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November 22, 2022

Principal Asset ManagementSM real estate strategies score highly for integrating ESG factors into investment practices

Principal Asset ManagementSM announced today that its U.S. real estate core strategy and two European real estate core property strategies received 4-star ratings in 2022 from the Global Real Estate Sustainability Benchmark (GRESB). The ratings place all three strategies in the top 40% of GRESB participants worldwide1 and exhibit a long-standing commitment to integrate Environmental, Social, and Governance (ESG) standards into its real estate investment practices while pursuing positive financial results for clients. Nine strategies also received the green-star rating, which is awarded to entities with scores higher than 50 on both the implementation and measurement, and the management and policy sections.

This is the seventh consecutive year the U.S. core strategy has earned a 4-star rating from GRESB. 

"Principal Asset Management continues to evolve its social and governance practices as investors place increased emphasis on ESG integration within their financial and risk management strategy,” said Jennifer McConkey, managing director of ESG and operations, real estate. "Our strong GRESB performance over the past seven years is evidence of the success of our Pillars of Responsible Property Investing platform with the ability of funds to continually implement new ESG practices and perform well against their peers in North America and Europe. We are committed to implementing the latest innovations in the real estate industry to help clients achieve positive financial and ESG outcomes."  

In total, Principal Asset Management submitted five U.S. real estate funds and six European real estate funds for participation in GRESB in 2022. Several funds showed increased scores in building certifications as well as improved data coverage and performance on energy, greenhouse gas emissions, and water. All 11 strategies outperformed the peer average in every scored category for management, which includes leadership, policies, reporting, risk management, and stakeholder engagement. 

The Pillars of Responsible Property Investing is the overarching ESG platform for the firm’s dedicated real estate investment team. This platform guides the implementation of ESG throughout the property life cycle as it seeks to invest in and lend on real estate that delivers positive financial and ESG outcomes for all stakeholders while promoting health and wellbeing for tenants and residents, minimizing environmental impacts, and enhancing the communities where we invest. 

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