together.

The targets and actions to achieve our Sustainability Vision are distilled from ESG factors. In particular, we are focused on the following aspects:

Climate: We commit to address climate-related risks and opportunities by focusing on delivering net-zero carbon performance and physical resilience.

People: We commit to champion diversity, equity, inclusion and the well-being of our people and other stakeholders.

Influence: We commit to engage with and positively influence key stakeholders where we do not have direct management control.

CONTINUING OUR SUSTAINABILITY COMMITMENT
At CBRE Global Investors, we strive to incorporate sustainability at the heart of both our investment programs and our own operations. For more than a decade, CBRE Global Investors has actively supported and engaged with key sustainability initiatives. Since becoming a signatory to Principles for Responsible Investment (PRI) and piloting a new framework for GRESB in 2009, our ambitions, commitment and practices have continued to grow and evolve at pace with the developments in the ESG field.
LEADERSHIP FOCUS ON SUSTAINABILITY
Oversight

Executive Committee (EXCO): Oversight and ultimate responsibility for investment and operations sustainability

Chief Executive Officer Chuck Leitner and the EXCO have the ultimate oversight and responsibility for sustainability. Global Chief Investment Officer Jeremy Plummer is responsible for ESG in our investments, while Global Chief Operating Officer Andrew Glanzman is responsible for ESG in our operations. Together, they work closely with the Global Head of ESG to ensure we deliver on all aspects of our Sustainability Vision.

Strategic Direction

Global ESG Council: Business-wide body responsible for the global sustainability strategy

The Global ESG Council provides strategic direction for investment and operational sustainability and ensures the integration of ESG principles and criteria into all aspects of the CBRE Global Investors business.

The Council is composed of members of the leadership team and representatives from all regions and key functional groups.

The Council further oversees implementation work delivered by dedicated ESG teams, strategy-specific ESG committees and ESG project teams.

ALIGNMENT WITH THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS

When developing our Sustainability Vision, a key consideration was to assess what our stakeholders find most important so that we could focus on high-impact areas. To help define what is most material for our business, we referenced the UN Sustainable Development Goals (SDGs) as a starting point. While all 17 SDGs are globally significant, we selected nine—as shown in the accompanying figure—as the most material to us as a real assets investment manager. We embedded the SDGs in our Sustainability Vision and the tools for its delivery, including materiality assessments, maturity matrices, key performance indicators and reporting. We believe incorporating SDGs in this way will enable us to conduct impact assessments, increase awareness and better monitor and evaluate our progress.

Our analysis is built on existing frameworks, including the UN Environment Programme Finance Initiative’s Positive Impact Real Estate Investment Framework, the EU taxonomy for sustainable activities and GRESB, as well as resources from the UN Global Compact and green building certifications. These helped identify our industry’s possible actions and opportunities in addressing the SDGs. We then assessed each activity to determine its feasibility, difficulty of implementation, scalability, significance and consequence of inaction as applicable to our corporate operations or real assets investments. The resulting operational and investment matrices that follow allow us to focus our efforts further and ensure the consistency of our Sustainability Vision and its implementation.

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SDGs FOR OUR INVESTMENTS

For our investments, the most material goals reflect our endeavor to lead the transition to a resilient and net-zero carbon society and to manage climate change-related risks and opportunities. Two of the most critical SDGs are SDG 7: Clean and Affordable Energy and SDG 13: Climate Action, the overarching world’s goal.

Additionally, SDG 11: Sustainable Cities and Communities embodies the increasingly important fundamental principles of social sustainability as impacted by real assets. Through our investments, providing an efficient and well-managed built environment, we will seek to make a meaningful contribution to these goals.

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SDGs FOR OUR OPERATIONS

In our operations, SDG 17: Partnership for the Goals is one of our most significant opportunities. As a global company with a significant presence in the real assets investment sector and part of the larger CBRE platform, we believe we can help lead an open dialogue and collaborate to advance the SDG initiative. We will aim to build on our comprehensive existing engagements with coalitions, researchers and working groups around the world and seek to expand into other new partnerships.

Our focus on SDG 10: Reduced Inequalities and SDG 3: Health and Well-Being reflect our commitment to our people and engaging our supply chain, ranging from diversity, equity and inclusion to providing a healthy and sustainable workplace.

SUSTAINABILITY PATHWAY TO 2040

The achievement of our Sustainability Vision requires a carefully laid-out pathway, with clear and measurable milestones along the way. At a corporate or portfolio level, achieving the ultimate goal requires continuous effort and performance improvements, always building on a solid foundation of comprehensive risk management, compliance and assessment procedures.

We have developed a proprietary ESG maturity matrix, aligned with PAS 7340 (principles of sustainable finance in financial services), that defines four levels of performance requirements for both our investments and operations. We use this framework to assess current performance, set ambitions for the medium- and long-term, and establish a pathway to achieve them.

The key performance indicators to measure success align with globally recognized sustainability frameworks such as SDGs, GRESB, B Impact Assessment and green building certifications, lending an additional layer of oversight and third-party validation. This bespoke framework for investments provides structure while being adaptable to the ambitions of different investors, portfolios and assets, as well as changes in portfolios, markets, regulations and external standards. We believe the operations maturity matrix and pathway enable clear communication of ambition, progress towards the targets and transparency to internal and external stakeholders. We will keep our pathway up-to-date as the industry standards and frameworks change and science and technology develop.

ESG Maturity Matrix
Maintain legislative compliance

Investments

  • Screening for socially and environmentally unacceptable activities
  • Regulatory compliance
  • Ad-hoc client engagement

Operations

  • Compliance with environmental and employment-related legislation
  • Ad-hoc engagement with supply chain on environmental and social issues
  • Mandatory disclosure
Identify and manage sustainability impacts

Investments

  • Environmental efficiency and social well-being initiatives measured and benchmarked
  • Asset and portfolio ESG impact measurement and benchmarking
  • Material ESG issues identified
  • Risk management
  • Ad-hoc performance improvement initiatives
  • Ad-hoc reporting to client

Operations

  • Ad-hoc performance improvement  initiatives
  • Suppliers’ performance monitored
  • Employee engagement and diversity monitored
  • Standard sustainability statements
Implement sustainability practices and improve performance

Investments

  • Senior management leading on ESG
  • Engagement with external bodies
  • ESG performance improvements measured, benchmarked and regularly reported
  • Targets and implementation plan in place for environmental and social KPIs
  • Portfolio strategy with short- and long-term targets and implementation plans
  • ESG benchmarking results and progress regularly reported to clients

Operations

  • Impacts managed
  • Active employee engagement including sustainability training
  • ESG criteria part of supplier selection and review process
Deliver exemplary ESG performance as business as usual

Investments

  • Delivering on ambitious ESG targets
  • ESG fully integrated into mainstream investing strategies and activity
  • Active client engagement including knowledge sharing
  • Detailed public reporting

Operations

  • Sustainability included as part of employee performance management
  • ESG objectives aligned in company strategy
  • Significant employee and supply chain engagement, capacity building and collaboration
  • Detailed public reporting
  • Demonstrated thought leadership
SUSTAINABILITY OBJECTIVES
Climate

We commit to address climate-related risks and opportunities by focusing on delivering net-zero carbon performance and physical resilience.

Carbon Emissions Reduction
Renewable Electricity
Climate Resilience


Investments Objectives

  • Achieve net-zero carbon performance in long-term core strategies where we have direct management control by 2040
  • Deliver future-ready assets in directly controlled shorter-term enhanced-return strategies

Operational Objectives

  • Align corporate offices efficiency with Science Based Targets initiative (SBTi) criteria
People

We commit to champion diversity, equity and inclusion and the well-being of our people and other stakeholders.

Health & Well-being
Diversity, Equity & Inclusion
Training & Education


Investments Objectives

  • Embed WELL principles in directly controlled assets by 2040

Operational Objectives

  • Embed B Impact Environment, Community and Workers principles, supporting social, mental and physical well-being of our teams
Influence

We commit to engage with and positively influence key stakeholders where we do not have direct management control.

Stakeholder Engagement
Transparency
Compliance


Investments Objectives

  • Engage the supply chain and other stakeholders to help them embed sustainability principles and improve their performance by 2040

Operational Objectives

  • Embed B Impact Governance principles and champion corporate sustainability through example and collaboration
Climate


Investments

  • Where we have direct control of the asset and management discretion of our long-term core strategies, we commit to implement actions to achieve net-zero carbon performance by 2040 or sooner. In line with the World Green Building Council net-zero hierarchy, we will focus first on an asset’s operational efficiency and energy procurement. This will be followed by carbon removal offsets where necessary.
  • In our directly controlled shorter-term enhanced-return strategies, we will focus on creating energy efficient future-ready assets. We will minimize embodied carbon through preservation of existing structures and careful new materials selection, using a whole lifecycle assessment.
  • Where we do not have control or do not have discretion, such as tenant-controlled spaces, we will engage with our clients, tenants, fund managers, operating partners and the management teams of companies in which we invest to influence and help them transition to net-zero carbon performance.


Operations

  • For our corporate offices, we commit to implement actions to achieve carbon reduction in line with Science Based Targets initiative (SBTi) criteria by 2035 or sooner and switch to a fully renewable electricity supply by 2025. CBRE has committed to reducing Scope 1 and 2 GHG emissions 68% from the 2019 base year.
  • We will focus on continual improvement of overall operational efficiency, including business travel and responsible procurement.
  • We will engage with our landlords and the supply chain to influence and help them transition to net-zero carbon performance.
People


Investments

  • Where we have direct control of the asset and management discretion of the portfolio, we commit to implement actions to provide facilities and amenities which support health and well-being of our assets’ users by 2040 or sooner. In line with the principles of WELL building, we will focus on assets’ indoor air quality, thermal and visual comfort, accessibility and cycling facilities.
  • Where we do not have control or do not have discretion, we will engage with our clients, tenants, fund managers, operating partners and management teams of companies in which we invest to influence and help them implement well-being and diversity, equity and inclusion principles in their assets and operations.


Operations

  • We will consistently listen, learn, act and invest our time and financial resources to build an inclusive culture, facilitate a diverse talent pipeline and advocate for diversity, equity and inclusion in the marketplace.
  • We commit to deliver tools and programs to implement well-being strategies that are flexible and customized to meet the needs of each individual working within our business.
  • We will engage with our landlords and the supply chain to influence and help them implement well-being, diversity, equity and inclusion principles in their assets and operations.
Influence


Investments

  • Where we have direct control of the asset and management discretion of the portfolio, we commit to engage with our supply chain to improve their sustainability performance by 2040 or sooner. In line with the B Impact principles, we will develop and implement a sustainable procurement policy, focusing on achieving our Sustainability Vision objectives.
  • Where we do not have control or do not have discretion, we will engage with our clients, tenants, fund managers, operating partners and management teams of companies in which we invest to influence and help them to improve their sustainability performance.


Operations

  • For our operations, we commit to implement actions to align with applicable B Impact principles by 2030 or sooner.
  • We will focus on education and empowerment of our teams to equip them in their work towards achieving our Sustainability Vision.
  • We will engage with our peers, supply chain and communities to raise their awareness and capability to support and participate in the transition to a sustainable, net-zero carbon, resilient, equitable and healthy society.

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    OUR SUSTAINABILITY HISTORY
    2007

    UN Global Compact

    CBRE Group joins the special initiative of the UN Secretary-General.

    2009

    UN Principles for Responsible Investment

    CBRE Global Investors signs UN Principles for Responsible Investment.

    Global Real Estate Sustainability Benchmark

    CBRE Global Investors joins Global Real Estate Sustainability Benchmark.

    2012

    Institutional Investors Group on Climate Change

    One of the founding members of the Institutional Investors Group on Climate Change.

    2013

    Policy Adopted

    CBRE Global Investors launches Global Green Team and adopt Sustainability Policy.

    2017

    Global Responsible Investment Management Committee

    CBRE Global Investors establishes the Global Responsible Investment Management Committee and adopts a policy with a broadened scope.

    2018

    Task Force on Climate-related Financial Disclosures

    CBRE Global Investors commits to Task Force on Climate-related Financial Disclosures (TCFD) reporting.

    Tailored ESG Strategies

    Pooled Funds develop and implement tailored ESG Strategies.

    2019

    The Investor Agenda

    CBRE Global Investors supports The Investor Agenda.

    Global Impact Investors Network

    CBRE Global Investors joins the Global Impact Investors Network.

    CBRE Global Investors supports UNEP Finance Initiative.

    2020

    Coalition for Climate Resilient Investment

    CBRE Global Investors joins the Coalition for Climate Resilient Investment.

    2021

    Sustainability Vision

    Launch of CBRE Global Investors Sustainability Vision.

    IMPORTANT INFORMATION

    This Sustainability Vision contains forward-looking statements that are inherently uncertain and subject to change. There can be no assurance that any initiatives, goals, targets, commitments, intentions, projections or other forward-looking statements herein will ultimately be achieved or that they will be successful. Actual results may vary. This Sustainability Vision reflects the views and intentions of CBRE Global Investors professionals as of February 1, 2021 and is not current as of any later date. CBRE Global Investors reserves the right to change any such views or intentions and will have no obligation to provide notice of any such change. It should not be assumed that the successful implementation of any ESG initiatives will have any positive impact on financial performance of any fund or account sponsored by CBRE Global Investors.