Subject: Contests/Awards
Crown Scores 1st in Canada in 2023 GRESB
TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Crown Realty Partners ("Crown") is pleased to announce the results of its 2023 GRESB assessments. The GRESB Real Estate Assessment is the global standard for ESG benchmarking and reporting for listed property companies, private property funds, developers, and investors in real estate. It provides investors with validated data on which to evaluate, monitor, and manage ESG risks, opportunities, and impacts.
For the fifth consecutive year, Crown's submission on behalf of its Core Fund of office properties achieved a 5-star rating. Crown has continued to show its ESG leadership, having achieved a score of 90 for its Core Fund submission and an outstanding performance ranking of 1st in its peer group of non-listed Canadian office funds and 2nd in a broader peer group in the Americas. In addition to disclosures for the Core Fund, Crown has also expanded its submissions to other special purpose investment vehicles managed on behalf of institutional investors and has achieved similar success.
By reporting to this global benchmarking standard, Crown can monitor performance and continually raise the bar. This will help us build resilience and future-proof our portfolio, while delivering outstanding office premises. "We appreciate that GRESB itself is always evolving," said Erica Lam, Director, Sustainability Strategy at Crown. "This year, GRESB expanded disclosures around climate risk and resilience. These changes are aligned with Crown's own ESG journey, as we include climate-related risks and opportunities into our investment process and operations."
"The real estate industry has a critical role to play in mitigating climate risk," said Emily Hanna, Managing Partner, Investments. "The investments we are making in reducing carbon emissions, enhancing energy efficiency, and improving the overall sustainability of our assets will impact their long-term value. Leading businesses will seek tenancy in these buildings, their workforce will favor occupying these workspaces, lenders will be more inclined to lend on them and discerning investors will want to own them."
"Crown has once again been recognized with GRESB's highest 5-star rating," remarked Tom Idzal, GRESB Head of Americas.? "The continued improvement Crown has shown, together with its expanded disclosures since its first GRESB submission in 2018 are to be applauded and reinforce its commitment to being a leader in responsible and sustainable real estate investment and management."
About Crown
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over three billion dollars of real assets under management. Crown has a well-established track record, an experienced team and takes a hands-on approach to provide superior returns for investors and better workplaces for businesses. For more information, click here.
Crown submitted its Core Fund to the Non-Listed Canadian Office: Corporate Core Fund category within GRESB. Crown also submitted to GRESB on behalf of special purpose vehicles managed by Crown under the Non-Listed Canadian Office: Corporate Core: High Rise Office and Non-Listed Canadian Office: Corporate: Mid-rise Office categories this year. For further details on categories, click here.
About GRESB
GRESB is the global ESG benchmark for real estate and infrastructure. We synthesize data and provide actionable insights to our members, partners, and investors. Our engagement tools and reporting solutions aid over 170 institutional investors and more than 2,000 fund managers, companies, and asset operators to make informed decisions based on Environmental, Social, and Governance (ESG) data.
The GRESB Foundation, an independent, not-for-profit organization, plays a key role in setting the standards for assessing the ESG data performance of real estate, infrastructure, and other assets. Please visit this page to get better acquainted with the Foundation and how it influences GRESB's efforts.
For further information, please contact:
Emily Hanna
Managing Partner, Investments
Crown Realty Partners
647.729.2609
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/170906c6-a2b3-4c96-b369-1f0ca0534c48
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