TAKING ACTION TO DELIVER SUSTAINABLE PERFORMANCE - Real Estate for a changing - BNP Paribas REIM
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BNP Paribas REIM
TAKING ACTION TO
DELIVER SUSTAINABLE
PERFORMANCE
Real Estate
for a changing
world
TABLE OF ESG-driven for
CONTENTS long-term performance
BNP Paribas Real Estate Investment will be classified as “Sustainable”3 under
02. ESG-driven for long-term performance Management invests in real estate as a the framework of Europe’s new Sustainable
living asset. The assets we manage live Finance Disclosure Regulation (SFDR),
03. BNP Paribas REIM in two senses. They are assets in which rising to 90% by 2025. Already in 2022,
life happens, buildings in which people 100% of our funds for private investors
05. Context, challenges and key achievements
work, live and have fun. And they are will be classified as “Sustainable”. At the
06. Convictions driving long-term assets that have their own lifecycle, same time, we are adopting advanced
with each stage clearly defined; assets Impact Investing strategies. Our European
06. sustainable performance we treat as if they were living beings. Impact Property Fund (EIPF), launched
07
in 2020, is the first real estate fund to
This view drives our convictions and target CO2 emissions reduction in line
OUR ESG ACTION PLAN FROM 2021 TO 2025
approach in terms of Environmental with the Paris Agreement.
09. Our action plan for Environment Social Governance (ESG) integration. It is
reinforced by our positioning and expe- Second, we take a pragmatic approach.
11. Our action plan for Social rience as a pan-European investment Our CSR Brand new assets tend to attract a lot
manager, part of the BNP Paribas group of noise. To be an effective European
13. Our action plan for Governance
committed to Positive Banking. strategy investment manager, we need to work
15
meticulously to improve the ESG
HOW WE MANAGE ESG INTEGRATION A PRAGMATIC APPROACH is pragmatic, performance of existing assets, delivering
16. External stakeholders
FOCUSED ON PROGRESS
relevant and more impact through our “Best in
Progress” investment approach.
17. Internal stakeholders
First, being ESG-driven is one of our
five strategic investment pillars,
embedded into ENGAGEMENT DRIVING
19. Our 2020 Materiality study embedded into our business. Integrating
ESG criteria into our investment
our business MEANINGFUL CHANGE
20. Collecting trustworthy ESG data decisions enables us to both manage as a leading I have a deep personal conviction that
risk and drive performance by future- there are no monolithic solutions when
21 OUR FUND SEGMENTATION
22. Impact funds
23. ESG funds
proofing our assets in anticipation of
environmental legislation and evolving
market demand.
Under our new ESG strategy, launched at
European
investment
manager.
it comes to ESG integration. Instead, we
must engage with investors and partners
at corporate, fund and asset levels to agree
on practical solutions to achieve progress
– something that we have been doing for
the end of 2020, we have chosen to focus many years to drive asset performance.
24. ESG integration funds on three ESG objectives: cutting carbon
25. A circular economy approach emissions, managing assets responsibly As one of Europe’s longstanding financial
Nathalie CHARLES
and boosting stakeholders’ awareness to groups, we know that markets and
Global Head of
27. Mainstream funds achieve positive change. Each objective
Investment Management
society evolve. Right now, there is no
is monitored through specific key yield premium for ESG-driven assets. But
BNP Paribas Real Estate
performance indicators (KPIs). real estate is a long-term business. Our
30. A baseline for green refurbishment new strategy – and our renewed focus on
31. Regional highlights Our target is that, by 2022, 70%1 of our real estate as a living, breathing asset –
funds2 open to subscription to investors will ensure we are ready for a future that
33. Glossary / Our publications values sustainability.
34. Mazars certification
1/ By market value of assets, based on assets under management at 31 December 2021
2/ Pooled funds for private and institutional investors, excluding funds trading only on secondary markets
3/ Classification as “Sustainable” in compliance with Article 8 and Article 9 of SFDR – European Regulation (EU) 2019/2088
1 BNP Paribas REIM - ESG Report 2020 2
BNP PARIBAS REIM How we create shared value
BNP Paribas REIM’s strategy is aligned with that of our parent
company, BNP Paribas Real Estate: to create shared value through
BNP Paribas REIM invests in real estate as a living asset. We
an innovative approach to real estate investment management.
deliver sustainable performance for both institutional and private
investors through our investments in European real estate assets.
AS FUND MANAGERS We structure investment products, including funds, and separate
accounts and club deals, providing opportunities for institutional and retail investors.
BNP Paribas REIM is a real estate of one of the international real estate
investment manager with more than 50 market’s most prominent and experienced
AS ASSET MANAGERS We deploy capital raised to acquire, manage and improve assets,
years’ experience working in all sectors
of the European market. We are active in
eight countries and regulated in France,
players. Our teams can access the wealth
of experience earned by both parent
companies, and lean on all BNP Paribas
€28.9bn and build trust-based relationships with our tenants.
Assets under management
Germany, Italy and Luxembourg. We offer entities to help us perform our activities.
long-term real estate investments for
clients in Europe, managing a diversified The BNP Paribas REIM business model
portfolio and providing investment closely follows that of BNP Paribas
solutions that match clients’ needs and
risk profiles.
Real Estate. We manage a resilient,
integrated, diversified portfolio of funds 9.5m
and assets with an excellent track record Total square metres of assets
BNP Paribas REIM is owned by BNP for performance and growth. We have
Paribas Real Estate, a company that is a strong and robust risk management
in turn 100% owned by the BNP Paribas strategy that has been successfully
banking group. This means that our tested and verified.
business benefits from being a part
1,600+
Buildings managed ECONOMY ENVIRONMENT CLIENTS
OUR ASSETS UNDER MANAGEMENT As part of Europe’s second largest BNP Paribas REIM first formalised our BNP Paribas REIM takes an
— AS OF 31 DECEMBER 20201 — banking group, BNP Paribas REIM commitment to improving sustainability interactive approach to working
17 has an economic impact on more
than 200 institutional clients and
performance in 2013, adopting the UN
Principles for Responsible Investment
with our investors and tenants,
encouraging dialogue and
Countries with assets
OFFICES under management over 150,000 private clients in more (PRI). Since then, we have progressively collaboration. Our teams are
59% €17.14bn than a dozen countries. We have improved the ESG profile and strategy attentive to changing client
built a robust financial model, and of various products, (e.g., EIPF, NEIF III, needs, conducting regular
our experts work to anticipate future BNP Paribas Diversipierre, BNP Paribas surveys of investor and tenant
RETAIL
15% €4.41bn
8 evolutions in the financial market
to stay ahead of new developments.
Macstone). In 2019, ESG integration
became one of BNP Paribas REIM’s five
satisfaction. We aim to uphold
the highest standards of ethics
Countries where BNP We constantly look to optimise our pillars, and in 2020, ESG criteria were and compliance for investors, and
TOTAL RESIDENTIAL
€2.48bn
Paribas REIM operates assets, increasing their value while officially adopted into our investment occupational safety and wellbeing
€28.9bn 9%
taking a responsible approach. and fund management strategy. With for tenants.
sustainable investing at the heart of our
TECHNICAL approach, BNP Paribas REIM aims to
9%
AND LOGISTIC
€2.20bn 4
Alternative investment
minimise our environmental footprint, as
well as that of our investors and tenants.
fund managers (AIFM)
4%
HEALTHCARE
2% 4%
€1.13bn
HOTEL MIX 150,000+ 200+ 370
AND LEISURE €1.06bn BNP Paribas REIM BNP Paribas REIM BNP Paribas REIM
€0.5bn 1/ Non-audited data private clients institutional clients real estate specialists
3 BNP Paribas REIM - ESG Report 2020 4
Context, challenges Convictions driving long-term
and key achievements sustainable performance
New legislation and social expectations are reshaping the face of real
estate investment management. BNP Paribas REIM is taking a holistic
approach to integrating ESG concerns across our business.
A major shift toward sustainable living INTEGRATING ESG ACROSS In a changing world, BNP Paribas is dedicated to monitoring trends in
is underway. Stakeholders increasingly OUR BUSINESS KEY ACHIEVEMENTS REIM is focused on achieving long- European real estate capital markets, KEY ACHIEVEMENTS
expect environmental protection, social term sustainable investment returns analysing fund performance, and
responsibility and internal accountability To successfully integrate an ESG strategy for its investors by implementing new developing new products for a changing
to be priorities for investors and across our business, we are taking on European Impact strategies to improve ESG performance. economic, environmental, social and The SFDR enters into force
investment managers. ESG challenges at all levels: Property Fund As an organization, our largest impacts financial ecosystem. in Europe in March 2021
Launched are linked to assets – the more than
This has been bolstered by waves of local, • At an industry level, we are participating November 2020 1,600 buildings we manage across From the outset, we have involved our
national and international legislation, in working groups to advance sustaina- Europe. Our overall strategy is focused investors and tenants in ESG strategy BNP Paribas Diversipierre
including the SFDR and EU Taxonomy. bility across the real estate market on implementing clear, quantifiable definition and development, a process Achieves compliance
Both frameworks require financial • As a company, we are taking a Healthcare Property actions that will improve sustainability facilitated by our framework for with SFDR Article 8
companies to adhere to specific standards consistent approach to ESG integration Fund Europe across our funds and assets, while acting systematic stakeholder engagement.
for measuring and classifying their across departments, and increasing Launched as an ESG-driven organization. This close collaboration has enabled us
assets’ impact. This approach enables employee awareness of and buy-in for to gather essential ESG data, increase European Impact Property Fund
March 2020 Achieves compliance
investors to make informed decisions ESG initiatives Beyond complying with European and buy-in from stakeholders, develop
about investments, based on ESG criteria • Our fund managers are working to local legislation to improve real estate measurable targets for improvement with SFDR Article 9
that are comparable across funds. implement a selection of ESG criteria BNP Paribas Diversipierre asset sustainability, BNP Paribas REIM and start delivering improved asset
across funds and collaborating earned SRI label sees ESG integration as a key factor performance. Moreover, this approach
Funds to be classified as “Sustainable”
At BNP Paribas REIM, this means adopting with investors to develop long-term From the French in future investing. Our approach invites stakeholders to go beyond
under the SFDR framework
a new approach to investment, asset and strategies that deliver ongoing government reflects the Principles for Responsible baseline compliance with legislation
70% of funds open to subscription
fund management that integrates ESG performance in November 2020 Investment, to which we are a signatory, and consider the long-term benefits of
to investors by 2022 (90% by 2025);
considerations into all aspects of our • For individual assets, our transaction and asserts the belief that sustainable implementing ESG early on.
100% of funds for private investors
business. We have classified our funds and asset managers are including ESG investment is smart investment. In 2020,
by 2022
under a new segmentation based on ESG criteria in acquisition and management REFI award for we received an A score on the PRI’s Implementing ESG is further giving BNP
commitments, and incorporated ESG processes, while finding sustainable, best Green Fund Strategy & Governance module and a B Paribas REIM the opportunity to take
criteria at corporate, fund and asset levels. cost-effective solutions to transform Received for NEIF score for the property module. action as a company, communicating
assets into ESG compliant assets III in 2019 clearly about our values and aligning
As of 2020, BNP Paribas REIM has set We view improving ESG as a long-term them with those of our stakeholders. We
concrete targets for ESG improvement, Increasingly, changing international and priority which will increasingly shape have defined ambitious and measurable
determined a set of practicable actions, European climate targets are pushing the Annual the financial industry, drive investors’ aspirations and objectives, holding
and begun implementing appropriate real estate industry to rapidly accelerate satisfaction surveys decision-making process and impact ourselves to the same standards as our
monitoring and reporting mechanisms. decarbonization. This has traditionally Sent to tenants asset performance. To support our clients in all regions and across business
And as of March 2021, our business line been a challenge for asset managers, as in France clients, our in-house research team activities. With ESG integration at the
has been compliant with the first level of the investment profile of existing funds and Germany core of our strategy, we will be able to
SFDR requirements. does not always allow for major CAPEX coordinate with internal and external
work of the type required to dramatically stakeholders and revitalise our investment
cut emissions. Six funds participated process and governance policies.
in GRESB
This is why BNP Paribas REIM is With an overall
collaborating with stakeholders to 10% score increase
define measurable emissions reduction between 2019 and 2020
targets, improve assets’ environmental
performance as far as possible, launch 50% 15 11%
Assets with
new ESG-driven funds and prove Assets under Funds with ambitious
the long-term value of sustainable management with ESG objectives and an In-Use
investments. ESG KPIs measured measured KPIs in 2021 certification
5 BNP Paribas REIM - ESG Report 2020 6
OUR ESG ACTION PLAN 2021 2025
GO BEYOND MANAGING RISK TO DRIVE PERFORMANCE
CUT CARBON MANAGE ASSETS
EMISSIONS RESPONSIBLY
5 KPIs to monitor asset 4 KPIs to improve tenants'
adaptation to climate change comfort, encourage soft
(energy efficiency programmes, mobility, promote waste
in-use certification sorting and ensure access
to people with disabilities
TAKE TO ACHIEVE
BY 2025 ACTION ESG
at corporate, fund
OBJECTIVES
and asset level
90% OF FUNDS
BOOST
1 STAKEHOLDER
AWARENESS
4 KPIs to commit to environmental
open to subscription to investors and social initiatives with property
managers and tenants
will be classified as Sustainable 2
(70% in 2022)
WE SEGMENT
OUR FUNDS ACCORDING
TO THEIR ESG PROFILE,
MAINSTREAM
AND STRENGTHEN FUND ESG INTEGRATION FUND ESG FUND IMPACT FUND
ESG-DRIVEN FUNDS’ ESG essentials
— —
ESG roadmap with KPIs
—
ESG roadmap with KPIs
—
ESG roadmap with KPIs
COMMITMENTS ESG assessment at acquisition + Binding legal commitments + Binding commitments
EACH YEAR. + Impact investing strategy
SFDR Article 6
SFDR Article 6 SFDR Article 8 SFDR Article 9
1 / Pooled funds for private and institutional investors, excluding funds trading only on secondary markets
FUND SUSTAINABILITY JOURNEY
2/ Under the framework of Europe’s Sustainable Finance Disclosure Regulation (SFDR); European regulation (EU) 2019/2088 equal to compliance with Article 8 and Article 9
7 BNP Paribas REIM - ESG Report 2020 8
ENVIRONMENT KPIs / Achievements 2020
OUR ACTION PLAN Set up an Energy Efficency plan
Obtain significant coverage of energy
consumption data for both common
Our first objective has a principal goal at its heart: to reduce the carbon footprint and private areas
to cut carbon emissions across the assets we manage.
Transitioning to a low-carbon economy demands • Reduce CO2 emissions via the implementation
significant effort from the real estate sector. BNP of energy efficiency plans
Paribas REIM has a major role to play as a leading • Obtain significant data on energy consumption ACHIEVED
European investment manager. from both private and common areas
• Target in use certification for non-residential assets
ACHIEVED
21%
This is why our ESG strategy takes a robust, pragmatic
approach to minimizing the environmental impact of
(e.g., BREEAM In-Use)
• Remove existing sources of onsite pollution
9%
our assets, funds and business. We are working to (e.g., lead, asbestos, soil pollutants)
gradually reduce the carbon footprint of the assets • Develop biodiversity initiatives for green spaces,
we manage. At the same time, we are taking measures light, water, flora and fauna
R BON EMISS
CA
to increase their adaptability in the face of climate
change. We know that today 30% of energy savings PRIORITIZING CARBON EMISSIONS REDUCTION I
ON
T
can be achieved simply through the behaviour of
CU
tenants: this is why we are engaging actively with Commercial and residential buildings are responsible
S
tenants to collect and share energy and CO2 data. for nearly 39% of global greenhouse gas emissions4,
making real estate a primary source of these emissions.
Our focus is on the assets that comprise our CSR Because of this, BNP Paribas REIM’s ESG strategy
panel: around 400. These assets are part of our ESG- includes significantly cutting carbon emissions for
driven funds and tend to increase progressively. individual assets and overall funds as one of three
key objectives.
HOW WE MEASURE PROGRESS
Over the past four years, we have worked on collecting
S
CU
BNP Paribas Real Estate has developed operational all necessary energy and CO2 data for assets in our
N
roadmaps for three key topics: low carbon, biodiversity CSR panel, in order to set concrete and quantitative
O
T
and circular economy. At BNP Paribas REIM we have targets for improving environmental performance,
CA I
set five measurable KPIs to improve the environmental reducing carbon emissions for assets across all ESG-
RBO EMISS
performance of assets and funds: driven funds by 2025. In addition, BNP Paribas REIM
N
intends to increase our scope of data collection for
both single- and multi-let assets.
Remove existing Set up biodiversity
pollution on site initiatives
5 384 207
kWh/m 2
KPIs for improving fund Assets with energy ACHIEVED ACHIEVED1
and asset environmental consumption and CO2 emissions Estimated energy
performance data collected in 20205 consumption6 28% 15%
40 2
2025 Set up in-use certification ACHIEVED
11%
1/ Refers to assets with
at least one biodiversity
initiative in place
kgCO /m2 Target date for reducing
4/ Source : World Green Business Council 2018
Estimated emissions for assets across 5/ As compared to 334 assets in 2019
CO2 emissions6 all ESG-driven funds 6/ Based on a panel of 218 offices
% achieved represents the unweighted average across 384 assets representing the CSR panel managed by BNP Paribas REIM at 31 December 2020.
9 BNP Paribas REIM - ESG Report 2020 10
SOCIAL KPIs / Achievements 2020
Improve comfort and Work with tenants to encourage
wellbeing of tenants sustainable mobility
OUR ACTION PLAN ACHIEVED ACHIEVED
Investing in real estate as a living asset means focusing 19% 27%
on the wellbeing of tenants and end-users.
BNP Paribas REIM integrates social responsibility into ENABLING ACCESS FOR PEOPLE
S S ETS RES
the management of our assets, putting an emphasis WITH REDUCED MOBILITY A P O
on the wellbeing and comfort of our tenants. E
AG
NS
Our approach includes increasing accessibility A key goal for BNP Paribas REIM is to ensure access
MA N
for people with reduced mobility and, where to buildings for fully or partially disabled people. We
IBLY
possible, acquiring buildings near public or green define accessibility for buildings at four levels:
transportation options.
• Level 0: inaccessible to people with reduced
HOW WE MEASURE PROGRESS mobility
• Level 1: partially accessible from the ground floor
LY
MA
• Improve the comfort and wellbeing of tenants or street level, with an onsite lift and reduced-
(e.g., air quality, onsite services) mobility accessible facilities
B
• Ensure reduced mobility access to buildings • Level 2: partially accessible from the ground floor,
N
S I
• Promote dedicated spaces that are appropriately with access to upper floors from a disabled parking
AG
N
equipped for sorting waste space and separate reduced-mobility facilities for EA
• Make sustainable mobility available for tenants men and women
O
(e.g., bike parks, electric vehicles) • Level 3: complete accessibility to all floors,
SSETS RESP
separate reduced-mobility facilities for men and
We regularly assess the progress of our social women on each floor, wheelchair-friendly lifts, and
initiatives, and undertake an annual tenant compliance with all disability standards
satisfaction survey in France and Germany, which
we aim to progressively extend to other European As of December 2020, 85% of our buildings were at
countries. This enables us to determine areas for least at Level 1 accessibility. Our goal is to move a
improvement and collaborate directly with tenants substantial portion of buildings to Level 3 by the end ACHIEVED ACHIEVED
to improve end-users’ living and working conditions. of 2025.
79% 61%
Ensure access for Promote waste sorting
disabled people with a dedicated space
ENGAGING DIRECTLY
WITH OUR TENANTS
4
Levels of accessibility
79%
BNP Paribas REIM buildings
At BNP Paribas REIM, there is a direct line of communication that passes from fund managers, to asset managers,
to property managers, to tenants. We believe in engaging with tenants to achieve our objectives, earning their trust
for buildings with at least Level 1 and buy-in on social initiatives, and obtaining needed data before proposing changes. We follow up with tenants
(0 to 3) accessibility regularly via our annual survey of tenant satisfaction, which was expanded in 2020 to include tenants across Europe.
% achieved represents the unweighted average across 384 assets representing the CSR panel managed by BNP Paribas REIM at 31 December 2020.
11 BNP Paribas REIM - ESG Report 2020 12
GOVERNANCE KPIs / Achievements 2020
OUR ACTION PLAN Ensure energy data collection
is integrated in new leases
Set up initiatives and dialogue
between asset manager and
Driving meaningful ESG performance across the board starts and lease renewals property manger
with stakeholder engagement – and managing reliable data. *or equivalent person
BNP Paribas REIM is taking an active approach to HOW WE MEASURE PROGRESS
governance by boosting ESG awareness among
stakeholders and increasing engagement among Communication and transparency are at the heart of
investors, managers and tenants. By transparently our four KPIs for embedding governance into our fund
ACHIEVED ACHIEVED
and regularly communicating about our initiatives, and asset management strategy:
and collaborating with stakeholders to develop
actionable ESG roadmaps, we can make positive • Increase initiatives and collaboration between
5% 31%
changes to our assets and our industry. asset managers and property managers to ensure
agreement on and proper implementation of
EH O L DE R AW
A key aspect of this approach is collaborating with ESG roadmaps K
tenants to collect and measure energy and water • Formalize meetings among asset managers,
TA
AR
consumption and CO2 emissions from their buildings. property managers and tenants to discuss ESG
TS
We can do this thanks to our partner, DEEPKI, whose topics and develop action plans
EN
digital platform collects both energy consumption • Sign an environmental appendix when mandatory
BOOS
and CO2 emissions data general ESG information. The (e.g., leases on French buildings larger than 2,000 m2)
ESS
platform also provides reporting and analysis specific or on a voluntary basis, agree to ESG actions with
to the real estate sector. This enables BNP Paribas tenants
REIM to accurately determine the impact of ESG • Integrate energy data collection into lease renewals
initiatives and increases accountability at all levels and new releases to help directly obtain data on
of management. tenants’ energy and water consumption
GE
TO
Having regularly scheduled meetings to discuss,
AN
AC
develop and implement ESG initiatives will be a
must-have for stakeholders looking to improve their HI H
ESG status by 2025. EV E C
E POSITIV
BNP Paribas REIM anticipates that all funds will
have at least one dialogue or initiative in place
with their stakeholders by the end of 2021. We also
expect the number of leases with environmental
appendices and integrated data collection clauses
to more than double.
ACHIEVED ACHIEVED
31% 21%
Sign an environmental Set up environmental and / or civic initatives
appendix in leases and engage dialogue between asset manager /
4
KPIs for improving
50%
Expected increase in signed
property manager and tenant
governance across environmental appendices
all funds and assets by end 2021
% achieved represents the unweighted average across 384 assets representing the CSR panel managed by BNP Paribas REIM at 31 December 2020.
13 BNP Paribas REIM - ESG Report 2020 14
HOW WE MANAGE External stakeholders
ESG INTEGRATION
We place stakeholder engagement at the centre of our
Corporate Social Responsibility (CSR) strategy. By creating
an ongoing dialogue, we can quickly and accurately identify
evolving stakeholder needs, enabling our investors and
tenants to reach their ESG goals.
INVESTORS
Investors
BNP Paribas REIM integrates ESG considerations at corporate,
We are dedicated to meeting our investors’ high
fund and asset levels. We engage with our external and expectations on asset and fund performance
and ESG improvement. Our relationships are
internal stakeholders, adjusting our approach to address built on trust and transparency, prioritizing
Developing and
their individual concerns and needs. responsiveness and flexibility in our fund maintaining a
and asset managers. We work directly with strong relationship
investors to improve asset resilience and drive
stable, long-term performance. with our stakeholders is
OUR GOVERNANCE OUR INVESTMENT PROCESS
fundamental to integrating
TENANTS
BNP Paribas REIM has a longstanding For several years, BNP Paribas REIM has Tenants CSR and ESG at every level of
We listen to our tenants and manage our assets
CSR policy in place to ensure that been adapting its CSR policy to further
to meet their expectations. These include fund and asset management.
all of our investments are conducted encompass ESG criteria. In addition to
onsite services, environmental performance,
safely, ethically and in compliance with creating a specific offer for clients looking
proximity to public transport, and building
We strive to ensure that all
regulatory standards. to invest in responsible products, we
have developed a new approach to asset adaptability and accessibility. BNP Paribas our collaborators have access
BNP Paribas REIM’s governance is acquisition that highlights and prioritizes REIM provides asset optimization, quality to the necessary resources
monitoring, technical and environmental
aligned with that of BNP Paribas Group ESG performance. We embed ESG improvement services, tenant support and CSR
for prioritising ESG, while
and BNP Paribas Real Estate, although
we have our own management and BNP Paribas REIM systematically consi- aspects into awareness campaigns at each of our locations. complying with BNP Paribas
decision-making bodies with ultimate ders ESG criteria when evaluating new every aspect of REIM’s CSR policies.
OUR COMMITMENT TO RESPONSIBLE INVESTING
authority. Several of our employees are investment opportunities, measuring our strategic
members of BNP Paribas Real Estate’s their performance against our in-house
CSR Leaders Network, a committee ESG grid. A specific grid exists for each and operational BNP Paribas REIM is a proud member or Nehla KRIR
dedicated to integrating CSR issues in type of asset (e.g., offices, logistics, activities, enabling signatory of numerous local, national and Head of Sustainability and CSR
international organizations and initiatives that BNP Paribas REIM
the overall company’s business line and residential and healthcare buildings) and us to improve promote responsible investing practices.
functions. CSR policies are also reviewed covers selection criteria including energy,
by the management board of each of our biodiversity, accessibility and health and and promote
national entities, and BNP Paribas REIM’s comfort. This ESG grid supports the transparency, and
Executive Committee. Laurent Ternisien, assessment of sustainability risks at
have developed
our Chief Client Officer, is the sponsor acquisition. Our Investment Committee INREV Global Real Estate Principles of Global Investor
of all CSR activities within the Executive then signs off on the acquisition of those robust policies to Sustainability Sustainability Responsible Coalition on
Committee. assets that meet our sustainability criteria. protect and enhance Committee Benchmark Investment Climate Change
In addition to being applied to our
our investments.
assets, ESG criteria are integrated across
our value chain and are a priority for
Laurent TERNISIEN Observatoire Association Française Association Association of
all our teams, from sales, to product
Chief Client Officer de l’Immobilier des Sociétés de Française de la the Luxembourg
development, to asset management. A
BNP Paribas REIM Durable Placement Immobilier Gestion Financière Fund Industry
dedicated team of researchers further
supports our investment process,
providing insight into ESG topics for
assets, funds and companies.
Bundesverband Associazione Royal Institution
Investment und dell’Industria of Chartered
Asset Management Immobiliare Surveyors
15 BNP Paribas REIM - ESG Report 2020 16
HOW WE MANAGE ESG INTEGRATION
Internal stakeholders Our CSR Champions
CSR principles are fundamental to our approach to internal BNP Paribas REIM is home to 25 CSR Champions sponsored by top
stakeholders. We believe in creating a diverse workplace for management across the company. Representing every country of
our teams, providing excellent working conditions and career operation, their goal is to help all business teams collaborate and
opportunities for employees of all backgrounds. deploy our CSR strategy.
BUILDING A DIVERSE WORKPLACE BNP Paribas REIM’s CSR Champions CSR Champions are expected to be
are internal ambassadors for our CSR at the forefront of our CSR and ESG
We believe that diversity makes our
company a good place to work and
contributes to our success. We aim to
379
Total employees
strategy and ESG roadmap, bridging the
gap between BNP Paribas REIM, BNP Real
Estate and BNP Group. They are specialists
development, proposing new ideas and
helping their teams better integrate
CSR priorities into their work. They
hire and promote employees of all ages, on a range of topics, including operations, participate in workshops throughout the
backgrounds and genders, bringing a mix investor relations, acquisitions, fund and year, develop local initiatives and attend
of skills and experiences to our everyday asset management, data and reporting, quarterly meetings to discuss progress
activities. and communications. Their mission is on CSR and ESG initiatives. Our CSR Champions
From providing youth training programs, 47%
Female employees
built around three pillars – Understand,
Act and Share – with the goal of helping take an active role
in the day-to-day
to eliminating gender wage gaps, BNP implement our ESG roadmap across all OUR CHARITABLE CONTRIBUTIONS
Paribas REIM strives to take a proactive divisions and functions. Our champions development and
approach to building and maintaining a do this by working as key contact points BNP Paribas REIM encourages our
diverse workplace. for ESG information for their regional internal stakeholders to adopt a CSR- implementation of
our strategy across
We apply BNP Paribas Real Estate’s
Diversity Policy and HR policies: our
50%
Women on our
and national teams.
Each of our CSR Champions has a specific
oriented mindset in their everyday lives
by giving back to their local communities.
Our employees in Paris once more took
the business.
hiring processes focus exclusively on role in implementing our CSR strategy part in the annual race for Imagine for
Executive Committee
each candidate’s skills, professional and contributes to a working group. For Margo, with 12 participants raising
Astrid CADELANO
experience and qualifications. At least example, they are responsible for sharing nearly €15,000, thanks to BNP Paribas
CSR Development Officer
one woman is included on the shortlist asset management best practices. REIM France’ sponsorship. Meanwhile,
BNP Paribas REIM
for every management position. Additionally, CSR Champions support our BNP Paribas REIM Luxembourg helped
Sales and Product Development teams, six employees raise €4,000 for the
ENCOURAGING GROWTH ACROSS ROLES answering CSR and ESG questions and Foundation Kriibskrank Kanner, an
approving marketing materials. organization that supports research for
Our employees work in multiple European paediatric cancer.
countries across a variety of different
disciplines, including sales, asset
management, product development,
acquisitions and more. BNP Paribas REIM
believes in developing the skills and
Understand
expertise of our collaborators, providing Build knowledge through
internal training programs, mentorships ESG workshops and training
and many paths to career development.
We value employee buy-in for our
initiatives, encouraging our collaborators
Act Achieve change by implementing
to embed ESG into their everyday asset ESG roadmaps and fund strategy;
activities and take an active part in
implementing our new strategy.
Community carry out portfolio climate assessment
3 pillars Share
Carry out communications
campaigns; develop reporting
17 BNP Paribas REIM - ESG Report 2020 18HOW WE MANAGE ESG INTEGRATION
Our 2020 MATERIALITY STUDY Collecting trustworthy ESG DATA
BNP Paribas Real Estate carries out a For investors and financial regulators to accurately measure assets’ ESG
regular study to understand stakeholders’ STAKEHOLDERS CONSULTED performance, they must have access to reliable data. BNP Paribas REIM uses
perception of its commitment to CSR, INCLUDED specific data collection and reporting tools to ensure that our assets’ ESG
and to identify the issues most relevant performance is tracked meticulously and assessed uniformly.
to the company.
In 2020, 10,260 stakeholders were invited For us, being able to accurately and ASSESSING ESG PERFORMANCE
to take part in an online consultation, ECONOMIC PARTNERS MARKET REGULATORS regularly evaluate an asset or fund’s ESG
available in six languages. A total of
1,026 replied from 10 countries across
Europe, including investors and tenants
Investors and clients, corporate
partners, occupiers, local authorities,
Public authorities, professional
bodies, certification and
performance serves two purposes.
First, this information enables our
Once ESG data has been collected at
the most granular level, a fund’s ESG
performance can be measured against
6
BNP Paribas REIM funds with
of BNP Paribas REIM. suppliers and distributors accreditation bodies investors and tenants to keep track of sustainability benchmarks like the
annual GRESB assessment
assets’ ESG performance. We support Global ESG Benchmark for Real Assets
them in defining a baseline, using accurate (GRESB). Aligned with trusted reporting
data to determine an ESG action plan, frameworks like the GRI and PRI, the
of respondents rate
57% our level of CSR
as pioneering or
INTERNAL PARTNERS INFLUENCERS
track key metrics over the short- and long-
term, and evaluate ESG improvement.
GRESB evaluates the ESG performance of
assets and funds, providing standardized
data to capital markets. For BNP Paribas 10%
committed Employees, supervisory board, Media, analysts Second, for regulatory bodies, data REIM, GRESB is a key measure for our Overall increase in GRESB
management board, executive and rating enables auditors to assess the conformity assets’ ESG performance, with six of scoring in 2020
committees, shareholders agencies, NGOs of an asset with ESG requirements. For our funds undertaking a yearly GRESB
European investments subject to the assessment. This enables us to follow
SFDR and EU Taxonomy, data will be the ESG evolution of our assets and
crucial to determining if and to what funds, and uncover areas for further ESG
OUR MATERIALITY MATRIX
Building
resilience and
degree our investment decisions can
have impact.
improvement.
400+
BNP Paribas REIM assets with
adaptability Wellbeing, Our property managers are key partners
Our external and internal stakeholders ranked 22
health and safety in the challenging mission of collecting Deepki integration
in buildings
sustainability issues. The matrix below shows each Sustainable water data from our tenants. We rely on their
issue ranked by strategic priority. The top three were: management expertise and knowledge, and the strong
Energy efficiency relationships they have built with tenants
wellbeing and health and safety in buildings; energy and savings
Ethics and to successfully collect data.
efficiency and savings; and building resilience and transparency
adaptability. Our three key ESG objectives are aligned Air quality and
with the top priorities identified by our stakeholders. Incorporating building comfort COLLECTING ACCURATE DATA
CSR into
business lines Resources BNP Paribas REIM ensures that our asset
Low carbon products the circular managers, fund managers and clients
and services economy
can collect, evaluate and report on ESG
Human rights and data through the support of our partner
Engagement non-discrimination Anticipating changes
in the real estate sector Deepki, who provides us with a digital
with stakeholders Diversity and solution that is now widely used across
professional Positive local contribution
the real estate industry. This technology
equality Adapting employees'
EXTERNAL Biodiversity enables BNP Paribas REIM to gain an
skills to future professions
stakeholders and biophily in-depth understanding of our assets’
ESG performance. By collecting and
Sustainable mobility
Land artificialisation analysing information for each building
Co-design with
our clients and and urban sprawl in our CSR panel, we can pinpoint areas
business partners Excellent for improvement and develop an ESG
environmental Information
Risk prevention and efficiency and networks and strategy specific to clients’ needs.
business continuity certification connectivity
MOST
IMPORTANT INTERNAL
ISSUES FOR stakeholders
19 BNP Paribas REIM - ESG Report 2020 20OUR FUND IMPACT funds
SEGMENTATION
At BNP Paribas REIM, we aim to put ESG integration at the heart of our real estate
Impact is the next frontier in responsible investing. Impact investing refers
to investing with the intention of generating positive, measurable social or
environmental impacts alongside financial returns.
Starting in 2020, BNP Paribas REIM has chosen to focus part of our new product
development on an Impact Investing fund. This fund will set concrete, science-
EIPF FUND
An Impact fund aligned
with the Paris Agreement
investment strategy. Our new fund segmentation divides funds into four categories
based on their ESG profile and according to the SFDR. BNP Paribas REIM’s new fund based targets for emissions reduction that align with the Paris Agreement. and compliant with Article 9
segmentation takes an ESG-focused approach, classifying funds by both their current of the SFDR
ESG performance and potential for improvement. Impact funds tend not to invest in assets that already boast strong ESG
performance: rather, they target existing assets with low ESG performance, but In December 2020, BNP Paribas REIM
high potential for improvement. In doing so, they make a meaningful contribution launched the first property fund that
Funds are divided into OUR APPROACH to society’s transition to a low-carbon, sustainable economy. sets out to be compliant with the Paris
Agreement and the International Energy
4 categories In developing this segmentation, BNP Paribas REIM For investors focused on sustainable investing, who have themselves made Agency’s proposed climate trajectory.
had several goals: firm ESG commitments, holding assets in Impact funds represents a strong The fund aims to reduce greenhouse gas
step forward. (GHG) emissions by 40% across the entire
MAINSTREAM fund • Focus on a limited number of ESG objectives and KPIs European portfolio over the next decade
Compliant with Article 6 of the SFDR • Improve progress and results monitoring through a core, diversified, income-driven
• Track ESG performance at the fund level strategy.
Complies with our ESG essentials, including • Better differentiate each fund’s positioning
an ESG assessment at acquisition, checks • Align with the principles of the EU Taxonomy
This will enable BNP Paribas REIM to
on the seller and verification that no tenants • Account for stakeholder values and expectations
quantify the fund’s positive impact on
are on the BNP Paribas Group ban list • Give stakeholders a clear way to define ESG performance
assets and measure the ongoing reduc-
tion of GHG emissions through a detailed
reporting system.
ESG INTEGRATION fund In adopting an ESG-driven approach to fund segmentation,
BNP Paribas REIM is committing to regularly strengthening EIPF had raised over €160 million of
Compliant with Article 6 of the SFDR funds’ ESG performance. By developing and following an equity capital commitments as of 31
Has a dedicated ESG roadmap ESG roadmap, funds can progressively and cumulatively December 2020, with investments from
with 13 KPIs for all assets improve ESG performance, moving from one level of the leading European insurance compa-
segmentation to the next. nies and institutional investors. By May
2021, EIPF had attracted more than
ESG fund €300 million of equity and completed
Compliant with Article 8 of the SFDR
Has a dedicated ESG roadmap with 13 KPIs
What is For funds to change categories
two closings (with the initial closing in
November 2020). The fund has already
an ESG roadmap? and move on to greater levels
studied more than €3.3 billion of op-
for all assets with specific engagements portunities, and should close its first
included in legal documentation of ESG commitment, they must have an ESG roadmap.
acquisition by the end of June 2021.
An ESG roadmap is specific to each fund, and is
developed collaboratively by fund, asset and property We anticipate that this fund will be com-
IMPACT fund managers. It is measured through 13 KPIs, which aim pliant with Article 8 of the SFDR in 2021.
to deliver on three ESG objectives. In proposing and
Compliant with Article 9 of the SFDR
defining an ESG roadmap, BNP Paribas REIM accounts
Has an impact investing approach for investor demand, short-
aimed at delivering measurable, positive and long-term feasibility,
environ-mental or social impacts market evolution, changing
regulations and potential
obsolescence. LUXFLAG -40% 25-75 €300m
— BY 2025 — label being targeted
for EIPF
GHG emissions reduction
target for EIPF portfolio
assets to be included Equity capital
commitments
90%1 of our funds2 open to in the EIPF fund
within 10 years by May 2021
subscription to investors will be 1/ By market value of assets, based on assets under management at 31 December 2021
classified as “Sustainable”3 2/ Pooled funds for private and institutional investors, excluding funds trading only on secondary markets
3/ Classification as “Sustainable” in compliance with Article 8 and Article 9 of SFDR – European Regulation
(EU) 2019/2088
21 BNP Paribas REIM - ESG Report 2020 22OUR FUND SEGMENTATION
ESG funds
BREMBATE
A LOGISTICS
BUILDING WITH
BNP Paribas REIM’s ESG funds are those with
binding commitments to take action on ESG criteria
included in the relevant legal documentation. ESG
STRONG ESG
funds must also have an ESG roadmap established
by stakeholders that defines which ESG criteria
CREDENTIALS
they intend to prioritize, and describes how In 2020, BNP Paribas REIM acquired the Brembate,
a logistics platform building in the municipality
those improvements will be accomplished.
of Bergamo in Milan. Built in November 2020,
BNP Paribas REIM managers are expected to the building, now being let to a 3PL operator, was
implement these ESG objectives at the fund BODIO CENTER acquired after construction and will receive LEED
Silver certification.
and asset level , identifying and implementing
the necessary ESG actions.
While ESG funds aim to legally commit and fulfil general
A GREEN BUSINESS
or overall ambitions for improving ESG, they are not
bound by specific numbers (e.g., percentage reduction
of carbon emissions). These funds are compliant with
SPACE IN THE
Article 8 of the SFDR.
CENTRE OF MILAN
The Bodio Center is located in the heart of Milan’s business district. The 51-53 HAUSSMANN
65,000 m2 office complex is made up of seven buildings. These include five
BNP PARIBAS office buildings, a fitness centre and a building with a cafeteria, bar and
DIVERSIPIERRE
taking a best-in-progress approach
FUND café. The centre offers an underground parking lot with over 500 parking
spaces, and is surrounded by common green areas, squares and fountains. RENOVATING A
One of the first BNP Paribas REIM funds to earn the status
of ESG fund is BNP Paribas Diversipierre OPCI. Historically,
In August, the Bodio Center earned a LEED Gold
certification, primarily due to improvements to
the buildings’ energy consumption. This was
HISTORIC PARISIAN
this fund has employed an SRI approach, dividing funds into
two categories: real estate and finance. Diversipierre applies
a practical, sustainable methodology to the selection and
achieved in close collaboration with tenants,
who were enthusiastic about integrating
ESG criteria into building management.
BUILDING
management of real estate assets, aiming to improve the The complex also leans heavily into Situated in Paris’ 9th district, and built in the
ESG performance and resilience of all individual assets. green transportation, providing access classic Haussmann style, the 3,170 m2 building
to electric vehicle charging stations and at 51-53 Boulevard Haussmann is currently being
In 2020, BNP Paribas Diversipierre earned France’s SRI bike parks. The Bodio Center is located reconstructed. Acquired in 2019 on behalf of
label, a reflection of its commitment to boosting ESG. near a train station, and is accessible BNP Paribas Diversipierre, the building has since
Assets under consideration for acquisition by BNP Paribas by bus and tram, encouraging the use undergone substantial renovations, with improving
Diversipierre are scored by BNP Paribas REIM teams and of public transportation. ESG performance at the centre of the asset
their external partners against a customized SRI analysis management strategy.
grid. To be acquired by the fund, the asset score should
not be below 15/100. In addition, assets must meet specific Construction incorporates sustainability best
ESG criteria, such as the absence of pollution that presents
a risk to tenants’ health. The score accounts for the current
13
ESG themes
65
ESG criteria for
58%Expected
practices, with construction waste separated and
recycled, green dredging activities, and efforts
state of the asset, as well as a potential three-year action to minimize carbon consumption onsite. Once
assessed potential increase in
and improvement plan. completed, 51-53 Boulevard Haussmann should
for potential BNP Paribas BNP Paribas
attain an HQE certification for energy use, waste
BNP Paribas Diversipierre Diversipierre SRI
management and choice of construction materials
Diversipierre acquisitions scoring by 2023
and methods.
acquisitions
23 BNP Paribas REIM - ESG Report 2020 24OUR FUND SEGMENTATION
ESG INTEGRATION funds
BNP Paribas REIM’s ESG Integration funds are those with a dedicated ESG roadmap for assets that
will improve their performance over time. For these funds, we evaluate each asset’s current ESG
performance through 13 KPIs, and its potential for short- and long-term improvement, using data NEIF III FUND
collected via our ESG data hub. A focus on green office
Our asset and fund managers then define ESG performance targets for 2022 and 2025 that reflect our buildings
13 KPIs and 3 ESG objectives. Based on this, BNP Paribas REIM develops and implements a dedicated The Next Estate Income Fund III (NEIF
ESG roadmap that enables us to meet the objectives set for each ESG Integration fund and asset. III) is an ESG Integration fund that ac-
quires certified office buildings in key
European cities. Launched in 2017, NEIF
III specifically targets already developed,
recently refurbished and newly delive-
red offices, primarily those being used by
NEIF II FUND high-growth industries, such as health-
care and technology. Almost 50% of NEIF
A pan-European fund III assets are located in France and Ger-
prioritizing ESG many, and another third are located in
capital cities or leading commercial
The Next Estate Income Fund II (NEIF centres in Italy, Spain and Belgium.
II) is an ESG Integration fund focused
on acquiring buildings with high envi- NEIF III has undergone a GRESB assessment
ronmental performance in major cities every year since 2019, and as of 2020,
across seven key European countries. the fund achieved a score of 70/100.
Established in 2014, the fund holds 19 This is thanks to the fund’s fully green
assets, all with green labels, including certified portfolio and the integration
HQE, DGNB, BREEAM IN-USE and LEED of improved energy data collection. As FAIRWAY BUILDING
Certification. More than 60% of these la- the fund continues to acquire assets
bels were obtained or improved after BNP with sustainable labels and those that
Paribas REIM acquired the asset as part
of the NEIF II fund.
HANOVER QUAY can easily obtain green certification,
we expect overall ESG performance to
continue improving.
LIMITING ENERGY
From 2021 to 2025, NEIF II aims to further
improve the ESG performance of existing
FROM WAREHOUSE We anticipate that this fund will be com-
pliant with Article 8 of the SFDR in 2021.
CONSUMPTION
assets, focusing on energy consumption.
BNP Paribas REIM is also looking into po-
tential green refinancing of the fund. TO GREEN OFFICE IN A PARIS SUBURB
Located at the heart of Dublin’s South BNP Paribas REIM is also working to improve other Built in 2014, BNP Paribas In December 2020, the
Docks, 8 Hanover Quay is a 3,570 m2, ESG aspects of the building, including installing REIM acquired the Fairway Fairway further earned a
three-story modern office building that
serves as the European headquarters
of Airbnb.
daylight sensors, movement sensors, low-flush
toilets and water meters. Water management is a
particularly key element for the Hanover Quay, which
75%
Energy management
building at 57, avenue Pierre
Brossolette in the Parisian
BREEAM IN-USE label, with
a Very Good level of asset
suburb of Montrouge in performance. In addition to
sits next to a canal and must avoid contributing to performance1 2018, as part of the NEIF limiting energy consumption,
BNP Paribas REIM acquired the building surface water runoff. In collaboration with tenants, III fund. The seven-story the Fairway also scores
as part of the NEIF II fund in 2017, BNP Paribas REIM office building covers over highly on other ESG metrics,
when it had just been renovated from
a warehouse to create a flagship office.
The Hanover Quay was designed with a
property managers
collected detailed ESG
information in 2020, 1 ST 85%
Health and wellbeing
15,000 m2 and has earned
multiple environmental labels,
including waste management,
wellbeing and green
including HQE Conception and transportation.
strong emphasis on energy efficiency and and will use this to BNP Paribas REIM performance1 HQE Exploitation certification,
sustainability, and will undergo a renewal inform further steps acquisition in Ireland and the BBC Effinergie label.
of its BREEAM Very Good label in 2021. from 2021 to 2025.
1/ Figures from BREEAM certification
25 BNP Paribas REIM - ESG Report 2020 26OUR FUND SEGMENTATION
MAINSTREAM funds
The majority of assets managed by BNP Paribas REIM – around 75% of assets under management
– are currently held in the category of Mainstream funds, which are compliant with Article 6
of the SFDR. Mainstream funds are subject to a common baseline of ESG essentials criteria
that BNP Paribas REIM considers important.
Inclusion of an ESG grid at acquisition to assess sustainability risks, and exclusion of tenants on BNP
Paribas Group’s ban list are powerful steps to ensure a baseline level of ESG performance. In addition,
renovations of assets held in mainstream funds apply standard ESG best practices in choice of materials
and energy solutions. This is how we upgrade the performance of assets in mainstream funds even without
formal ESG targets in place.
A CIRCULAR ACCÈS VALEUR
PIERRE FUND
ECONOMY APPROACH Renovating buildings to
improve ESG performance
Circular economy systems promote the reuse, refurbishment and recycling Their teams worked closely with BNP
Paribas REIM to help choose recycled
of products and assets, while minimizing emissions, waste and resource use. Consisting of 68 buildings and over
materials with a minimal environmental 200,000 m2 of office space, Accès Valeur
In 2020, BNP Paribas REIM took a circular economy approach to refurbishing impact for the refurbishment. Pierre is a good example of a mainstream
an office building the Paris’ 19th district, emphasizing sustainable and socially retail fund looking to improve ESG per-
OUR SUSTAINABILITY INITIATIVES
responsible construction methods. formance. The fund primarily consists
INCLUDED: of office buildings in the Paris area, with
The Magellan, a 600 m2 office buil- asset managers undertaking major reno-
• Working with a zero-waste construction vation projects when possible.
ding located at 30 rue de Cambrai
site where all materials are recycled
in Paris’ 19th district, was partial-
• Using recycled paint, which offers the In 2021, asset managers are looking to
ly reconstructed in the summer
same quality as new paint, but without define a long-term plan for ESG per-
of 2020 as part of a pilot program
requiring additional resources or formance that will enable Accès Valeur
for circular economy construction.
materials Pierre to move from Mainstream fund
• Collaborating with Interface, a to ESG Integration fund. Depending on
As one of the assets in the BNP Pari- 30 RUE DE CAMBRAI
company that uses renewable and tenant turnover in the next few years,
bas Diversipierre fund, the Magellan
recyclable materials for carpets and Accès Valeur Pierre is aiming to achieve
is subject to high standards for sustai-
flooring, to fully carpet the Magellan ESG fund status by 2022 and become
nability. In refurbishing the building,
with recycled materials made from compliant with Article 8 of the SFDR.
BNP Paribas REIM worked with the
carbon-neutral processes
185 CHARLES DE GAULLE
French Institute for Building Perfor-
mance (IFPEB), a business-led coali- Assets under
tion seeking to achieve an ambitious
and efficient energy and environmen-
THE FIRST OF TWO SUCCESSFUL PROJECTS
Following the refurbishment of the Ma-
€1.7B management in
Accès Valeur Pierre MAJOR RENOVATION
tal transition in the real estate and
building sectors.
gellan, BNP Paribas REIM took the same
approach to another office building in
Paris’ 17th district. The 1,200 m2 building 68
Buildings in
Accès Valeur
Pierre portfolio
OF A PARIS OFFICE
at 33 rue de Wagram was successfully
A notable example of a major renovation project is the 185 Charles de Gaulle, an 18,200 m²
refurbished as part of a circular economy
building located in Neuilly-Sur-Seine, a western suburb of Paris and prime office location.
program, and was let to new tenants in CO2 emissions The office is held in the Accès Valeur Pierre fund. After longstanding tenants moved out
December 2020. Looking forward, BNP
Paribas REIM expects to see additional
assets take this route to green refurbish-
-30% at 185 Charles
de Gaulle
of the building, BNP Paribas REIM was able to completely renovate the asset with recycled
materials, minimizing energy consumption and improving biodiversity. We are working
toward earning BREEAM Excellent, WiredScore and WELL certifications and labels.
ment and reconstruction.
27 BNP Paribas REIM - ESG Report 2020 28You can also read
