Climate Change Data

Hammerson plc

Climate Impact & Sustainability Data (2010, 2011, 2014, 2016, 2019, 2020, 2021, 2022, 2023)

Reporting Period: 2010

Environmental Metrics

Total Carbon Emissions:65,312 tCO2e

ESG Focus Areas

  • Climate Change
  • Resource Use
  • Waste Reduction
  • Community Regeneration
  • Supply Chain Sustainability
  • Customer Engagement

Environmental Achievements

  • Reduced carbon emissions (CO2e) from landlord shared services by 21% (excluding Highcross) for UK shopping centres, 13% (excluding O’Parinor) for French shopping centres, and 13% for UK offices on a like-for-like basis since 2006.
  • Improved waste recycling rates: 55% for UK shopping centres, 29% for French shopping centres, and 54% for UK offices.
  • Les Terrasses du Port development in Marseille improved BREEAM score from 29 to 73 points.

Social Achievements

  • Community investment increased, including bursary projects and skills training programs.
  • Employee accident and lost time injury rate remained under 1%.
  • 84% staff participation in annual survey, showing high ratings for friendliness, training, facilities, and environmental/social impact management.

Governance Achievements

  • Board and Committees operating effectively, with some procedural improvements identified.
  • Compliance with Section 1 of the 2008 Combined Code on Corporate Governance.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Reduce carbon emissions by 20% from 2010 by 2015.
  • Implement biodiversity action plans at all retail properties by 2015.
  • Prepare community plans for all developments and managed assets by 2014.
  • 75% of community activity to be long-term community investment by 2014.
  • Engage with 100% of customers on sustainability issues by 2013.
  • 50% of suppliers by value to be engaged in sustainability survey.
Short-term Goals:
  • Reduce water consumption by 12% from 2010 baseline by 2015 (all managed shopping centres in UK and France).
  • Increase waste recycling to 75% by 2013 (France).

Environmental Challenges

  • Difficult trading environment for some tenants due to increased taxation and government spending restrictions.
  • Macroeconomic challenges: government deficit actions, sovereign debt concerns, and global trade imbalances.
  • Cautious occupier commitment to lease space.
Mitigation Strategies
  • Active portfolio management: £555 million raised from disposals and £219 million invested in acquisitions offering superior returns.
  • Prudent financial management: strong liquidity, flexible financial position, and diversified funding sources.
  • Phased development program: major capital projects only commenced with substantial pre-lets.
  • Risk management framework in place to identify and control risks.

Supply Chain Management

Supplier Audits: Issued sustainable supply chain questionnaire to main contractors, architects, consultants, lawyers, and IT contractors.

Responsible Procurement
  • Sustainable supply chain questionnaire used in tender process for several projects.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI

Certifications: Carbon Trust Standard, ISO 14001 (WestQuay)

Third-party Assurance: Jones Lang LaSalle (validated, not fully independently audited)

Reporting Period: 2011

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Carbon emissions reduction
  • Waste recycling
  • Water consumption reduction
  • Community engagement
  • Supplier engagement
  • Health and Safety
  • Employee engagement

Environmental Achievements

  • Reduced carbon emissions across the portfolio by 11.5%, with several shopping centres producing outstanding results, notably Queensgate (-19%) and Bercy 2 (-8%). French portfolio delivered a 20% reduction due to warmer winter.
  • Increased overall waste recycling rate in the UK to 58%.
  • Centralized waste management contract, reducing cost through strict recycling targets.

Social Achievements

  • Expanded ESG engagement program to include France, meeting with eight key investors.
  • Delivered a series of seminars in 2011 to share knowledge and create new partnerships.
  • Approved new volunteering and charity donations policies, engaging staff in the identification and selection of charitable partnerships.
  • Increased the number of employees with sustainability-related objectives.
  • Over 500 employees and contractors undertook an accredited environmental course.
  • Improved community investment by 24% in France, investing £1.2 million across 389 community organizations.

Governance Achievements

  • Improved score in both DJSI and FTSE 4 Good indices.
  • Implemented measures around community consultation to support partners following the passing of the Localism Act in the UK.
  • Provided a separate statement on Health and Safety following investor requests for improved transparency.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Increase waste recycling to 75% by 2013 (offices and shopping centres)
  • Reduce water consumption to 9.3m3/person/pa by 2013 (offices) and 6.4m3/person/pa by 2015 (good practice)
  • Reduce water consumption by 12% by 2015 in shopping centres portfolio

Environmental Challenges

  • Weakening consumer confidence impacting retail sales.
  • Challenging operating conditions for some tenants increasing the risk of rent default.
  • Rising energy and utility costs.
  • Uncertainty surrounding the eurozone and austerity measures impacting financial markets and the French economy.
  • Economic environment making property development inherently riskier.
  • Cautious occupiers delaying lease commitments.
Mitigation Strategies
  • Stress-tested business model against severe downside economic scenario, confirming business robustness due to low gearing, secure income streams, currency hedging, debt maturity spread, and flexible development program.
  • Focus on growing income through tenant engineering, improving tenant mix, commercialization, and multi-channel retailing.
  • High-quality, geographically diversified portfolio let to a large number of tenants mitigating negative impacts from market changes.
  • Progressing developments only when markets are robust, with sufficient occupier interest and sound financial analysis demonstrating good returns.
  • Seeking substantial pre-lets before progressing significant developments.
  • Opportunistic but selective approach to acquisitions, concentrating on retail assets where expertise can generate income and capital growth.
  • Disposing of mature assets and reinvesting in acquisition, development, or asset management opportunities.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Supplier code of conduct (to be launched in 2012)

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI, EPRA BPR

Certifications: ISO 14001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Ranked first among European listed property companies in the Global Real Estate Sustainability Benchmarking study.

Reporting Period: 2014

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Environmental
  • Social
  • Economic

Environmental Achievements

  • Improved Global emissions intensity ratio from 221mtCO2e/£m in 2013 to 180mtCO2e/£m in 2014. Integration of 130kWp of solar photovoltaic panels at Elliott’s Field Shopping Park, Rugby, enabling the generation of approximately 1mWh of renewable energy each year.

Social Achievements

  • Les Terrasses du Port, Marseille, welcomed over 8 million visitors since launch; Cyfarthfa Retail Park extension created over 250 jobs during construction and will create up to 230 full-time jobs when complete; Launched 'Plus' mobile app at Les Terrasses du Port, Marseille, providing personalized content and offers to shoppers.
  • Successful trials of mobile app in 2013 at The Oracle, Reading and Highcross, Leicester, leading to a wider rollout in 2015.

Governance Achievements

  • Successfully raised over £1 billion of capital (equity and debt), enhancing flexibility to fund further expansion; EPRA cost ratio reduced to 23.4% (2013: 24.6%); on track to achieve target ratio of 21% by 2016; Moody’s upgraded outlook from stable to positive in June 2014.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Achieve target cost ratio of 21% by 2016

Environmental Challenges

  • Challenging economic environment in France; Cost inflation in the construction sector; Potential instability in the eurozone; Uncertainty caused by UK elections; Reduced levels of floating rate debt leading to higher financing costs.
Mitigation Strategies
  • Refurbishment programme across French centres completed in 2014; Guaranteed maximum price contracts with building contractors; Diversified portfolio by sub-sector and geographic location; Stress-testing of business model against severe downside economic scenario; Currency hedging of euro-denominated portfolio; Flexibility to phase or halt development programme; Issue of 8-year €500 million bond in July 2014 to redeem outstanding bond, resulting in cost savings.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather, flooding
Transition Risks
  • Regulatory changes, market shifts
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: EPRA

Certifications: BREEAM

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • B&Q’s first Eco-learning store

Awards & Recognition

  • Not disclosed

Reporting Period: 2016

Environmental Metrics

Total Carbon Emissions:34,340 tCO2e/year (Location Based)
Scope 1 Emissions:5,970 tCO2e/year
Scope 2 Emissions:28,370 tCO2e/year
Scope 3 Emissions:1,475 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:104,816,420 kWh/year
Water Consumption:1,171,378 m3/year
Waste Generated:35,542 tons/year
Carbon Intensity:75 kgCO2e/m² CPA (UK Shopping Centres)

ESG Focus Areas

  • Carbon emissions
  • Resource use
  • Water
  • Socio-economic impacts

Environmental Achievements

  • 10% reduction in carbon emissions intensity of the business
  • 7% reduction in electricity consumption across the like-for-like UK shopping centre portfolio
  • 14% reduction in carbon emissions across the like-for-like managed portfolios
  • 3% reduction in electricity consumption across the like-for-like UK shopping centre portfolio
  • Installation of a 130kWp PV array at Westquay, producing an average 7.6 mWh of clean electricity each month

Social Achievements

  • Delivered over 2,000 jobs across our developments and assets
  • Worked with Teenage Markets, Pop-Up Business, Enabling Enterprise and others to deliver innovative, market-leading community engagement events and activities
  • Highcross, Leicester became the first UK shopping centre to be recognised by Alzheimers UK
  • Silverburn became Scotland’s first Dementia Friendly Shopping Centre

Governance Achievements

  • Published 3rd Annual Supplier Report
  • Updated online Supplier Survey

Climate Goals & Targets

Long-term Goals:
  • Become Net Positive for carbon emissions, water, resource use and socio-economic impacts by 2030
Medium-term Goals:
  • Reduce absolute op. CO2e by 18% by 2020
  • Reduce operational energy use of the LfL portfolios by 10% by 2018
Short-term Goals:
  • Achieve continued improvement in carbon emissions intensity of the business
  • Achieve 10% reduction in energy use for like-for-like UK assets against the 2015 baseline
  • Achieve 85% recycling of operational waste and 100% diversion from landfill
  • Roll out Waterblades where feasible, and improve metering and monitoring of water demand through new utility management platform project
  • Begin implementing energy audit recommendations for the French assets
  • Continue to manage EPC compliance

Environmental Challenges

  • Rising demand for electricity placing unprecedented demand on the electricity supply infrastructure in the UK
  • Pricing uncertainty as charges rise at peak periods
  • Deregulation of the water markets in the UK
  • Waste management in France due to a less advanced infrastructure
  • Achieving 85% recycling target for operational waste
Mitigation Strategies
  • Reducing demand for electricity through good management and investment in energy-efficient technology
  • Investment in metering infrastructure and systems to support effective demand management
  • Investment in on-site renewable electricity production to reduce our demand from the grid
  • Improved metering and data collection processes
  • Engaging with retailers on their fit-out and design to promote water-efficient fittings
  • Investment in on-site technology, such as waste sorting and recovery facilities
  • Engagement with retailers and restaurant and café staff to support the maintenance of good practice in the sorting and management of waste
  • Trialling BioWhale as a new organic waste solution at Westquay

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Code of Conduct
  • Supplier sustainability requirements
  • Sustainability clauses in leases
  • Environmental standards in fit-out guides and retail delivery process

Climate-Related Risks & Opportunities

Physical Risks
  • Increased risk of flooding
  • Increased demand for energy to maintain comfortable temperatures within our enclosed assets
Transition Risks
  • Potential for carbon pricing
  • Rising energy costs
  • Pressure on the electricity supply network across the UK
Opportunities
  • Reduction of carbon emissions from the portfolio
  • Reduction in energy demand
  • Implementation of a metering strategy that will support electricity demand management

Reporting Standards

Frameworks Used: GRI G4, GRI Construction and Real Estate Sector Supplement (CRESS), EPRA Best Practice Sustainability Reporting guidelines

Certifications: ISO 14001, BS 18001

Third-party Assurance: Deloitte (waste, water, energy data); JLL Upstream Sustainability Services (additional targets)

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Eco-pod
  • BioWhale organic waste solution
  • Bio-digesters

Awards & Recognition

  • Not disclosed

Reporting Period: 2019

Environmental Metrics

Total Carbon Emissions:14,600 tCO2e (Net Positive footprint)
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:1.1 MWh (renewable)
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate change
  • Resource-use
  • Water
  • Socio-economic impacts

Environmental Achievements

  • Reduced like-for-like portfolio carbon emissions by 12%
  • Increased renewable energy capacity to 1.94 MWP, generating 1.1 MWH of clean electricity
  • Reduced energy demand by 12%, delivering £0.9 million in cost savings
  • Achieved 99.6% waste diversion from landfill
  • Recycled 79% of operational waste

Social Achievements

  • Launched employee value proposition #HammersonLife
  • Improved employee retention, reducing voluntary employee turnover from 13.4% to 10.1%
  • Launched Women’s Career Development Programme
  • Invested £1.3m in addressing local challenges
  • 596 young people participated in LionHeart Challenge
  • Supported 266 people in developing skills to start their own business through PopUp Business School
  • Colleagues mentored young people at risk of re-offending through Key 4 Life Mentoring

Governance Achievements

  • Appointed three new Non-Executive Directors
  • Completed a Board effectiveness review
  • Won ICSA award for best Annual Report in the FTSE 250 category

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Net Positive targets extended to include tenanted areas by 2030 (Phase Three)
Short-term Goals:
  • Net Positive for carbon, water, resource-use and socio-economic impacts by end of 2020 (Phase One)

Environmental Challenges

  • Challenging market conditions in UK retail, including high-profile CVAs and administrations
  • Subdued consumer confidence in the UK due to political uncertainty
  • Rising cost pressures for retailers (business rates, wages)
  • Valuation declines across the portfolio, particularly in the UK
  • Impact of Coronavirus travel bans on Chinese tourists (affecting premium outlets)
Mitigation Strategies
  • Disposal programme to reduce debt (£975m achieved)
  • Portfolio optimization, focusing on flagship destinations and premium outlets
  • Repurposing of department store space to introduce new brands and categories
  • Shifting brand mix towards high-performing categories
  • Investment in experience-enhancing events and digital services
  • Cost savings initiatives (£7m target achieved)
  • Proactive engagement with retailers on omnichannel development
  • Progressing City Quarters strategy to diversify income streams

Supply Chain Management

Supplier Audits: 139 partners completed Supplier Survey

Responsible Procurement
  • Specification of recycled content in construction materials

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather
  • Flooding
Transition Risks
  • Regulatory changes
  • Market shifts
Opportunities
  • Development of energy-efficient products and services
  • Facilitating clean last-mile deliveries

Reporting Standards

Frameworks Used: EPRA Best Practice Recommendations, GRI, TCFD

Certifications: OHSAS 18001 (transitioning to ISO 45001), ISO 14001

Third-party Assurance: Deloitte

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 11 (Sustainable Cities and Communities)
  • Goal 12 (Responsible Consumption and Production)
  • Goal 13 (Climate Action)
  • Goal 8 (Decent Work and Economic Growth)
  • Goal 10 (Reduced Inequalities)
  • Goal 4 (Quality Education)
  • Goal 3 (Good Health and Well-being)

Initiatives contributing to these goals detailed in the Sustainability review

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • ICSA award for best Annual Report (2018)

Reporting Period: 2020

Environmental Metrics

Total Carbon Emissions:8,539 tCO2e/year (Net Positive Footprint)
Renewable Energy Share:3% (of total landlord energy use)
Total Energy Consumption:81,019 MWh/year (Landlord Services)
Water Consumption:75,679 m3/year (Net Positive Footprint)
Waste Generated:17,855 tons/year (Total)

ESG Focus Areas

  • Climate Change
  • Water
  • Resource Use
  • Socio-economic Impacts
  • Governance

Environmental Achievements

  • Reduced absolute carbon emissions by 66% vs. 2015 baseline
  • Reduced landlord water demand by 77% vs. 2015 baseline
  • Three assets achieved Net Positive for landlord water demand in 2020
  • Reduced Net Positive resource use footprint by 2,100 tonnes in 2020
  • 92% of UK and Ireland electricity from REGO-backed contracts
  • Almost 3% of landlord electricity demand supplied by on-site renewable assets in 2020
  • 2,214 MWh renewable electricity produced on-site

Social Achievements

  • £180k invested in local community organizations through Giving Back project
  • 57,258 local people engaged in socio-economic projects
  • 88 small organizations benefited from Giving Back Project grants
  • Delivered an extensive programme of work in four key areas (Health and Wellbeing, Skills and Employment, Young People, and Enterprise) despite pandemic disruptions

Governance Achievements

  • Published Net Zero Carbon Transition pathway
  • Response to TCFD published as a standalone document
  • Four-step process for managing sustainability risk implemented
  • Sustainability Governance structure established

Climate Goals & Targets

Long-term Goals:
  • Reach Net Positive position for Scope 1, 2, and 3 carbon emissions, mains water demand and resource use
  • Transition 50% of Flagship assets to certified Net Zero Carbon status
  • 100% of landlord purchased energy to be additional renewable or on-site generation
Medium-term Goals:
  • Reduce scope 3 carbon emissions from the operational portfolio by 30% vs. 2019
  • Transition one flagship asset to certified Net Zero Carbon status
  • Increase renewable energy generation capacity by 3.5MWp
Short-term Goals:
  • Reduce absolute carbon emissions by 26% vs. 2019
  • Recycle or reuse 75% of operational waste
  • Agree PPA to deliver additional renewable energy for up to 50% of UK Shopping Centre portfolio demand

Environmental Challenges

  • COVID-19 pandemic impacted business activities, reducing utility demand, increasing organic waste, delaying capital expenditure projects, and changing community needs
  • Reducing Scope 3 emissions (from tenanted spaces) requires collaboration with brands
  • Achieving Net Positive for water requires minimizing demand within tenanted spaces
Mitigation Strategies
  • Robust systems and staff enabled quick adaptation to pandemic challenges, including investment in smart metering
  • Work with retailers through lease events to manage F and G rated energy performance certificates
  • Partnership with Thames Water to provide water audits, water-saving technologies, and leak correction
  • Redirected £180k of investment into local community organizations
  • Switched to online and socially distanced delivery modes for social impact work
  • Developed local offset projects

Supply Chain Management

Supplier Audits: 300+ suppliers completed the Supplier Sustainability Survey

Responsible Procurement
  • Supplier Sustainability Survey
  • Contractual sustainability requirements
  • Collaboration with design teams to set targets and find innovative solutions

Climate-Related Risks & Opportunities

Physical Risks
  • Increased energy demand to maintain mall comfort
  • Increased exposure to potential flooding
Transition Risks
  • Increasing exposure to regulation
  • Impact of carbon pricing
  • Impact on key sector clients
  • Rising regulatory/fiscal charges for utilities
Opportunities
  • Energy efficiency investments and renewable energy
  • Developing local offset projects

Reporting Standards

Frameworks Used: GRI, EPRA

Certifications: ISO 14001, ISO 50001, BREEAM

Third-party Assurance: JLL (Net Positive); Deloitte LLP (other data)

UN Sustainable Development Goals

  • Goal 7 (Affordable and Clean Energy)
  • Goal 11 (Sustainable Cities and Communities)
  • Goal 13 (Climate Action)

Initiatives contribute to these goals through energy efficiency, renewable energy, waste reduction, community engagement, and sustainable development

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:9,928 tCO2e/year (Landlord only)
Water Consumption:151,053 m3/year (Landlord only)

ESG Focus Areas

  • Climate Change
  • Water Use
  • Resource Use
  • Socio-economic Impacts
  • Governance

Environmental Achievements

  • Reduced landlord emissions by 68% to 9,928 tCO2e from a 2015 baseline of 30,599 tCO2e
  • Reduced landlord water use by 55% on the 2015 baseline
  • Reduced resource use footprint to 10,112 tonnes, from 22,050 tonnes in 2015
  • Global energy intensity down by 40% compared to 2015
  • Total waste intensity reduced by 50% since 2015
  • 2.2 GWh renewable electricity produced on-site
  • Terrasses du Port shopping centre marine geothermal energy project reduced center carbon emissions by 68% v 2019

Social Achievements

  • Invested £2 million in local socio-economic projects
  • Delivered 64 socio-economic projects under four themes
  • Engaged with 194 community groups, supporting 22,283 local people

Governance Achievements

  • Sustainability linked bond issued, linking financial commitments to sustainability targets
  • Changes to governance structure, bringing Risk and Sustainability together under a new Director
  • TCFD training for Executive and Non-executive Board members

Climate Goals & Targets

Long-term Goals:
  • Net Zero carbon by 2030
Medium-term Goals:
  • Reach Net Positive position for carbon emissions, water demand, resource use, and socio-economic impacts by 2030
Short-term Goals:
  • 60% reduction in Scope 1, 2 and selected 3 landlord controlled emissions by 2025
  • 50% reduction in Scope 3 operational, occupier controlled emissions by 2025

Environmental Challenges

  • Occupier emissions estimated to be five times higher than landlord emissions
  • Managing Minimum Energy Efficiency Standards (MEES) compliance
  • Climate-related regulation resulting in higher costs
  • Climate-induced changes to customer preferences
  • Carbon and resource policies impacting resource acquisition
  • Failure to provide assets meeting market standards
  • Reduction in attractiveness of retail investments
  • Macroeconomic shocks from climate change or transition
  • Severe and frequent extreme weather events
  • Chronic shifts in climate patterns
  • Difficulties insuring assets at risk
  • Failure to act credibly on climate change
  • Climate-induced political activism or social unrest
  • Failure to provide infrastructure demanded by occupiers and investors
Mitigation Strategies
  • Reporting occupier emissions from 2022
  • Engaging with occupiers to improve energy performance (EPC) during store fit-out
  • Resolution plan in place for F and G rated EPCs in UK assets
  • CRREM pathways created to identify assets at risk of stranding
  • Development sustainability standards to meet market standards
  • Evolving business strategy focusing on mixed-use spaces
  • Corporate Power Purchase Agreement (CPPA) to mitigate electricity pricing risk
  • Phased roll out of ISO 14001 Environmental Management System
  • Climate scenario analysis and action plan development
  • Physical climate risk assessments on assets
  • TCFD training for Board and GEC members

Supply Chain Management

Supplier Audits: 45 suppliers completed survey in 2021

Responsible Procurement
  • Sustainability survey for suppliers
  • New eSourcing and Contract management system integrating ESG criteria

Climate-Related Risks & Opportunities

Physical Risks
  • Severe and frequent extreme weather events
  • Chronic shifts in climate patterns
Transition Risks
  • Climate-related regulation
  • Changes in customer preferences
  • Carbon and resource policies
  • Reduction in attractiveness of retail investments
  • Macroeconomic shocks
Opportunities
  • Adaptation and diversification of portfolio
  • Priming assets for low-carbon operations
  • Reputational benefits
  • Capitalizing on tax incentives
  • Responding to increased demand for climate-resilient buildings
  • Leveraging resources efficiently

Reporting Standards

Frameworks Used: GRI, EPRA, TCFD

Certifications: ISO 14001, ISO 50001, BREEAM

Third-party Assurance: Deloitte

UN Sustainable Development Goals

  • Goal 7 (Affordable and clean energy)
  • Goal 13 (Climate action)
  • Goal 14 (Life below water)
  • Goal 15 (Life on land)

Awards & Recognition

  • Highly Commended in the Sustainability category of the Royal Institute for Architects in Ireland (RIAI) Awards 2021 for Pembroke Square development
  • Green Apple Award and International Corporate Social Responsibility Award for Victoria Leeds

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:8811 tCO2e/year (absolute)
Scope 1 Emissions:1961 tCO2e/year
Scope 2 Emissions:6150 tCO2e/year (market based)
Scope 3 Emissions:701 tCO2e/year
Renewable Energy Share:54% (electricity)
Total Energy Consumption:52421 MWh/year (proportionally consolidated)
Water Consumption:889799 m3/year (absolute)
Waste Generated:34314 tons/year (absolute)
Carbon Intensity:37 kgCO2e/m2 (absolute)

ESG Focus Areas

  • Greenhouse Gas Emissions
  • Energy Use
  • Water Use
  • Waste Management
  • Social Value
  • Employee Well-being
  • Board Diversity
  • Health and Safety
  • Risk Management

Environmental Achievements

  • Reduced total GHG emissions by 33% vs 2019 baseline (SPT1)
  • Reduced Scope 3 operational, occupier controlled emissions by 31.5% vs 2019 baseline (SPT2)
  • Increased renewable energy share in electricity consumption to 54%.

Social Achievements

  • Increased total social value investment to £2,691,180 in 2022.
  • Supported 152 charities and local organizations through social value activities.
  • Achieved 100% of direct employees receiving regular performance and career development reviews.

Governance Achievements

  • 38% female representation on the Board of Directors.
  • 75% of the organisation operating in verified compliance with an internationally recognised health and safety management system.
  • Implementation of an ESG Risk Management Framework.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • 50% reduction in Scope 3 operational, occupier controlled emissions by 31/12/25 vs 2019 baseline (SPT2).
Short-term Goals:
  • 60% reduction in Scope 1, 2 and selected Scope 3 landlord controlled emissions by 31/12/25 vs 2019 baseline (SPT1).

Environmental Challenges

  • Climate-related regulations impacting operational costs and asset values.
  • Climate-induced changes to customer preferences affecting demand for retail and leisure services.
  • Carbon and resource policies impacting material supply chains.
  • Extreme weather events increasing energy demand and risk of business interruption.
  • Failure to act credibly on climate change leading to reputational and financial risks.
Mitigation Strategies
  • Routine monitoring of environmental regulations and legislative reviews.
  • Implementation of ISO 14001 and 50001 compliant Environmental and Energy Management System.
  • Sustainability Design Brief for new developments to address regulatory changes.
  • Engagement with key tenants to adapt to changing customer demands.
  • Net Zero Asset Plans to align with customer preferences and reduce reliance on fossil fuels.
  • Design standards for new developments to withstand predicted climatic scenarios.
  • Incident response procedures in place.
  • Senior management training on climate change.
  • ESG strategy focusing on key material transitional risks.
  • Materiality review with investors.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Updated design and fit out standards to reflect material specifications and resource efficiency best practice

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Flooding
Transition Risks
  • Climate-related regulations
  • Changes in customer preferences
  • Carbon and resource policies
  • Failure to act credibly on climate change
Opportunities
  • Development of energy-efficient products
  • Innovation opportunities aligned to customer needs and comfort

Reporting Standards

Frameworks Used: GRI Standards CORE, EPRA Sustainability Best Practice

Certifications: ISO 14001, ISO 50001, ISO 45001

Third-party Assurance: BDO LLP

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:14,001 tCO2e (100% basis)
Scope 1 Emissions:2,608 tCO2e/year
Scope 2 Emissions:1,305 tCO2e/year
Scope 3 Emissions:9,856 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:70,148 MWh/year
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change
  • Nature
  • Social Value
  • Biodiversity

Environmental Achievements

  • Reduced like-for-like Scope 1, 2 and landlord 3 carbon emissions by 13.4% year-on-year and 35% since 2019.
  • Pavilions, Swords won a Best Energy Achievement in Retail and Best Overall Achievement at the Business Energy Achievement Awards 2023 (Ireland) for going gas free four years ahead of schedule.
  • Gifted woodland and natural grassland in Lowestoft to the Wildlife Trust.

Social Achievements

  • Delivered asset-centric events to support local communities.
  • Increased participation in Giving Back Day (over 90%).
  • Social value investment of £2.5m.

Governance Achievements

  • Maintained sector and regional ratings with ISS ESG and Sustainalytics.
  • Regained GRESB 4-star rating and achieved a peer-first A for GRESB ESG public disclosure.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Assess position against Net Gain Biodiversity targets; achieve net zero status by 2030.
Short-term Goals:
  • Reduce energy use by 7% year-on-year; maintain annual reduction in water use; divert 100% of waste from landfill; implement NZAP initiatives; 60% reduction in landlord emissions and 50% reduction in occupier emissions by 2025.

Environmental Challenges

  • Stubbornly high inflation and interest rates.
  • Reduction in debt availability.
  • Cost of living crisis.
  • Climate change (physical and transition risks).
  • Biodiversity loss.
  • Increased regulatory burden (CSRD).
Mitigation Strategies
  • Strengthened balance sheet through disposals and debt reduction.
  • Built a more efficient and agile platform.
  • Implemented Net Zero Asset Plans (NZAPs).
  • Undertook revised Physical Climate Risk Assessments and Nature-based action plans.
  • Increased focus on social value.
  • Proactive engagement with stakeholders.
  • Early planning for CSRD requirements.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Responsible procurement policy
  • Supply chain code of conduct

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
Transition Risks
  • Climate-related regulation
  • Changes to customer preferences
  • Carbon and resource policies
  • Reduction in attractiveness of retail investment
  • Macroeconomic shocks
Opportunities
  • Portfolio adaptation
  • Priming assets with low carbon emissions
  • Becoming a truly green real estate business
  • Capitalising on tax incentives
  • Responding to demand for climate-resilient buildings
  • Leveraging resources circularly
  • Divest from land and invest in other assets
  • Upgrade infrastructure
  • Influence occupiers' ESG ambitions
  • Onsite energy generation
  • Repurpose car parks
  • Attract new talent
  • Low carbon transition favouring urban locations

Reporting Standards

Frameworks Used: GRI, EPRA, TCFD

Certifications: ISO 14001, ISO 50001, ISO 45001

Third-party Assurance: Third-party assurance provider (limited assurance in accordance with ISAE 3410)

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Pavilions, Swords: Best Energy Achievement in Retail and Best Overall Achievement at the Business Energy Achievement Awards 2023 (Ireland)
  • Charity Super.Mkt: Revo Award for Pop-up of the Year