Mitiska REIM
Climate Impact & Sustainability Data (2021, 2023)
Reporting Period: 2021
Environmental Metrics
Total Carbon Emissions:410.475 tonnes CO2e (Scope 3, Romania only)
Scope 3 Emissions:410.475 tonnes CO2e (Romania only)
Renewable Energy Share:100% (electricity, own operations; target for tenants in 2022)
Total Energy Consumption:13,135,065 kWh (electricity, Romania only)
Water Consumption:36,604 m3 (Romania only)
Carbon Intensity:122 kWh/m²/year (Romania only)
ESG Focus Areas
- Own Operations
- Investment Process
- Portfolio Investments
Environmental Achievements
- Increased the number of BREEAM (in use) certified assets to 45% in 2021 and on track for 85% in 2022.
- Introduced Measurabl to track energy, waste, and water consumption.
- Launched MEREP Light Industrial fund promoting environmental characteristics (Article 8 SFDR).
- Opened Malinas, Europe's first CO2-neutral retail park.
Social Achievements
- Organized a two-day team offsite with river cleanup volunteers.
- Achieved 80% team satisfaction target.
Governance Achievements
- Finalized ESG framework with 9 specific targets.
- Initiated the process to become a licensed alternative investment fund manager (AIFM).
Climate Goals & Targets
Long-term Goals:
- By 2035, reaching net zero carbon for our assets in fund MEREP LI and funds launched thereafter.
Medium-term Goals:
- By 2026, be recognized as an industry player that values and enhances ESG.
- By 2026, having at least a BREEAM In Use score “Very good” for all our assets.
- By 2026, applying ESG considerations during the construction/refurbishment phase to all our projects.
- By 2024, having a minimum score of 60 on GRESB.
- By 2026, installing a green financing framework.
Short-term Goals:
- Create a net zero pathway for own operations.
- Increase operational BREEAM certified GLA of AUM to 85% by the end of 2022.
- Set up a ‘project sustainable guidelines framework’.
- Obtain AIFM license.
- Set up ESG due diligence checklist.
- Start NZC pathway in 5 steps.
- Obtain 2 stars in GRESB 2022.
- Include green financing possibilities in 5 discussions with lenders.
Environmental Challenges
- Complexity of real estate sector and stakeholder collaboration for sustainable ambitions.
- Climate change resilience for the future of real estate.
- Collaboration with tenants for BREEAM certification (data sharing).
- Accuracy and reliability of data and evidence provided for BREEAM certification.
Mitigation Strategies
- Sound cooperation between all parties.
- Innovation to make business and assets 'future-proof'.
- Green leases with clauses describing cooperation between landlord and tenant.
- More guidance, involvement, and information exchange with assessors and stakeholders.
Supply Chain Management
Responsible Procurement
- Collaboration with architects, advisors and construction companies to reduce embodied carbon.
Climate-Related Risks & Opportunities
Physical Risks
- Floods
Transition Risks
- Pace of energy transition
- Government policies
- Technological developments
- Changing consumer behaviour
Reporting Standards
Frameworks Used: INREV Sustainability Reporting Guidelines, GRESB methodology
Certifications: BREEAM
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:45,262 tCO2e/year
Scope 1 Emissions:34 tCO2e/year
Scope 2 Emissions:9 tCO2e/year
Scope 3 Emissions:44,800 tCO2e/year
Carbon Intensity:46.44 kgCO2e/m² (downstream)
ESG Focus Areas
- Climate change
- Decarbonization
- Tenant relationships
- Community engagement
- Employee well-being
- Governance
- Sustainable financing
Environmental Achievements
- Full mapping of carbon footprint (scopes 1, 2, and 3)
- 100% energy consumption data coverage
- Finalized Green Building Manual
- Participation in SBTi pilot project
- Implementing BREEAM In-Use certification plan
- 3 additional assets obtained BREEAM In-Use certification, bringing total to 64%
- Energy intensity of 122 kWh/m² (below EU benchmark in most countries)
Social Achievements
- 83% overall team satisfaction
- 35 community events
- 70% of new leases signed were green leases
- 71.4% of business partners signed the Partner Code of Conduct
- Team size increased from 35 to 43
Governance Achievements
- Implementation of ESG Due Diligence Checklist
- AIFM license obtained
- 9 sustainability-linked bilateral financings
- Launched first core/core+ fund (FRP)
- Reporting under SFDR Article 8 for MEREP 3
Climate Goals & Targets
Long-term Goals:
- Alignment with Paris Agreement
- Define goals and have them validated by the SBTi
- Use the CRREM tool for all funds
Medium-term Goals:
- 100% BREEAM In-Use Certifications by end of holding period
- Establishment of a Green Financing Framework
Short-term Goals:
- Concrete action plan for all focus areas
- Use ESG DD checklist for 100% of acquisitions
- Green Building Manual fully implemented
- Increase GRESB score for FRI 2
- Complete data collection and visualization
- Decarbonization plan
- Use CRREM tool on all existing buildings and new investments
- Develop training opportunities
- Social activities and community engagement
- Adoption of green lease by 100% of top 15 existing tenants
- Reporting under SFDR Article 8 for MEREP 3
Environmental Challenges
- Data collection and digitization
- Fluctuating construction costs and labor shortages
- Alignment of landlord and tenant sustainability priorities
- Embodied carbon emissions
- Data limitations on refrigerant leaks and embodied carbon
Mitigation Strategies
- Automating data collection with smart meters
- Manual data collection campaigns
- Green Building Manual for contractors
- Green leases with tenants
- Life Cycle Analysis (LCA) pilot project in Gembloux
- Participation in SBTi pilot project
Supply Chain Management
Supplier Audits: 71.4% of partners signed the Partner Code of Conduct
Responsible Procurement
- Partner Code of Conduct based on UN Supplier Code of Conduct
Climate-Related Risks & Opportunities
Opportunities
- Energy efficiency improvements
- Renewable energy integration
Reporting Standards
Frameworks Used: INREV Sustainability Guidelines, GHG Protocol, EU Taxonomy, SFDR
Certifications: BREEAM In-Use
Awards & Recognition
- Biala Podlaska won first prize for “Retail Project Medium” on the 2024 CEE Retail awards