Green Rating Alliance merges with Global Real Estate Sustainability Benchmark

Green Rating Alliance (GRA) and Global Real Estate Sustainability Benchmark (GRESB) have signed a memorandum to join forces and improve the sustainability of commercial property portfolios, representatives have said.

The ‘Memorandum of Understanding’ outlines the companies’ intention to share data and resources with the aim of improving their mutually beneficial schemes, paving the way for improvements in construction and refurbishment methods across Europe.

GRA and GRESB’s primary aim is to provide the tools for global real estate investors to reduce the emissions generated by their assets, whilst further targets involve relaying these methods to the wider property market.

Pieter Hendrikse, CEO of CBRE Global Investors EMEA and chairman of GRA, said: “We are glad that we have found the perfect partner for the Green Rating Alliance with GRESB. While GRA is focusing on property sustainability performance, GRESB is assessing property funds and companies.

“Both associations will benefit from each other by sharing their knowledge, joint activities and discussions between their members within the international real estate industry. We are looking forward to working together on a day-to-day basis and improving the sustainability performance in all our portfolios.”

Nils Kok, executive director of GRESB, expressed similar sentiments to his new-found partners, saying: “GRESB and the GRA are both committed to independent evaluation of the sustainability performance of the real estate sector and complement each other.

“GRESB is investor-led, backed by 40 institutional investors and all leading industry bodies and real estate associations focused on the investment portfolio level.

“GRE is a manager-led initiative with the aim of optimising the sustainability performance of individual buildings. This partnership allows us to achieve our common goal of enhancing and protecting value by improving the sustainability performance of the built environment.”

Elsewhere, technology company GE has been extolling the virtues of its sustainability initiatives and commitment to help manage the Middle East’s carbon-footprint at the Arab Forum for Environment & Development in Beirut today.