Missed the briefing? Catch up now to hear from Maarten van der Spek and Dirk Brounen on the new paper commissioned by INREV and GRESB to better understand the impact of ESG on the financial performance of non-listed real estate, linking fund-level financial returns with GRESB ESG scores.
Key highlights of new paper include:
- The participation process of ESG benchmarking is non-random. Early participants in the GRESB Real Estate Assessment are large funds with low leverage, two factors that correlate with excess returns.
- Funds participating in the GRESB Assessment outperformed non-participating funds, even when controlling for factors like fund size, investment style and leverage levels.
- In particular, improvements in the GRESB Performance Score and GRESB Environmental Score are linked to higher total returns. Albeit these benefits vary depending on funds characteristics and timing of participation.
Download the full paper below.