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INREV Due Diligence Questionnaire (DDQ) Webinar  

Published on 04 Oct 2018

The INREV DDQ provides a standardised framework that helps investors achieving a high level of scrutiny when entering a due diligence process.

In the last months, INREV has been updating the structure and content of the INREV Due Diligence Questionnaire to make it more global, easy and online.

The webinar was led by Jaap van der Bijl, CEO, Altera Vastgoed and chair of the Due Diligence Committee.

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Nick Tyrrell Prize Winning Paper 2018  

Published on 02 Oct 2018

The 2018 Nick Tyrrell Research Prize has been awarded to joint authors Dr Frank Ametefe and Dr Steven Devaney, both of the Henley Business School, University of Reading, with Professor Simon Stevenson of the University of Washington, for their paper, Optimal Composition of Hybrid/Blended Real Estate Portfolios.

INREV response to consultation on disposals of assets by non-UK residents  

Published on 04 Sep 2018

On 30 August, INREV filed a response to the HMRC consultation on Disposals of assets by non-UK residents and payments on account. Developed with support by the tax committee, the response focuses on capital gains taxation of property held by non-resident investors accruing after April 2019 and is closely aligned with views of the BPF. 

How ESG engagement creates value for investors and companies  

Published on 31 Aug 2018

This piece of research, commissioned by the PRI, looks at how ESG engagement creates value for both companies and investors, amid growing evidence that engagement by investors with companies on environmental, social and governance (ESG) issues can create shareholder value.

Key recommendations

For companies:

  • Companies can enhance their communication with investors by closing the loop between internal ESG information systems, ESG engagement information and ESG reporting practices. This can be enabled by deploying dedicated information systems to manage investor relations.
  • Learning opportunities can be extended by ‘acting rather than being acted upon’. Corporations can use engagement proactively and strategically to test ESG policies, identify more efficient ESG targets and KPIs, and build better ESG management systems.
  • Political benefits can be maximised through enhanced internal coordination between corporate investor relations departments, sustainability departments, and board-level executives before meeting with external investors.

For investors:

  • Investors can enhance the communicative value of engagement by making their engagement objectives, expectations and desired form of success clear to companies upfront. Communicative value can also be increased through improved public transparency and disclosure – and hence social accountability – of how engagement processes are initiated, executed, managed, monitored and evaluated.
  • Learning value can be advanced if investors strengthen the feedback loop between new ESG information and knowledge gained through engagement, and their main ESG integration databases and decision-making processes. Learning opportunities can be lost however, if engagement is outsourced without any standardised feedback process.
  • Political benefits can be derived internally if ESG and financial analysts work more closely together on engagements. External political value can be gained through better collaboration with clients and their beneficiaries when developing or refining engagement policies, objectives and accountability mechanisms, as well as through balancing individual and collective forms of engagement to create and maintain long-term relationships with investee companies.

Prepared by PRI

Parklake: putting sustainability at the heart of the shopping centre  

Published on 31 Aug 2018

ParkLake, located in Bucharest, Romania, is a multi-award winning retail destination developed by Sonae Sierra. It offers a truly unique retail experience that harnesses the beauty of nature by bringing the outside environment inside, giving it a 'park-like' feel. Having attracted a variety of diverse and high quality tenants, ParkLake has become a popular destination not only for people residing in Bucharest, but also those living across Romania. 

Sonae Sierra applied its rigorous Safety, Health and Environment Development Standards (SHEDS) throughout the development project, from planning and design through to deliver. The SHEDS encompass a set of holistic requirements to ensure that a shopping centre will operate with minimum safety and health risk to customers, tenants and suppliers whilst limiting its environmental impact and ensuring the most efficient management of utilities consumption and waste production. By embedding the SHEDS throughout the development, and providing a Safety, Health and Environment Management System (SHEMS) during construction phase, Sonae Sierra has created a future-fit retail destination that fulfils our commitment to creating shared value for our investors, society and the environment. These endeavours were externally recognized with BREEAM Excellent environmental performance rating, as well as the construction works certification according to ISO 14001 and OHSAS 18001 standards.

Prepared by Sonae Sierra

Pre-marketing of EU real estate funds - Briefing August 2018  

Published on 30 Aug 2018

Melville Rodrigues, partner at Charles Russell Speechlys, and Jeff Rupp, Director of Public Affairs at INREV, co-presents on the background, timing and likely impact of the proposed amendment of AIFMD to create a uniform definition of pre-marketing across the EU.