rreef real estate 2012 sustainability report final

7/28/2019 RREEF Real Estate 2012 Sustainability Report FINAL

1/61

RREEF Real Estatewww.rreef.com

RREEF Real Estate2012 Sustainability Report


2/61

RREEF RE EE 2012 unby RER i

am pleased to share RREEF Real Estates aal staiailit Report, or the period

Jl 1, 2011 throgh Je 30, 2012. Followig or iagral report i 2011, this

ears staiailit Report provides a detailed pdate o the progress we have made

agaist or sstaiailit goals drig the past twelve moths, ad highlights or ke

iitiatives or 2012 ad eod o a gloal ad regioal asis.

Drig the past twelve moths we have experieced a oticeale rise i iqiries

related to evirometal, social ad goverace (EG) issesoth i mer ad i

scope, ad particlarl i Eroperom existig ad potetial ew ivestor cliets,

ad their cosltats. his parallels the geeral icreasig awareess arod

sstaiailit that we are seeig amog or ma other stakeholders t, to e

certai, the growig emphasis that capital sorces are placig o sstaiailit, EG

ad trasparec is a importat developmet.

his ear, we have moved ito the implemetatio phase o or sstaiailit

program. We are workig across or gloal orgaizatio to ehace or ivestmet

maagemet practices ad ocs or eorts agaist three sstaiailit goals

estalished RREEF Real Estates Gloal vestmet Committee. hese ke

iitiatives iclde: icreasig or sstaiailit programmig i a sstematic ad

cliet-cetric ashio; estalishig sstaiailit est practices across or gloal

platorm; ad stregtheig or leadership positio withi the idstr.

t the egiig o 2012, RREEF Real Estate egaged several portolio ad asset

maagers resposile or core fagship ds ad strategic accots, represetig

more tha 12 illio ad 43% o or direct assets der maagemet (uM), to

participate i idstr echmarkig programs o a gloal level, icldig the

Greeprit erormace dex ad the Gloal Real Estate staiailit bechmark(GREb). additio, we developed a ramework or reportig sstaiailit metrics

ad gree achievemets or these portolios ad also icorporated a sstaiailit

strateg ito RREEF Real Estates research teams 2012 trategic tlookswhich

ifece 2013 siess plasto etter gide how or ivestmet proessioals

emed sstaiailit practices ito the ll rage o their ivestmet activities.

s stated i or Gidig riciples or staiailit, we cotie to ocs o

itegratig sstaiailit withi the ll rage o or real estate ivestmet

maagemet decisios. o achieve this itegratio, we will aim to roade

participatio i sstaiailit iitiatives across or platorm.

Letter from Pierre Cherki

We have commeced several projects i or

cotiig eort to estalish sstaiailit est

practices across or ivestmet platorm ad

have ocsed o developig tools, processes

ad sstems to spport these eorts.

Pierre Cherki

Head o RREEF lteratives

PREVIOUS VIEWTable of ConTenTs


3/61

RREEF RE EE 2012 unby RER ii

We have commeced several projects i or cotiig

eort to estalish sstaiailit est practices across or

ivestmet platorm ad have ocsed o developig tools,

processes ad sstems to spport these eorts. he

staiailit Metrics roject, or istace, seeks to ideti

ad validate meaigl sstaiailit metrics related to

eerg, water, waste ad caro, which will eale s to

measre the evirometal impacts o specic projects

ad iitiatives, as well as ehace eciec. More real

estate ivestmet maagers are devotig time ad

resorces toward collectig eerg ad sstaiailit

perormace data. s with all sstaiailit iitiatives, we

are gatherig ad reportig sch iormatio i the most

trasparet ad eciet maer as possile ecase we

elieve it adds vale to the ivestmets we maage o

ehal o or cliets. not ol will we ocs o what the

metrics shold e ad how the will e collected, t also

o providig decisio-makers with the iormatio ad

reerece poits that eales them to make etter ad

more iormed decisios.

s or idstr coties to set high goals i terms o

redcig ildig emissios, RREEF Real Estate is at the

orerot o estalishig ew stadards or resposile

ehaviors across the real estate sector. the uited

tates, ater developig or tadards o staiailit or

oce ildigs last ear, we ow have a set o stadards

or idstrial ad retail properties. hese stadards provide

the ramework or all sstaiailit activities, icldig

gidelies o eerg echmarkig ad reportig, ad arecreatig a direct impact at the ildigs we maage. For

eerg ad water eciec projects implemeted over the

past 12 moths i the mericas, i which costs ad

savigs were reported, we achieved a 17% average retr

o cost. We will cotie to develop similar stadards

across regios ad prodct tpes.

We remai ocsed o stregtheig or leadership

positio i the advacemet o sstaiailit withi the

idstr ad cotie to seek opportities to promote

awareess to or cliets, emploees ad peers. his ear,

or cotritio to the Greeprit erormace dex

icreased to 478 ildigs, ad or the 268 ildigs i

Greeprit Volme 3 with eerg data or 2010 ad 2011,

eerg cosmptio ad associated emissios decreased

2.4% ad 2.5%, respectivel. Memers o or team also

partered with Greeprit o varios workig grops to

ehace the overall echmarkig process.

We are workig with the uited tates Departmet o

Eerg to develop a methodolog to measre improved

eerg perormace across a damic ad carell

selected portolio o at least 5 millio sqare eet o u..

commercial oce ildigs. his iitiative will eale

RREEF Real Estate to participate i the White Hose better

bildigs Challege (bbC), a program lached i 2011

that seeks to improve the eerg eciec o commercial

real estate i the uited tates 20% over a te-ear

period rom 2010 to 2020.

ver the comig ear ad eod, sstaiailit will

cotie to e a critical compoet o RREEF Real Estates

strateg. s we expad o the importat iitiatives

emarked po to date, we will esre that or approach

is cliet-cetric likig sstaiailit ojectives to cliet

criteria. We will set ew echmarks or or idstr, seek

to improve the evirometal perormace o or assets

der maagemet, ad develop clear gidelies to likor sstaiale actios to acial vale. We rml elieve

that a sstaiale approach to real estate ivestmet

maagemet ehaces the risk-adjsted retrs we ear

or or cliets. For example, at or Cristalia oce propert

i Madrid, the pgrades we exected lowered occpac

costs or teats, ad cotrited sigicatl toward a

90% lease reewal rate i a challegig market. astl, we

remai committed to dig iovative was to

icorporate cocepts o sstaiailit to improve or

practices ad drive reslts.

hope o d this ears staiailit Report iterestig

ad iormative. s alwas, we welcome or eedack o

the report ad o or approach to ehacig or

sstaiailit strateg.

ierre CherkiHead o RREEF lteratives



4/61

RREEF RE EE 2012 unby RER iii

Executive Summary

Why Be Sustainable?

staiailit is core to the missio o RREEF Real Estate,

which seeks to provide or cliets with sperior log-term

retrs while appropriatel maagig risks to or cliets.

We elieve that or commitmet to improve evirometal

perormace o or assets der maagemet ehaces

the risk-adjsted retrs we ear or or cliets. r

goverig policies spport air wages ad air eets or

workers emploed or cotractors ad scotractors

sject to or dciar oligatio to or stakeholders.

Fiall, we recogize that corporate citizeship ad

stewardship o the plaets health are importat

cosideratios as we create wealth or or cliets,

emploees, vedors ad cotractors.

beig sstaiale ehaces operatig eciec, addresses

cliet ivestmet criteria, mitigates reglator adreptatioal risks, ad prevets ctioal osolescece o

the hard assets we maage or or cliets. s recetl

plished research cocldes1, we elieve that eig

sstaiale will also drive occpac ad ehace risk-

adjsted retrs that we ear or or cliets.

Recognizing Local and Regional Differences

s a gloal real estate orgaizatio, two o or ke

stregths are the ailit to share est practices across

orders; ad or deep kowledge aot the markets i

which we ivest. becase govermet reglatios, plicsetimet, real estate ccles, ad advacemets i

techolog dier, it is ievitale that or local practices will

as well. We cotie to develop cross-ctioal ad

cross-regioal workig grops i order to esre the latest

sstaiale practices are shared across markets, ad that

implemetatio coties to e i lie with market

coditios ad teat demad.

Our Sustainability Mission Statement

r missio is to provide real estate ivestmet

maagemet services cosistet with or cliets

ojectives or sperior log-term, risk-adjsted retrs,

preservatio o capital ad diversicatio.

We elieve there are ecoomic, evirometal ad social

implicatios associated with the ll rage o or real estate

ivestmet maagemet decisios, ad that a commitmet

to decisio-makig that icorporates sstaiale real estate

est practices will add log-term vale to the ivestmets

that we maage or or cliets.

Our Guiding Principles for Sustainability

RREEF Real Estate adopted its Gidig riciples or

staiailit i 2010. hese priciples set the road

strategic directio or sstaiailit withi or orgaizatio

ad ca e od o or wesite, or clickig here.

Incorporating Sustainability into our Investment

Strategies

Ever ear RREEF Real Estate plishes trategic tlooks

or each major regio (mericas, Erope ad sia acic)

that smmarize ke ecoomic ad idstr treds. hese

tlooks provide the aaltic odatio or the ivestmet

strategies or or cliets i each regio. While sstaiailit

was iclded i these tlooks i ears past, a special

sectio o sstaiailit isses was added i 2012 i

recogitio o the growig importace o sstaiailit to a

comprehesive ivestmet strateg.

Building Certications and Labels

Drig the past 12 moths, we added approximatel

145,000 sqare meters (1.6 millio sqare eet) o space

with third part gree ildig certicatios, rigig or

total to 555,000 sqare meters (6.0 millio sqare eet) ad

2.0 illio ($u 2.5 illio) i uM gloall. his

represets 6.9% o the vale o or privatel held real

estate ivestmets, p rom 3.9% last ear.

the uited tates, we have echmarked 115 oce

ildigs coverig 16.7 millio gross sqare eet (1.6

millio gross sqare meters) with EnERGy R scores.

his portolio has a weighted average EnERGy R score

o 75the precise threshold reqired or a ildig to

otai a EnERGy R lael. his average score has

improved rom a average o 64 last ear. s o Je 30,

2012, hal o or ildigs have scores aove 75.

ildigs eligile to receive a EnERGy R score, the

82% have a score aove 50, p rom 77% last ear.

cross the Eropea uio, we have 2.8 millio sqare

meters (29.6 millio sqare eet) o ildig area with EC

ratigs. Germa ad olad, 82% o the ildigs with

market echmarks have EC ratigs idicatig eerg

perormace etter tha their market average.

1. Eichholtz, Kok ad yoder, ortolio Greeess ad the Fiacial erormace o REs; ctoer 2011 D stralia ad new Zealad (2011): Gree Cities

2011: trodcig the C/D Gree vestmet dex

http://www.rreef.com/sustainability/5166.jsphttp://www.rreef.com/sustainability/5166.jsp


5/61

RREEF RE EE 2012 unby RER iv

Our Sustainability Business Goals

We have ow moved ito the implemetatio phase o or

sstaiailit program, ad we are workig across the

orgaizatio to reocs or sstaiailit projects ad

iitiatives to make progress agaist three road goals

which are smmarized elow. More details aot these

goals ad or progress relative to each o them ca e

od i sectio 5.

1.Increaseoursustainabilityprogrammingina

systematicandclient-centricashionbytargeting

fagshipundsandstrategicaccounts.

order to icrease or sstaiailit programmig i a

sstematic ad cliet-cetric ashio, at the egiig o

2012 RREEF Real Estate egaged several portolio ad

asset maagers resposile or core fagship ds ad

strategic accots. hese portolios are participatig i

idstr echmarkig programs sch as Greeprit ad

GREb, developig siess plas with more detailed

sstaiailit strategies, ad ildig a ramework or

coveig sstaiailit iormatio i cliet reports.

2.Establishsustainability-ocusedbestpractices

acrosstheinvestmentplatorm

Ma o the tactics idetied as est practices that will

lead s toward this goal are log-term iitiatives, which will

cotie to evolve over the comig ears as sstaiailit

is rther emedded ito or siess practices. his

evoltio will esre that we cotie to satis ivestor

reqiremets, ad that or ildigs der maagemet

remai compliat with reglatios, competitive ad

attractive to teats. Examples o these tactics ad log-

term projects iclde:

Metrics ad roject: r data maagemet workig

grop developed a comprehesive list o metrics, some o

which will ecome part o or gloal data collectio ad

reportig process. We are crretl egagig or cotract

maagers ad other ke persoel to rther ree ad

optimize or sstaiailit strateg. For a disciplie that

is still relativel ew, ildig a icreasigl itegrated,

atomated ad coected data collectio sstem or ke

metrics is critical to ealig iormed aalsis, strateg

ad decisio-makig that will create vale or or cliets.

cqisitios rocess: bildig po or sstaiailit

policies, procedres ad activities, a team o RREEF Real

Estate acqisitios ad egieerig proessioals are

workig together to determie how to est ehace

sstaiailit cosideratios that ca e ormall

emedded ito or acqisitios processes ad procedres

arod the gloe. he team is ildig a detailed checklist

or coditios that spport sstaiailit de diligece, ad

etter deig gidelies or how sch aalsis shold e

codcted ad preseted. Drig the ext 12 moths, we

will ideti ke decisio poits withi the ivestmet

process, ad se or digs rom this rst phase to

iorm how each o these steps will proceed.

tadards o staiailit: or 2011 report, we

idetied or tadards o staiailit or oce

ildigs i the uited tates, which were developed i

associatio with cotracted propert maagemet

sstaiailit teams. hese stadards provide the

overarchig ramework or the sstaiailit activities o

or cotract maagers, ad iclde gidelies o eerg

echmarkig, lightig pgrades, recclig, water

coservatio, traiig, teat commicatio, ad

reportig o all sch actios take to asset maagemet.We have sice developed a set o stadards or idstrial

ad retail properties, ad are crretl estalishig

stadards or mlti-amil properties, which we expect to

share i ext ears report.

We are developig

tadards o staiailit

or properties located i or

maaged rom Germa,leveragig oe o the ma

advatages o RREEF Real

Estates gloal platorm.

Germa-ased staiailit rogram: For or ds ad

accots ased i Germa we are developig tadards

o staiailit or properties located i or maaged rom

Germa, leveragig oe o the ma advatages o RREEF

Real Estates gloal platorm.

3.StrengthenRREEFRealEstatesleadership

positionintheadvancementosustainability

withintheindustry

RREEF Real Estate strives to promote awareess ad

activel commicate the vale o perormace agaist ke

idicators o ecoomic, evirometal ad social



6/61

RREEF RE EE 2012 unby RER v

cosideratios to its cliets, colleages, teats ad peers

i the commercial real estate idstr.

Metrics aper: drew nelso, a Director o Research

ased i a Fracisco ad past athor o or white

papers o the topic o gree ildigs ad sstaiailit,

collaorated with or gloal sstaiailit team to codct

iterviews ad research to assess where the real estatesector crretl stads i terms o sstaiailit metrics,

ad otlie some simple priciples the idstr might

adopt or advacig stadardizatio. his paper was

plished i ctoer 2012, ad is availale o or wesite

at www.rree.com, or clickig here. Forthcomig

research will cover the impact o sstaiailit o the

derwritig process ad derlig propert vale.

Greeprit erormace dex: RREEF Real Estate iclded

more tha 400 ildigs to the Greeprit erormace

dex or eerg data coverig the caledar ear 2011,

strategicall icreasig or eerg echmarkig or a set

o core fagship ds ad accots. ver the past ear,

Greeprit also took a importat step i its selectio o a

more rost olie data collectio ad reportig sstem.

s this echmark evolves, we will oth participate i its

developmet as a memer, ad moitor its progress as it

relates to or metrics project.

Z: Georg lledor, Head o RREEF Real Estate Germa,

serves o the Z (Germa ropert Federatio) Exective

Committee, which lached its Code o staiailit at

EX Real i ctoer 2011. he code takes ito accotthe ecoomic, social ad evirometal aspects o

propert ivestmet, ad makes specic recommedatios

or the idstr prodct tpe i areas sch as valatio,

echmarkig ad reportig.

better bildigs Challege: 2011, RREEF Real Estate

ega workig with the uited tates Departmet o

Eerg to develop a methodolog to measre improved

eerg perormace across a damic commercial oce

portolio o 5 millio sqare eet which, whe alized, will

eale s to participate i the White Hose better

bildigs Challege (bbC). his program, spearheaded

ormer residet Clito ad the residets Cocil o

Jos ad Competitiveess, seeks to improve ildig

eerg eciec o commercial real estate i the uited

tates 20% over a te-ear period rom 2010 to 2020s.

RREEF Real Estate was the rst commercial real estate rm

to egage the bbC with a traditioal ivestmet-grade,

mlti-teated portolio.

nCREF: r research team also egaged i the

sstaiailit discssio at idstr coereces this ear.

Mr. nelso led a pael at the 2012 nCREF Witer

Coerece titled, staiale ropert vestmet:

mplicatios ad Challeges or nCREF. he goal o the

pael was to help the adiece etter derstad the eed

to ivest more i sstaiailit, as well as the diclties o

lllig the promise.

RREEF Real Estate was the

rst commercial real estate

rm to egage the better

bildigs Challege with a

traditioal ivestmet-grade, mlti-teated

portolio.

http://www.rreef.com/research/research_6601.jsphttp://www.rreef.com/research/research_6601.jsp


7/61

RREEF RE EE 2012 unby RER vi

etter rom ierre Cherki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i

Exective mmar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii

Introduction

ot RREEF Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

How RREEF Real Estate Dees staiailit. . . . . . . . . . . . .3

corporatig staiailit ad EG ractices ito or Dn .5

r Gidig riciples or staiailit. . . . . . . . . . . . . . . . . .5

Thought Leadership

RREEF Real Estate Research . . . . . . . . . . . . . . . . . . . . . . . . . . .8

he ura ad stitte ad the u Greeprit Ceter or

bildig erormace. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Ke Coereces ad ael Discssios . . . . . . . . . . . . . . . . . .9

staiailit Related rgaizatios, Cocils, boards ad

Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

takeholder Grops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Achievements and Projects in the Past Year

Voltar Certicatios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Govermet aels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

erormace DataGreeprit Volme 3 . . . . . . . . . . . . . . . .17

ortolio pproach to creasig staiailit . . . . . . . . . .18

Gloal rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

mericas rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Erope rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

sia acic rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27

Compa wards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

ocial Resposiilit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

Goals and Initiatives

Egage Core Flagship Fds ad trategic ccots . . . . . .30

best ractices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

tregthe RREEF Real Estates eadership ositio . . . . . . .31

Case Studies

cqisitio

igma, ait e, Frace . . . . . . . . . . . . . . . . . . . . . . . . . . .35

Electrical ad ightig upgrade

Cristalia 5&6, Madrid, pai . . . . . . . . . . . . . . . . . . . . . . . . . .36

ightig upgrade ad Recclig rogram

mmit ce Camps, liso Viejo, C . . . . . . . . . . . . . . . . .37

Eerg Maagemet stem ad ightig esors

8280 Greesoro Drive, Mcea, V . . . . . . . . . . . . . . . . . . .38

EED-Eb &M Certicatio

Riverrot ce ark, Camridge, M . . . . . . . . . . . . . . . . . .39

EED-Eb &M Certicatio

5950 herr ae, Dallas, X . . . . . . . . . . . . . . . . . . . . . . . . . .40

Appendix

bios o Ke staiailit Cocil Memers . . . . . . . . . . . . . .42

Reportig eriod ad ast Reports . . . . . . . . . . . . . . . . . . . . .44

basis or Reportig. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

Data Measremet echiqes ad Calclatios . . . . . . . . . .44

rocess or Deig Report Cotet. . . . . . . . . . . . . . . . . . . .44

bodar o the Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

imitatios o the bodar o the Report . . . . . . . . . . . . . . .44

Cotact or Qestios Regardig the Report. . . . . . . . . . . . . .44

dditioal Disclosres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

Glossary and GRI Table of Contents

Glossar o erms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

GR ale o Cotets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

Table of Contents



8/61

RREEF RE EE 2012 unby RER 1

We derstad that the advacemet osstaiailit i the ilt evirometreqires leadership commitmet ad a

goverace ramework that drives asstaiailit pla throgh ll exectio.

Introduction

ot RREEF Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

How RREEF Real Estate Dees staiailit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

corporatig staiailit ad EG ractices ito or Dn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

r Gidig riciples or staiailit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5



9/61


trodctio

About RREEF Real Estate

RREEF Real Estate is the real estate ivestmet

maagemet siess withi Detsche baks sset &

Wealth Maagemet divisio. Drig the past 40 ears,

RREEF Real Estate has ilt a leadig real estate ivestig

siess. Headqartered i new york, we have

approximatel 550 proessioals ad sta located i 22cities arod the world.

RREEF Real Estate oers a diverse rage o strategies ad

soltios across the risk/retr ad geographic spectrms,

icldig core ad vale-added real estate, real estate ad

irastrctre secrities, real estate det, ad opportistic

real estate.

s gardias o or cliets capital, we take a disciplied

approach to ivestig ad create iovative ivestmet

soltios desiged to meet specic cliet reqiremets.

r gloal ad regioal research teams ad o-the-grodivestmet ad asset maagers provide proprietar

perspectives o market opportities, treds ad risks. We

comie this itelligece with sophisticated portolio

costrctio ad advaced risk maagemet, with the goal

to deliver diversicatio, preservatio o capital ad

sperior log-term, risk-adjsted retrs to or cliets.

The RREEF Real Estate Portfolio2

Gloall, RREEF Real Estate has 41.2/u$52.4 illio i

assets der maagemet (uM) across 2,719 properties as

o Je 30, 2012. total, we operate 104 ivestmet dsad separate accots. r ivestors iclde approximatel

600 istittioal cliets, represetig 71% o uM.

he remaiig 29% o uM are represeted retail

ivestors.

r sstaiailit eorts ad data preseted relate

predomiatl to RREEF Real Estates privatel held real

estate i core core-pls ad vale-add ivestmets, which

total 28.5/u$36.2 illio across 1,852 properties

coverig 14.3 millio sqare meters (154.7 millio sqare

eet) o o-residetial space, pls earl 27,000 apartmet

its. hese prodcts are directl cotrolled RREEF Real

Estate, ths represetig the properties where we ca

most directl shape policies ad practices, ad make the

most immediate impact. he statistics i the ollowig

sectios which descrie ad are compared to or gloal

portolio reer to this sset ol. Gloall uM, 47% o

these assets are i north merica, 46% are i Erope, with

the remaiig 7% i sia acic.

AUM Breakdown

Asia Pacific$2.5 bn

Other1

Industrial$5.6 bn

Separate

Account$10.1 bn

OpenEnded

$22.0 bn

ClosedEnded$4.1 bn

Europe$16.5 bn

Value-Added$5.6 bn

Core$30.6 bn

Americas$17.1 bn

Residential$4.1 bn

Retail$7.1 bn

Office$18.5 bn

0%

25%

50%

75%

100%

By Region By Strategy By Property Sector By Vehicle Type

Highlights

Public/Govt

Retail/Other

Corporate

Financial Institutions

Labor Union

Non-Profit

3.9%2.9%

9.1%

US$36.2 billion

12.3%

32.0%

39.8%

Employee Health, Safety and Development

RREEF Real Estate operates i veried compliace with a

iteratioall recogized health ad saet maagemet

sstem as a memer o Detsche bak Grop. For more

iormatio o this program, clickhere.

We also provide all o or emploees with a collegial

corporate cltre, a experieced maagemet team,

proper remeratio icetives, aal perormace

reviews, ad traiig ad career developmet workshops.

2. here were o sigicat chages i the RREEF Real Estate portolio drig the reportig period.

http://www.banking-on-green.com/en/content/our_sustainability_approach/health_safety.htmlhttp://www.banking-on-green.com/en/content/our_sustainability_approach/health_safety.html


10/61


trodctio

How RREEF Real Estate Denes Sustainability

s adopted the uited natios, sstaiailit is the ecoomic developmet that meets the

eeds o the preset geeratio withot compromisig the ailit o tre geeratios to meet

their ow eeds.

Why be Sustainable?

this sectio, we ideti the six ke actors that drive or ocs o sstaiailit. staiailit is core to the missio o

RREEF Real Estate, which seeks to provide or cliets with sperior log-term retrs while appropriatel maagig risks to

or cliets. s recetl plished research cocldes3, we elieve that eig sstaiale will also drive occpac ad

ehace risk-adjsted retrs that we ear or or cliets.

1. Operating Efciency: r ocs o ehacig eergeciec helps to icrease the operatig eciec o orportolio, miimize costs, ad geerate icremetal cash fow

or or ivestors.

2. Client Investment Criteria: vestors are placig icreasigocs o the evirometal ad social impact o ildigs.ome crret ivestors reqire iormatio aot or

sstaiailit policies ad achievemets or the portolio

reviews, while prospective ivestors reqest sch iormatio

whe makig their ivestmet allocatios. r strog

odatio o evirometal policies, procedres ad operatios

has ealed s to execte o all o these reqests.

3. Compliance and Risk Mitigation: Reglators are imposigever stricter madates ad reqiremets i the real estatesector, icldig reportig ad disclosre reqiremets

regardig resorce cosmptio, caro, ad other sstaiale

measres. Failre to meet crret stadards or aticipate tre

reglatios represets a tagile risk to ivestors, which we

have a dciar resposiilit to moitor ad mitigate. b doig

so, we ca prevet assets rom ecomig ctioall osolete

as ildig codes ad desig stadards evolve i local propert

markets.

3. Eichholtz, Kok ad yoder, ortolio Greeess ad the Fiacial erormace o REs; ctoer 2011 D stralia ad new Zealad (2011): Gree Cities

2011: trodcig the C/D Gree vestmet dex



11/61


trodctio

4. Financial Incentives: t the other ed o the spectrm,govermets ad tilities also oer a variet o icetives toecorage more eerg eciet costrctio, reovatio, or

operatios, sometimes paired with reglatios that reqire a

level o ildig perormace or disclosre. hese ssidies ma

preset otstadig opportities that eet or ivestors as

well as or commities.

5. Tenant Demand: staiailit is also icreasigl importat toteats, who cosider this a major actor i their locatioaldecisios. 2011 std Johso Cotrols (JC)4 o 4,000

gloal exectives ad ildig owers resposile or eerg

maagemet ad ivestmet decisios i commercial adplic-sector ildigs od that 70% o respodets viewed

eerg maagemet as ver or extremel importat, p 10 asis

poits over the prior ear. Havig a eective ad visile

sstaiailit program eales s to attract high-qalit teats

that drive occpac ad deliver cosistet, strog retrs over

time.

6.Competitive Positioning: Fiall, as active market participats

we see that market stadards o sstaiailit are evolvig with

advaces i ildig techologies ad chages i teat

preereces. We cotiosl moitor market treds to esre

we meet or exceed local stadards o sstaiailit, i additio

to or ow corporate stadards.

4. Johso Cotrols, teratioal Facilit Maagemet ssociatio ad the ura ad stitte (2011): 2011 Eerg Eciecdicator: Gb Reslts



12/61


trodctio

Our Sustainability Mission Statement

r missio is to provide real estate ivestmet

maagemet services cosistet with or cliets

ojectives or sperior log-term, risk-adjsted retrs,

preservatio o capital ad diversicatio.

We elieve there are ecoomic, evirometal ad social

implicatios associated with the ll rage o or real estateivestmet maagemet decisios, ad that a commitmet

to decisio-makig that icorporates sstaiale real estate

est practices will add log-term vale to the ivestmets

that we maage or or cliets.

Incorporating Sustainability and ESGPractices into our DNA

RREEF Real Estate derstads that the advacemet o

sstaiailit i the ilt eviromet reqires leadership

commitmet ad a goverace ramework that drives asstaiailit pla throgh ll exectio.

Governance Structure

RREEF Real Estate is maaged as a ied gloal real

estate ivestmet maagemet orgaizatio with a strog

irastrctre o cetralized spport ctios, icldig

d ace, research, legal ad compliace, cliet

relatios, ad risk maagemet. RREEF Real Estate is led

a Exective Committee der the directio o ierre

Cherki, the Head o RREEF lteratives. ierre reports

directl to the Head o Detsche baks sset & WealthMaagemet divisio. he Gloal vestmet Committee,

chaired Krt Roelos, is the highest goverace od

or RREEF Real Estate, ad comprises regioal ad

siess heads ad other memers desigated the

Gloal Head ad Gloal Chie vestmet cer o RREEF

Real Estate.

RREEF Real Estate operates idepedetl rom or paret,

Detsche bak, i exectig ivestmet decisios aectig

or cliets capital. From a operatioal stadpoit RREEF

Real Estate ad or emploees are sject to the variosmethods o qalit cotrol ad risk maagemet Detsche

bak provides, icldig legal, compliace, ad iteral

adit ctios.

Our Guiding Principles forSustainability

RREEFRealEstateadopteditsGuiding

PrinciplesorSustainabilityin2010,through

whichwestriveto:

1. ppropriatel alace ecoomic, evirometal ad

social cosideratios withi the ll rage o or real

estate ivestmet maagemet decisios.

2. ctivel moitor govermet reglator reqiremets or

eerg eciec i real estate ad reportig, withi or

ivestmet siess plas ad or associated activities.

3. la a leadership role i the discssio o eerg

eciec, as well as the acial vale o sstaiale

eatres, i commercial real estate ivestmets.

4. romote awareess ad activel commicate the valeo perormace agaist ke idicators o evirometal

care to cliets, colleages, teats, ad or peers i the

real estate ivestmet idstr.

5. Estalish methods to moitor the evirometal impact

o the phsical assets that make p or ivestmet

maagemet portolio; implemet ecoomicall easile

strategies to miimize the impact o the eviromet;

ad periodicall report or perormace sig availale

idstr stadard metrics or sstaiailit.

6. eek cost-eective improvemet i the evirometal

perormace o or ildig operatios coservig

resorces, redcig waste, lowerig harml emissios,

ad improvig eerg eciec, with the goal o

providig a more prodctive workig eviromet.

7. Develop, implemet ad commicate est practices

that deplo evirometall coscios techologies,

materials ad methods.

8. rse idepedet certicatio o or eerg eciec

ad sstaiailit eorts throgh idstr programs or

existig ildigs ad ew developmet where

ecoomicall easile ad idicative o icreased market

vale.

9. Estalish strategic alliaces with those orgaizatios

whose gidig priciples or sstaiailit ad

evirometal well-eig are aliged with RREEF Real

Estates Gidig riciples or staiailit.

10. rotect ad ehace the evirometal iterests o the

commities withi which we operate, while promotig

the geeral health ad welare o or colleages ad

those who parter with s i achievig log-term vale

or or cliets.



13/61


trodctio

The Sustainability Council

ter addig seior proessioals rom cliet relatios ad

trasactios i the past ear, the RREEF Real Estate

staiailit Cocil ow comprises 16 seior memers

o RREEF Real Estate represetig each geographic regio

ad ctio across the rm. he Cocil reports to the

RREEF Real Estate Gloal vestmet Committee, which

comprises 13 ivestmet proessioals who are

resposile or adoptig ad trasmittig est practices

throghot the orgaizatio.

he Cocil is chaired Krt Roelos, Gloal Chie

vestmet cer o RREEF Real Estate. atricia Cooll,

Director o staiailit at RREEF Real Estate, is Co-Chair

o the Cocil. he Cocil works with the RREEF Real

Estate orgaizatio to estalish policies ad resorces that

allow or asset ad portolio maagers to develop

ecoomicall easile projects ad programs or or real

estate ivestmets that will:

bechmark the assets ad portolios we maage relative to

idstr stadard sstaiailit metrics

et programs that most sigicatl ehace or ailit to

meet cliets sstaiailit ojectives withi the cotext o

greatest ivestmet vale

Drive the adoptio o techolog ad tools that ca ehace

the sstaiailit o asset portolios most cost ecietl

deti siess opportities related to sstaiale real estate

developmet ad eciet capital plaig or existig ildig

stock

pport RREEF Real Estates role as a leader i real estate

sstaiailit with applied research ito sstaiailit topics

ad treds

For iographies o select Cocil memers, please see the

appendix.

Deutsche Bank Eco-Efciency Organizational Structure

he Detsche bak Eco-Eciec orgaizatioal strctre

was developed i 2008 ad is resposile or all ecological

aspects o the ll rage o siess activities. RREEF Real

Estate participates i this strctre, which comprises the

ollowig committees that report to Detsche baks

Gloal staiailit cer:

EnvironmentalSteeringCommittee(ESC):

he Detsche bak EC is resposile or coordiatig

evirometal iitiatives at Detsche bak ad leveragig

sergies amog siess lies, ifecig govermets

to cotie climate protectio iitiatives. Memers are

represetatives o all Detsche bak Grop Divisios,

icldig the sset ad Wealth Maagemet ad

irastrctre divisios. t is spported the Climate

Chage dvisor board, which comprises a roster o te

exteral experts rom siess, politics, ad the scietic

commit rom oth idstrialized ad emergig atios.

o read more aot the EC, clickhere.

EcoOperationsCommittee(EOC):

he EC reports to the EC ad is resposile or the

itrodctio o sstaiailit iitiatives relatig to Detsche

bak operatig processes. t has a mer o spheres o

resposiilit icldig, caro maagemet, emploee

evirometal awareess ad otreach, eco-eciec real

estate, reewale eerg procremet, eerg ad water

eciec ivestmets, sstaiale sppl chai

maagemet, eco-eciet , ad spportig the ak i

the developmet o eco-eciec prodcts ad services.

Memers iclde seior represetatives rom RREEF Real

Estate, Caro Markets, Gloal Commicatios, Grop

staiailit, Gloal echolog ad peratios, Gloal

Real Estate ad Gloal orcig.

EcoTeams:

the grod Eco eams orm the asis o regioal

Excellece itiatives ad are resposile or the

implemetatio o measres decided EC ad EC.

here are three gloal reportig regios: mericas, Erope

Middle East ad rica ad sia acic.

http://www.banking-on-green.com/en/content/our_sustainability_approach/environmental_steering_committee.htmlhttp://www.banking-on-green.com/en/content/our_sustainability_approach/environmental_steering_committee.html


14/61


r research ad sstaiailit teamspartered to assess where the real estatesector crretl stads i terms o

sstaiailit metrics to otlie somesimple priciples the idstr might adoptor advacig stadardizatio.

Thought Leadership

RREEF Real Estate Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

he ura ad stitte ad the u Greeprit Ceter or bildig erormace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Ke Coereces ad ael Discssios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

staiailit Related rgaizatios, Cocils, boards ad Committees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

takeholder Grops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10



15/61


hoght eadership

staiailit cosideratios are ecomig a icreasigl

importat ad itegral compoet o commercial real

estate ivestmet decisios. corse, market stadards

ad govermet reglatios var widel geograph ad

prodct tpe, reqirig that ivestors derstad the

aces o local evirometal stadards ad reglatios

as well as the traditioal market ad acial actors that

derpi ivestmet decisios. Resposile dciar

practices ow demad that ivestmet maagers possess

ad appl sch kowledge to ideti ad maage the risks

ad opportities that sstaiailit presets i the same

maer that the do more traditioal oes. this sectio,

we discss the was i which we are egagig ad leadig

the idstr to evolve i this regard.

RREEF Real Estate Research

Strategic Outlooks

Ever ear RREEF Real Estate plishes trategic tlooks

or each major geographic regio that smmarize ke

ecoomic ad idstr treds. hese tlooks provide the

aaltic odatio or the ivestmet strategies or or

cliets i each regio. While sstaiailit was iclded i

these tlooks i ears past, i 2012 a special sectio o

sstaiailit isses was added i recogitio o the

growig importace o sstaiailit to a comprehesive

ivestmet strateg.

he importace o sstaiailit is particlarl prevalet i

real propert markets, where a diverse t coverget set

o ecoomic, market, ad reglator orces are comiig

to move the idstr to adopt greeer practices. deed,

the move to sstaiailit i ma leadig markets arod

the world has ee redeig stadards o istittioal-

qalit ildigs ad the resposiilities o dciaries.

the comig ears, qestios aot a gree premims

will icreasigl shit to a prolieratio o row

discots.

Metrics Paper

Despite more tha a decade o discssio ad alse starts,

the commercial real estate sector is still ar rom

coalescig arod idstr stadards. b ow, ew shold

dot the importace o oth measrig ad redcig real

estates evirometal impact. t the same time, the lack

o clear stadards o the dametal isses o what to

measre ad how to qati it limits eve more

sigicat progress.

a paper plished i ctoer 2012markig or th

Research paper o the topic o sstaiailit ad gree

ildigsdrew nelso o RREEF Real Estates research

team partered with RREEF Real Estates gloal

sstaiailit team to assess where the real estate sector

crretl stads i terms o sstaiailit metrics ad

otlie some simple priciples the idstr might adopt or

advacig stadardizatio.

he MetricsPaperaddresses how reachig cosess o

ke sstaiailit metrics wold eale orgaizatios to

etter measre the sstaiailit o their properties ad

portolios; esre reglator compliace; gage the ecac

ad acial retrs o evirometal ehacemet

projectsor the eet o ildig owers, teats ad

other idstr stakeholders. ccordigl, we discss wh

the idstr has evolved i this maer, propose a

simplied ramework o essetial metrics that ever real

estate orgaizatio shold compile ad plish, ad providesome recommedatios ad ext steps or the idstr.

s a odig memer o

Greeprit ad a active

corporate memer o u,

we are i a ideal positio

to cotie leadig thecommercial ildig

idstr o a path toward

icreased deitio,

collectio, atomatio, ad

reportig o sstaiailit

metrics that drive ildig

vale.

The Urban Land Institute and the ULIGreenprint Center for Building Performance

Jaar 2012, he Greeprit Fodatio merged with

the ura ad stitte, ad was icorporated ito us

Climate ad use ad Eerg (CuE) iitiative to orm the

u Greeprit Ceter or bildig erormace. s a

odig memer o Greeprit ad a active corporate

http://www.rreef.com/research/research_6601.jsphttp://www.rreef.com/research/research_6601.jsphttp://www.rreef.com/research/research_6601.jsp


16/61


hoght eadership

memer o u, we are i a ideal positio to cotie

leadig the commercial ildig idstr o a path toward

icreased deitio, collectio, atomatio, ad reportig

o sstaiailit metrics that drive ildig vale.

ver the past ear, we expaded or u Cocil

memership to iclde a seat o the staiale

Developmet Cocil. RREEF Real Estate alread holds aseat o the Resposile ropert vestig Cocil, as

well as a mer o other cocils. ulrich teimetz,

Maagig Director i Germa, is the ocal Chair o u

Frakrt, ad atricia Cooll, Gloal Director o

staiailit, is the Co-Chair o the u new york

staiale bildig Cocil.

he missio o u is to, provide leadership i the

resposile se o lad ad i creatig ad sstaiig

thrivig commities worldwide. ccordig to u, he

u Greeprit Ceter will carr o the Greeprit

Fodatios missio, which is to lead the gloal real

estate commit i the se o greehose gas redctio

strategies that spport the tergovermetal ael o

Climate Chage (CC) goals or gloal greehose gas

stailizatio 2030. he u Greeprit Ceter will

cotie to advace the Greeprit Fodatios goal o a

50% redctio i ildig emissios that date.

he RREEF Real Estate Greeprit Volme 3 perormace

data, which icldes eerg cosmptio data or 478

ildigs i caledar ear 2011, ca e od i sectio 4.

s a leadig Greeprit memer, or asset maagemetad egieerig teams i the eld joied prodct ad

topic-specic workig grops to dee the tpes o data

collected, how ildigs are echmarked, the maer i

which ad to whom perormace is reported, ad to work

with other memers to select Greeprits secod

geeratio olie sotware vedor.

Key Conferences and Panel Discussions

RREEF Real Estate emploees throghot the world atted

coereces ad participate i paelsote leadig thediscssio amog peersi their local markets to advace

their respective practice areas.

Industry Events

becase the priciples o sstaiailit ct across so ma

disciplies, ad are treated dieretl i local markets,

participatio is tpicall rom emploees i or ear the

locatio o sch evets. below is a select list o ke

coereces ad pael discssios with sstaiailit-

related themes ad topics i which or emploees

participated i the last ear:

2011 uGbC ura Gree / ura ad stitteGloal

essos i Gree bildig: How nyC tacks upnew

york, ny

ura ad stitte 2011 Fall ad 2012 prig Meetigs

os geles, C ad Charlotte, nC

2011 Greeild teratioal Coerece ad Expo

oroto, Caada

esio Real Estate ssociatio (RE) 2012 prig Meetig

Gree bildig & staiailit it Gropbosto, M

u Westchester/Faireld: he big ictre 2012: staiailit

or arge CorporatiosWhite lais, ny

2012 DC bildig Eerg mmitWashigto, DC

staiailit ael at 2012 nCREF Witer Meetig

hoeix, Z

2012 al natioal Facilities Maagemet ad echolog

Coerecebaltimore, MD

2012 bisow 2d al staiailit mmitnew

york, ny

2012 Garriso stitte Climate, bildigs ad behavior

mposimGarriso, ny

ura eader mmit 2012Eerg ad eadership ael

Frakrt, Germa

essE RodtaleMich, Germa

u Erope Emergig reds i Real EstateFrakrt,

Germa

Deutsche Bank Earth Week

RREEF Real Estate participated i Detsche baks orth

aal Earth Week, held rom 26 throgh 31 March, to

raise awareess aot sstaiailit ad the iitiatives

takig place across the bak. he ocs was to ct

cosmptio ad cost, particlarl lookig at eerg/

caro, waste, icldig e-waste, ad corporate social

resposiilit. t or new york headqarters, Eri Wellig,

a ssistat Vice residet i or real estate det

ivestmets grop, led a reccled art competitio, ad

gloall, RREEF Real Estate colleages developed cotet

ad participated as paelists i three live ow Halls:

new york: What iwe led the market or sstaiale real

estate?

Frakrt: What i or thikig shaped a sstaiale tre?

Hog Kog: What iwe capitalized the clea techolog

rotier i sia?



17/61


hoght eadership

Eri Wellig, a ssistat

Vice residet i or real

estate det ivestmets

grop, led a reccled art

competitio.

Erin Welling

ssistat Vice residet,Real Estate Det vestmets

Sustainability Related Organizations,Councils, Boards and Committees

RREEF Real Estate coties to elog to meros

orgaizatios, cocils, oards ad committees. For a list,

see to page 16 o or 2011 report.

ver the past ear, Elizaeth Wohlle, a Director i or

cliet relatios grop, joied the Gree bildig ad

staiailit it Grop o the esio Real Estate

ssociatio (RE).

Stakeholder Groups

staiailit egages a wide variet o ke stakeholders.

hese iclde or cliets, portolio maagers, or

cotracted propert maagers, teats, ad or corporate

paret, Detsche bak.



18/61


For the 268 ildigs we smitted toGreeprit Volme 3 with eerg data or2010 ad 2011, eerg cosmptio ad

associated emissios decreased 2.4%ad 2.5%, respectivel.

Achievements and Projects in the Past Year

Voltar Certicatios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Govermet aels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

erormace DataGreeprit Volme 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

ortolio pproach to creasig staiailit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Gloal rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

mericas rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Erope rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

sia acic rojects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Compa wards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

ocial Resposiilit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28



19/61


chievemets ad rojects i the ast year

Voluntary Certications

ver the past ear, we received EED-Eb &M Gold

certicatio at herr ae, i Dallas, X, ad ilver at

Riverrot ce ark i Camridge, M. We also acqired

three ildigs with bREEMVer Good certicatio i

odo, ad a HQEGood ildig i ait e,

Frace, raisig or stock o certied space aot 1.6

millio sqare eet (145,000 sqare meters). he tale

elow shows the variet o certicatios or ildigs hold

across the gloe. additio to these, we have more tha

oe millio sqare eet crretl i the EED-Eb &M

erormace eriod.

EED-Eb &M Gold Certicatio:

herr ae, Dallas, X

highl eerg ecietoce propert that servesas a model or teategagemet programs adgree leases. ReceivedEED-Eb &M Goldcerticatio.

EED-Eb &M ilver

Certicatio: Riverrot ce

ark, Camridge, M

two-ildig ocepropert that ocsed oeciec improvemets adrecclig programs toicrease EnERGy Rscores ad ear EED-Eb&M ilver certicatio.

RREEF Real Estate Green Building Summary by Certication Type

Voltar hird art Eerg ad Evirometal Certicatios

Certication Properties Buildings Sq Ft SqM

EED-Certied 7 9 3,078,073 285,962

bREEM 6 6 865,683 80,425

DGnb 1 1 268,021 24,900

HQE 1 1 195,204 18,135

Eu Greebildig rogramme 2 4 361,560 33,590

Ecolael GoldHaeCit Hamrg 1 1 244,922 22,754

9000 & 14001: 2004 1 1 960,108 89,197

otal: Voltar Certicatios 19 23 5,973,571 554,963

new pace Drig Reportig eriod 6 7 1,562,206 145,134

orce: RREEF Real Estate, Je 30,2012


Clickhereforthefullcase

studyonpage39.

Clickhereforthefullcasestudyonpage40.


20/61



s show i the tale elow, RREEF Real Estate ow has earl u $2.5 illio (2.0 illio) o uM at 19 properties ad

earl six millio sqare eet (555,000 sqare meters) that have voltar gree ildig certicatios. his represets 3.9%

o ildig area, ad 6.9% o vale, p rom 2.6% ad 3.9%, respectivel, a ear ago.

RREEF Real Estate Third Party and Environmental Certications

mmar ad hare o Gloal ortofio

Certied

# % of Total RREEF Real Estate Total1

Properties

# 19 1.0% 1,852

Area2

q Ft 5,973,571 3.9% 154,721,189

q M 554,963 14,374,069

Value

$ $2,494,834,326 6.9% $36,161,327,012

1,965,984,496 28,495,923,571

1. Core, Core ls ad Vale dded ol2. RREEF total rea measremet does ot iclde 64 apartmet properties

orce: RREEF Real Estate, Je 30, 2012

Government Labels

Govermets cotie to develop, ad i some cases

madate, eerg echmarkig ad disclosre o eerg

cosmptio i commercial ildigs at varios stages

withi the asset lieccle. Reglatios madatig eerg

echmarkig ad overall demad or greeer ildigs

have the greatest impact o or portolio i gloal gatewa

cities sch as odo, new york, a Fracisco ad de.

cross the three gloal

regios, RREEF Real Estate

has a eerg

echmarkig ratig or

approximatel 40.3 milliosqare eet (3.75 millio

sqare meters), or 26.0% o

or gloal portolio.

hese classicatio sstems ote take shape at the ederal or

regioal level, ad provide the market with a trasparet,

perormace-ased ratig sstem that ot ol eales private

holders o real estate to easil commicate the eciec o

their properties, t also eales ladlords, as well as varios

levels o govermet, to echmark perormace ad set

goals or madates to improve eerg eciec ear-over-ear.

Ma o the reglatios impactig or portolio are ased o

the relevat govermet lael or echmarkig tool.

cross the three gloal regios, RREEF Real Estate has a

eerg echmarkig ratig or approximatel 40.3 millio

sqare eet (3.75 millio sqare meters), or 26.0% o or

gloal portolio.

ENERGY STAR (US)

the uited tates, we retaied a cosltat to workclosel with or cotract maagers to examie the data i

or E ortolio Maager accotthe olie dataase

where we track eerg cosmptio ad cost per sqare

oot, ad which geerates EnERGy R scores. ter

elimiatig ildigs rom the list where data is ot

availale ad classiig other ildigs accordig to their

se tpes, or pdated dataase ow cosists o 115 oce

ildigs coverig 16.7 millio gross sqare eet.



21/61



s show i the tale elow, this portolio has a weighted

average EnERGy R score o 75the precise threshold

reqired or a ildig to otai a EnERGy R lael. his

score has improved rom a average o 64 last ear. s o

Je 30, 2012, hal o or ildigs have scores aove 75,

ad o ildigs eligile to receive a EnERGy R score,

the percet with a score aove 50 jmps to 82, p rom 77%

last ear. he weighted average aal eerg cost per sqare

oot across the u oce portolio is $2.12. the mericas,

we ow have 35 ildigs with a EnERGy R lael.

Eerg tar ael: 8280

Greesoro Drive, Mcea, V

ie-stor oce ildigthat eared a EnERGyR ael ollowig the

istallatio o a EergMaagemet stem thatimproved ildigoperatios ad idetiedlightig pgradeopportities.

RREEF Real Estate Energy Star AnalysisUS Ofce Buildings

Je 30, 2012

Buildings Gross Sq Ft

Energy Star Score # % # %

75+: Eerg tar ael 35 30% 6,139,418 37%

75+: no ael 22 19% 3,417,866 21%

75 to 100 * 57 50% 9,557,284 57%

51 to 74 30 26% 4,633,141 28%

26 to 50 13 11% 1,066,151 6%

1 to 25 6 5% 440,855 3%

n/ ** 9 8% 963,272 6%

otal 115 100% 16,660,703 100%

Weighted Averages ***

Eerg tar core 75

Eerg Cost er Gross qare Foot: $2.12

* bildigs with a score o 75 or aove are eligile or a EnERGy R lael

** bildigs with icomplete or missig data i EnERGy R dataase

*** Weighted average ased o gross sqare eet

orce: RREEF sset Maagemet; ropert Maagers; E ortolio Maager

EPCs (EU)

Eerg erormace Certicates (ECs) were developed i

respose to the Eropea uio erormace o bildigs

Directive (EbD), as part o the 2002 Eu Eerg Code. ECs

provide a ratig o a ildigs techical sstems ad

desig aspects that impact eerg perormace. Withi

EbD, each cotr determies exactl how its ratig

sstem will e deed. most Eu cotries, ECs are valid

or ve to te ears, ad i most cotries are reqired

whe a ildig or space is leased, sold, or aced.

CountrieswithEPCRatingsbyLetter

most Eropea uio cotries where the are i se,

ECs are o a scale rom (the est) to G (the poorest).

he tales elow smmarize or EC data across the

relevat cotries. RREEF Real Estate has EC letter ratigs

o 127 ildigs across 1.5 millio sqare meters (16.3



studyonpage38.


22/61



millio sqare eet) o ildig area. t the remaiig

583,000 sqare meters o space, a EC has ot et

ee reqired.

gai, the exact methods which the ratigs are

calclated var somewhat cotr, refectig local

priorities ad discretio withi the EbD. t shold also e

oted that i most cases, ECs measre the phsicalqalit o a ildigs eatres, sstems ad techolog,

t ot actal perormace. his is a importat

distictio, or two reasos: rst, these ratigs do ot

measre actal eerg perormace as does EnERGy

R i the uited tates, rather jst the phsical asset;

ad secod, mch o the ivestmet-grade ildig stock

i these markets is relativel old, so ECs ote serve as

proxies or ildig age.

he detailed EC tales elow cotai lael cots

letter ad sqare area or each cotr iclded i orEC dataase, ad a cmlative total icldig share o

sqare area.

Summary of EPC Ratings by Number of Ratings and Square Meters

RREEF Real EstateuK, Frace, tal ad netherlads

UK France (Energy)1 France (Carbon)1 Italy Netherlands

Rating # SqM SqFt # SqM SqFt # SqM SqFt # SqM SqFt # SqM SqFt

0 0 0 0 0 0 1 13,773 148,247 0 0 0 1 31,072 334,456

b 2 80,067 861,833 0 0 0 4 30,798 331,507 0 0 0 1 10,802 116,272

C 10 165,593 1,782,434 2 17,798 191,572 3 37,562 404,317 1 8,088 87,059 0 0 0

D 27 274,805 2,957,976 2 12,641 136,067 6 77,955 839,101 5 32,796 353,014 2 23,439 252,295

E 16 153,997 1,657,613 5 39,736 427,718 4 40,112 431,762 2 8,074 86,908 1 4,919 52,948

F 4 17,381 187,093 3 37,512 403,776 2 16,998 182,965 3 44,229 476,077 3 9,414 101,331

G orove2

0 0 0 9 136,187 1,465,905 1 26,676 287,138 6 78,355 843,409 1 11,920 128,306

Varios5 14 227,165 2,445,182 0 0 0 0 0 0 7 89,326 961,497 0 0 0

notReqired

14 144,251 1,552,703 1 18,101 194,838 1 18,101 194,838 36 420,942 4,530,984 0 0 0

otal 87 1,063,259 11,444,834 22 261,975 2,819,876 22 261,975 2,819,876 60 681,810 7,338,948 9 91,566 985,609

Total3

Rating # SqM SqFt % by Area4

1 31,072 334,456 3%

b 3 90,869 978,105 8%

C 13 191,479 2,061,065 16%

D 36 343,681 3,699,353 29%

E 24 206,727 2,225,187 17%

F 13 108,536 1,168,278 9%

G orove2

16 226,462 2,437,620 19%

Varios5 21 316,491 3,406,679 -

notReqired

51 583,294 6,278,524 -

otal 178 2,098,611 22,589,266 100%

1. Frace, the DE (Diagostic de erormace Eergetiqe) has a separate ratig or eerg cosmptio ad caro ootprit2. Frace, there are two more levels, icldig H ad 3. otal does ot iclde the Caro ratig or Frace to avoid dole cotig4. hare o ildigs with sigle ratig, as reported i this tale (see ootote 5)5. ome ratigs are or idividal teat spaces or other methods that provide a series o ratigs or the same ildig

orce: RREEF Real Estate, Je 30, 2012



23/61


24/61



Performance DataGreenprint Volume 3

RREEF Real Estate icreased its cotritio to the

Greeprit erormace dex or a secod ear i a row.

Volme 3 icldes 2011 caledar ear eerg cosmptio

data rom 478 RREEF Real Estate ildigs, p rom 360 the

previos ear. We expaded the scope o this echmarkig

eort, addig retail ad mltiamil properties i additio tooce ad idstrial. Most importatl, or the 268 ildigs

i Greeprit Volme 3 with eerg data or 2010 ad 2011,

eerg cosmptio ad associated emissios decreased

2.4% ad 2.5%, respectivel. his redctio is eqivalet

to takig 665 cars o the road, 293 homes o the grid, or

platig 86,917 trees.

RREEF Real Estate Like-for-Like PerformanceImprovements*

Greenprint Performance Index, 2010-2011

mprovemet i Eerg Eciec 2.4%

ssociated Emissios Redctio 2.5%

Eqivalets

rees lated 86,917

Cars o the road 665

Homes o the grid 293

* For 268 ildigs that smitted eerg data to Greeprit erormace

dex i 2010 ad 2011

s show i the tales elow, or 478 ildigs i Volme

3 represet 6,132,621 sqare meters (6,010,920 sqare

eet) o gross foor area i Greeprit Volme 3, which

collectivel cosmed 507,311,187 kWh o eerg ad

represets 177,987 metric tos o caro dioxide (C2).

bildigs were smitted or 26 ds or cliet accots i

13 cotries across the mericas, the Eropea uio ad

sia acic. b prodct tpe, this smissio cosists o

32% oce, 38% idstrial, 11% retail, ad 18% mltiamil.

ightig upgrade ad Recclig

rogram: mmit ce

Camps, liso Viejo, C

ve-ildig ocecamps that tilized a localtilit reate ad o-illacig to implemet alightig retrot with strogacial retrs, ad leadigto sigicatl higherEnERGy R scores.

Greenprint Peformance IndexVolume 3

RREEF Real Estate, 2011 Caledar year Eerg Data rodct pe

Gross Floor Area Energy & Carbon

Product Type Buildings Square Meters Square FeetKilowatt

Hours (kWh) Metric Tons CO2

ce 188 1,983,562 21,350,866 419,238,724 145,121

dstrial 247 2,338,672 25,173,231 38,310,798 14,728

Retail 23 679,484 7,313,901 30,696,812 11,773

Mltiamil 20 1,130,902 12,172,916 19,064,854 6,365

otal 478 6,132,621 66,010,915 507,311,187 177,987

orce: u Greeprit Ceter or bildig erormace ad RREEF Real Estate sset Maagemet, ctoer 2012



studyonpage37.


25/61


26/61


27/61



Ferar 2012, a team o RREEF Real Estate acqisitios

ad egieerig proessioals ega workig together to

determie how to est ehace sstaiailit

cosideratios that are emedded ito or acqisitios

processes ad procedres arod the gloe. he team is

ildig a detailed checklist or coditios that spport

sstaiailit de diligece, ad etter deig gidelies

or how sch aalsis shold e codcted ad preseted.

hese two projects will provide direct gidace o how

sstaiailit ca e itegrated ito or acqisitios

ivestmet committee reports which are sed to gide

ivestmet decisios.

Requests for Proposals

Drig the past twelve moths, the mer o EG-related

iqiriesoth i mer ad i scopethat we have

received throgh the Reqests For roposals (RF) process

has rise oticeal. r gloal commicatios, cliet

relatios, marketig, ad sstaiailit teams have worked

closel to develop resposes that accratel refect the

readth ad depth o or achievemets, ad that lll the

rage o material that cliets are ow seekig.

Sustainability Scorecard

We ega plishig a qarterl iteral staiailit

corecard i the rst qarter o 2012 to provide or gloal

colleages with pdates o the progress o or gloal

sstaiailit iitiatives. he scorecard compiles all awards

or certicatios achieved drig the time period, ad marks

progress agaist or ke sstaiailit goals or the ear.

Americas Projects

We cotie to take a active role i the mericas to

stadardize or practices ad approaches to sstaial

maagig or assets. Withi or mericas asset

maagemet team, the natioal Egieerig peratios &

staiailit Maager ctios as a direct codit

etwee asset maagemet ad or third-part cotracted

propert maagers.

2011, RREEF Real Estate added a ll-time cotracted

staiailit Maager workig exclsivel o RREEF

Real Estate assets or or two most reqetl egaged

propert maagemet rms. his idividal oversees

sstaiailit-related iitiatives, ad is resposile or

evalatig, aalzig ad reportig sstaiailit-related

activities, ad or edcatig ad traiig propert maagers

o how to avigate E ortolio Maager, the dataase

which warehoses eerg data ad calclates EnERGy

R scores.

he cotracted staiailit Maager at the propert

maagemet level ad the RREEF Real Estate natioal

Egieerig peratios & staiailit Maager withi

asset maagemet work i lockstep o ma o the

projects ad iitiatives idetied elow.

Better Buildings Challenge

2011, RREEF Real Estate ega workig with the uited

tates Departmet o Eerg to develop a methodolog to

measre improved eerg perormace across a damic

portolio o at least 5 millio sqare eet o u.. commercial

real estate which, whe alized, will eale s to

participate i the White Hose better bildigs Challege

(bbC). his program, spearheaded ormer residet

Clito ad the residets Cocil o Jos ad

Competitiveess, seeks to improve the eerg eciec ocommercial real estate i the uited tates 20% over a

te-ear period rom 2010 to 2020. he iitiative spports

jo creatio catalzig private sector ivestmet i

commercial ad idstrial ildig eerg pgrades to

make mericas ildigs 20% more eciet over the ext

decade, redcig eerg costs or merica siesses

earl $40 illio. RREEF Real Estate was the rst

commercial real estate rm to egage the bbC with a

traditioal ivestmet-grade, mlti-teated portolio.

RREEF Real Estate has prepared a case std or a

howcase roject, as well as a ovative Model or

implemetig eerg eciec projects that refects the

process ad parties ivolved. upo alizig the

methodolog or or participatio i the program, oth

projects will e ormall smitted ad posted o the bbC

wesite.

RREEF Real Estates egagemet with this importat

iitiative derscores or commitmet to sstaiailit.

We are cotiall seekig iovative was to ehace

or ivestmet maagemet practices icorporatig

meaigl ad actioale sstaiailit metrics ito orivestmet process, ad dametall elieve that or

discssios with the DE regardig the bbC will improve

the DEs egagemet with ad derstadig o the

commercial real estate ivestmet idstr i the

uited tates.

Value-Add and Ground-Up Development

RREEF Real Estate elieves that iheret i a vale-add

ad grod-p developmet strateg is the opportit to



28/61



reovate or costrct ildigs that are sstaiale oth

ecoomic ad evirometal deitios. o that ed, we

have ee a iovator ad idstr leader i deliverig

gree-certied ildigs across all idstrial, mlti-amil,

oce ad retail ildigs totalig 6.4 millio sqare eet

sice 2005, with a additioal 2.5 millio sqare eet

derwa. ll grod-p developmet is EED or

eqivalet across all or prodct tpes.

ll grod-p developmet

is EED or eqivalet

across all or prodct

tpes.

r ewl ilt ad reovated ildigs miimize the

impact o local iodiversit throgh meros ke

measres icldig site selectio avorig ra ad/or

trasit-orieted locatios, at times remediatig

cotamiated soils, pervios hardscape eatres,

stormwater qalit measres icldig strctred

treatmet asis ad ioltratio sstems, raiwater

harvestig, low ad o-fow rials, refective glazig,

white roos (especiall applicale i large idstrial

applicatios), eciet mechaical sstems, lightig,

reccled materials, ad reqirig geeral cotractig

accotailit ad reportig or deliver radii adwaste hadlig.

r specic accomplishmets iclde ildig oe o the

rst EED-silver idstrial ildigs, ad Chicagos rst

EED-certied mlti-amil ildig. We are crretl

covertig a 40-stor, 480-it mlti-amil ildig i

Chicago ad a 1 millio sqare oot oce tower i

Midtow Mahatta to at least EED-ilver. We are also

ildig a mixed-se developmet i eattle with 163 its

ad 80,000 sqare eet o retail space to at least EED-

certicatio. Fiall, we are ildig a Whole Foods ad a

543-it mlti-amil ildig i sti, X that will each

e certied to a sti tar, which is eqivalet to

EED-ilver.

Tenant Surveys

Each ear, or asset maagemet grop codcts srves

across mltiple levels o its orgaizatio, icldig teat

srves. hese srves eale s to echmark or

propert ad portolio reslts agaist each other, ad

agaist oe o the most comprehesive perormace-

echmarkig dataases i the idstr so that we ca

derstad how or perormace compares to that o the

roader market. he srves also iclde qestios aot

which areas o their ildig reqire attetio rom

maagemet or maiteace.

ke compoet o the srves iclde qestios aot

sstaiailit ad gree eatres so that we ca remai

atted to which eatres teats vale most. additio

to the resposes idetied elow, we also poll teats o

which gree practices the are iterested i seeig

implemeted at their ildigs, ad their willigess to

share costs or eerg ad water savigs ivestmets, adrecclig programs.

s illstrated i the tale elow, the share o teats who

report that sstaiale ad gree operatios is either ver

importat or importat was 58% or oce, 48% or

retail ad 44% or idstrial. he share o teats reportig

that gree practices are a ver high priorit or a high

priorit was 23% or oce, 17% or retail ad 16% or

idstrial.



29/61



RREEF Real Estate Americas2011 Tenant Survey

mmar o Reslts

Ofce Retail Industrial1

Responses

# 768 1,238 4,358

% 67% 50% 58%

Satisfaction Rates2

verall 83% 62% 74%

ropert Maagemet 85% 69% 79%

Commicatio 84% 67% 77%

easig rocess 74% 55% 68%

ropert Recommedatio 80% 60% 73%

How important is a sustainable green building operation to your company?

Ver mportat 15% 16% 11%

mportat 43% 32% 33%

netral 37% 43% 45%

not mportat 5% 10% 11%

Priority of Green Practices in Space Search

Ver high priorit 2% 3% 2%

High priorit 21% 14% 14%

netral 58% 61% 60%

ow priorit 11% 14% 12%

Ver low priorit 8% 3% 12%

1. For idstrial, respose rate icldes ll resposes ad partial resposes2. t o 5, satised teats are deed as scores o 4 or 5

orce: RREEF Real Estate mericas sset Maagemet, 2012

Standards of Sustainability Expansion

or 2011 report, we idetied or tadards o

staiailit or oce ildigs i the uited tates,

which were developed i associatio with cotracted

propert maagemet sstaiailit teams. hese

stadards provide the overarchig ramework or or

cotract maagers srrodig their sstaiailit

activities, ad iclde gidelies o eerg echmarkig,

lightig pgrades, recclig, water coservatio, traiig,

teat commicatio, ad reportig o all sch actios

take to asset maagemet.

We have sice developed a set o stadards or u..

idstrial ad retail properties, ad are crretl

estalishig stadards or mlti-amil properties, which

we expect to share i ext ears report. o view or oce,

idstrial ad retail tadards o staiailit, clickhere.

Regulatory Watch Database

here are crretl seve major markets i the uited

tates that have eerg eciec madates. hese

madates have alread take eect i ve jrisdictios:

new york Cit, a Fracisco, sti (exas), eattle, ad

Washigto tate. Calioria ad the District o Colmia

have deadlies approachig. r cotract maagers have

drated Qick ists oe-page smmaries that

demostrate what actios are eeded i order to e

compliat.

ENERGY STAR Leader Program

EnERGy R eader recogitio is reserved or EnERGy

R arters who demostrate cosistet eerg

improvemet across the portolio relative to a estalished

aselie. We completed the rst phase o the EnERGy

R eader project drig the secod qarter o 2012,

http://www.rreef.com/sustainability/6602.jsphttp://www.rreef.com/sustainability/6602.jsp


30/61


31/61



Europe Projects

Germany

r acqisitio de diligece process i Germa cotais

a thorogh sstaiailit aalsis. We evalate the

coditio o heatig, air coditioig, vetilatio, ad

mechaical sstems as well as greeildig aspects.

We also esre that properties have reqired eerg ratig

scores, ad egage with costrctio proessioals to

veri that the ildig ad its existig sstems are

desiged to promote geeral eerg eciec. lmost all

commercial properties i Germa are smetered de to

log-stadig reglatios ad policies, ealig s to

otai the tilit data eeded or thorogh aalsis qalit

data.

We are crretl codctig eerg adits o selected

properties to sstematicall ideti potetial eerg

savigs, ad these will cotie ito 2013. s a reslt othese adits, there are ogoig improvemets i eerg

eciec takig place. Commo measres iclde

istallig motio ad dalight sesors o lightig sstems,

ad re-lampig with EDs drig the ogoig maiteace

ccle.

Fiall, or asset maagers are workig with propert ad

acilit maagers to ivestigate opportities or ildig

certicatio, evalatig the Eu Greeildig, EED, ad

other ratigs that are valed i local markets.

We are developig

tadards o staiailit

or properties located i or

maaged rom Germa,

leveragig oe o the ma

advatages o RREEF Real

Estates gloal platorm

StandardsoSustainabilityorGermany

For or ds ad accots ased i Germa we are

developig tadards o staiailit or properties

located i or maaged rom Germa, leveragig oe o

the ma advatages o RREEF Real Estates gloal

platorm.

ZentralerImmobilienAusschusse.V.(GermanProperty

FederationZIA)

Z lached its Code o staiailit at EX Real i

ctoer 2011. he code takes ito accot the ecoomic,

social ad evirometal aspects o propert ivestmet,

ad makes specic recommedatios or the idstr

prodct tpe i areas sch as valatio, echmarkig adreportig. Georg lledor, Head o RREEF Real Estate

Germa, serves o the Z Exective Committee, ad

explaied wh he ad his colleages at RREEF Real Estate

were ivolved i developig this code:

mprovemets i sstaiailit are importat or real estate

maagemet properties, which case 30% o gloal caro.

RREEF Real Estate aims to ecome a active leader with regard

to sstaiale real estate ivestmets. We elieve that or

egagemet will prodce added vale or or cliets ad or

RREEF Real Estate, ad will help ght agaist climate chage.

For more o the Z Code o staiailit, clickhere.

BundesverbandInvestmentandAssetManagement(BVI)

bV is Germas leadig vestmet ad sset

Maagemet ssociatio represetig 82 memers

(mtal d compaies, istittioal d compaies ad

asset maagemet compaies) with earl 1.8 trillio i

assets der maagemet ad 21 millio hoseholds

represetig earl 50 millio ivestors. RREEF Real Estate

is committed to the BVIRulesoConduct, which

ideti the Germa idstr stadard or proper ad

resposile ivestmets o cliets capital, otlie othhow ivestmet compaies shall lll their legal dties

ad resposiilities o ehal o their cliets, ad how the

represet cliets iterests relative to those o third parties.

ComplianceManagement

RREEF Real Estate Germa was awarded a recerticatio

i 2012 or implemetig ad activel maagig the

Compliace Maagemet stem issed the Initiative

CorporateGovernancederDeutschen

Immobilienwirtschat (Corporate Goverace itiative o

the Germa Real Estate dstr). he certicate

icorporates all aspects o sstaiale ad resposile

maagemet practices. s part o this process, RREEF Real

Estate developed a Declaratio o Fdametal Vales

ad a ramework o processes ad policies descriig or

vales, missio statemet, strateg ad targets, gidelies

as well as the priciples o or siess ethics ad

ideties or mai stakeholders.

http://www.zia-deutschland.de/ueber-den-zia/nachhaltigkeitsleitfadenhttp://www.bvi.de/de/englische_seiten/publications_and_statistics/downloads/HM_Aktiv_60661423_3.pdfhttp://www.immo-initiative.de/enhttp://www.immo-initiative.de/enhttp://www.immo-initiative.de/enhttp://www.immo-initiative.de/enhttp://www.immo-initiative.de/enhttp://www.immo-initiative.de/enhttp://www.bvi.de/de/englische_seiten/publications_and_statistics/downloads/HM_Aktiv_60661423_3.pdfhttp://www.zia-deutschland.de/ueber-den-zia/nachhaltigkeitsleitfaden


32/61



r dametal vales are:

Commitmet to sperior perormace

Respect ad trst

eamwork

tegrit

Resposiilit

reservatio o resorces

United Kingdom

the uited Kigdom, we are cotiig to icorporate

sstaiailit ito each step o or ivestmet process.

hroghot the owership period o assets, varios

iitiatives are crretl addressedoth as a reslt o

compliace with uK legislatio ad esrig that the

evirometal perormace ad risks o or assets receive

de cosideratio. Highlights o or ke achievemets ad

progress i the past ear are preseted elow.

ll o the oce ildigs

acqired or cliets over the

past ear have strog

evirometal credetials

ad bREEM certicatio.

cqisitios: For the ear edig Je 2012, the RREEF

Real Estate uK acqisitio team acqired assets with a

vale o approximatel 960 millio (1.2 illio). he

acqisitios process coties to evolve, icreasigl

takig evirometal perormace ad risks ito

cosideratio. his is particlarl evidet i the oce

sector where gree accreditatio or laelig coties to

ecome more importat i the uK. ll o the oce

ildigs acqired or cliets over the past ear have strog

evirometal credetials ad bREEM certicatio. ver

the corse o the ear, we have acqired two oces i

Cetral odo which are rated as bREEM Excellet

ad Ver Good respectivel, ad a oce ildig i

eeds rated as bREEM Excellet. ogether, these

acqisitios total i excess o 580,000 sqare eet (53,880

sqare meters).

sset Maagemet: he sstaiailit o idividal assets

coties to e activel cosidered throghot their hold

periods. staiailit is addressed or each asset throgh

the aal d siess pla process, ad risks ad

opportities relatig to the evirometal perormace o

the ildig are idetied. Cosideratio is give to a rage

o risks icldig climate chage matters (sch as

foodig), reqired actios to compl with tre

legislatio, ad measres to attract or retai teats. ice

last ear, we are workig more closel with teats ad

propert maagers to implemet eerg savig iitiatives

ad processes i order to improve operatioal eciec

ad redce caro emissios.

Rerishmets: We are ow attemptig to gai

evirometal certicatio or ildigs at the poit o

redevelopmet ad major rerishmet. the uited

Kigdom, the bREEM sstem is the most commol sed

echmark. For redevelopmets ad rerishmets, we

target the highest realisticall achievale bREEM ratig, i

agreed or cliets. e example o this over the last

ear has ee the commecemet o a majorrerishmet o a cetral odo oce ildig, he

Helicoe oth lace. ce complete, we aticipate

the ildig will achieve a bREEM ratig o Ver Good.

We are also iitiatig steps withi the rerishmet i

order to achieve a bREM ratig o Excellet i the

tre as major mechaical ad egieerig items eed to

e replaced as the reach the ed o their ecoomic

lieccle.

Caro Redctio Commitmet: he CRC Eerg

Eciec scheme (CRC) is a reglator icetive to

improve eerg eciec i large plic ad private sector

orgaizatios. he CRC is a madator scheme that aims

to improve eerg eciec ad redce the amot o

C2 emitted i the uited Kigdom, ad is a compoet o

its overall target to redce greehose gas emissios

80% 2050 compared to the 1990 aselie, withi the

uited Kigdom. s a reslt, orgaizatios will have to

moitor ad report their emissios.

RREEF Real Estate uK collated data ecompassig all

eerg sppl der its cotrol or the caledar ear 2011

icldig, electricit, gas, ad additioal el tpes sch ascoal, G, diesel, ad other sstaiale Ks across 39

assets withi the uited Kigdom i order to calclate the

total caro emissios. tartig i 2011, the allowace

cost per metric to o C2 is 12 per metric to. he

smmar o the data collected throgh the CRC process is

as ollows:



33/61



United Kingdom Carbon Reduction Commitment

RREEF Real Estate Emissios, 2010-2011

Required Benchmarking Emissions (MT CO2) Allowance Cost ()

Year Assets Square Feet Total Per Square Foot Total Per Square Foot

2010 44 3,687,290 27,034 0.007 not et part o CRC Reqiremet

2011 39 3,963,245 26,222 0.007 314,666 0.08

orce: RREEF Real Estate sset Maagemet, 2012

France

Frace, we cotie to icrease the mer o

properties with bildig Maagemet stems (bM)

istalled. Cotrolled the o-site acilit maager, bM

sstems cotrol temperatre set poits throghot

ildigs, ad calirate lightig ad HVC sstems

accordig to the ormal siess hors o teats i order

to miimize ater-hors eerg cosmptio. Motio

sesors liked to the bM rther redce eergcosmptio, ad we are expadig waste maagemet

ad recclig programs.

staiale cqisitio:

igma, ait e, Frace

high-techolog ildigacqired i 2011 locatedear a swa statio adeatrig high-ecieclightig sstems, widows,ad a bildig Maagemetstem.

he recet acqisitio o the igma ildig i ait e

emodies ma o the eatres ad strategies we have

ee pttig ito place sstematicall. his ildig has a

HQE laelthe gree ildig lael i Fracead has

aade ad widow isolatios or strog islatio, high

eciec lamps with motio sesors, ad a bM sstem

that we are leveragig to ideti rther eerg

coservatio measres ad potetial eerg ad cost

savigs.

Spain

pai, we cotie to ocs o water coservatio

measres ad eerg eciec improvemets. For sch

prposes we replaced electric heatig oilers with gas

oilers to improve oth eerg ad water eciec.

We are also istallig capacitor atteries i or ildigs to

redce reactive loads ad drive rther eerg eciec.

additio, we are redcig the mer o lmes ad lamps

operatig simltaeosl, ad chagig the mer o

light circits i car parks. Each o these measres is drivig

rther eerg eciec. Fiall, we are evalatig varios

optios with eerg sppliers to optimize or cotracts ad

etter match eerg procremet with eerg demad.

Electrical ad ightig upgrade:

Cristalia 5&6, Madrid, pai

two-ildig oce

propert that pgraded itselectrical ad lightigsstems, ealig aavorale reegotiatio othe tilit cotract to drivedeep cost savigs adteat retetio.

he eets o these measresespeciall whe take

togetherare deliverig sstatial eerg savigs at

Cristalia 5&6, a two-ildig oce propert i Madrid. b

ivestig 27,500, we saved 67,000 i the rst ear,

geeratig a paack o 0.4 ears ad a oe-ear retr-

o-cost o 244%. verall, eerg costs or the ildigs

commo area ad dergrod parkig decreased rom

2010 to 2011 48%.



studyonpage35.


studyonpage36.


34/61


chievemets ad rojects i the ast

rreef real estate 2012 sustainability report final

Documents