Principal Real Estate Investors Recognized as Leaders in Responsible Property Investing
Demonstrating continued excellence in sustainability and responsible property investing practices, Principal Real Estate Investors is pleased to announce its recent recognition by Global Real Estate Sustainability Benchmark (GRESB), with two funds from the 2015 survey achieving “Green Star” status, the highest ranking GRESB provides. This marks the 2nd consecutive year Principal Real Estate Investors has received multiple Green Star ratings for its funds as compared to over 700 survey participants – representing 61,000 properties with $2.3 trillion in gross asset value.
GRESB is an industry-driven organization based in the Netherlands that is committed to evaluating the performance of real estate portfolios globally. The annual survey produced by the GRESB Foundation discloses material environmental, social, and governance (ESG) performance at the fund level, such as energy and water consumption, green building and energy certification, sustainability risk assessments, governance and stakeholder engagement.
“Principal Real Estate Investors not only ranked among the leaders with our multiple Green Star designations, but we also achieved a perfect score in the Management category recognizing our defined philosophy, objectives and management processes around sustainability. This is a function of our ESG platform – the Pillars of Responsible Property Investing (PRPI),” said Jennifer McConkey, Director of Operations and Sustainability at Principal Real Estate Investors. “The PRPI initiative is a comprehensive framework that focuses on optimizing building performance, reducing energy consumption and strengthening the communities in which we invest.”
In addition to the GRESB ranking, Principal Real Estate Investors recently received an “A” rating, surpassing the median score of C in the 2015 Principles for Responsible Investment (PRI) pilot Assessment Report. The PRI Assessment Report shows how the firm’s activities align with strategic objectives. The UNPRI initiative, launched in 2006, is an international network of investors working together to understand the implications of ESG factors into investment decision making and ownership practices. In 2015, the UNPRI survey captured information from 936 investors from 48 countries across six continents – representing nearly $59 trillion in assets. Since becoming a UNPRI signatory in 2010, Principal Real Estate Investors has aligned its PRPI initiative with the six guiding principles of the UNPRI to move beyond sustainability and provide a more holistic investment framework consistent with the evolving values of today’s marketplace.
“Our commitment to responsible property investing has long been an important part of our process. We view it as a sign of quality asset management and fiduciary governance, leading to positive financial and environmental outcomes,” said Pat Halter, CEO of Principal Real Estate Investors. “It’s an honor to achieve top tier rankings in both the GRESB and UNPRI surveys. We believe this validates the hard work we do every day on behalf of our clients and investors.”
Principal Global Investors' PRI Transparency Report can be found on the PRI website. The full 2015 pilot Assessment Report for Principal Global Investors is available here. Further information on the pilot Assessment Report and the assessment methodology can be found here.
About the Pillars of Responsible Property Investing Initiative
The Pillars of Responsible Property Investing (PRPI) is the overarching environmental, social, and governance initiative undertaken by Principal Real Estate Investors and its property management partners. The PRPI initiative seeks to reinforce the social and economic vitality of markets where Principal Real Estate Investors invests, manage risk, enhance transparency, and raise each property’s competitive stature through improved financial and environmental performance. The PRPI initiative grew from Principal Real Estate Investors’ early sustainability efforts including becoming a signatory of the United Nations Principles for Responsible Investing. Learn more about the Pillars of Responsible Property Investing.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $60.3 billion in commercial real estate assets1. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $346.2 billion in assets2 primarily for retirement plans and other institutional clients3.
1 As of June 30, 2015.
2 As of June 30, 2015.
3 Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Enterprise Capital, LLC; Liongate Capital Management LLP; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset Management, LLP; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of Principal International, Inc. Assets under management includes assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal and assets managed in accordance with investment advice provided by Principal Global Investors through the delivery of a model.