A ESG GUIDE FOR TENANTS
Generali Real Estate (GRE) is working to reduce the negative impacts of the buildings we are responsible for and positively contribute to improve social and natural environments. Many of the measures outlined in this document are low or no cost ‘quick wins’ that
could make a tangible saving to tenant operating costs, reduce environmental impacts
and increase staff/building user satisfaction and wellbeing levels.
In 2022, we carried out a digitai survey across our asset portfolio involving more than 2,000 tenants. The results are fundamental to further fine-tune our ESG guidelines and bui Id up win-win projects between landlords and tenants.
PwC Italy is one of the best examples of building a win- win tenant landlord relationship with a 15 + 9-year contract, signed in 2018.
The client signed a mandate by which they will give direct access to their energy provider platform. This allows Generali Real Estate to obtain the related data and start a profitable/fruitful relationship with them.
Based on a transparent communication about energy optimization and environmental actions undertaken by each of them in order to respect environmental commitment. And put in place future actions to improve energy performance in private areas by choosing more energy efficient actions accordingly.
Environmental regulations, decarbonization and energy saving issues are topics increasingly affecting landlords. However, it is obvious that the owner of a property cannot meet all commitments without involving his tenant, equally concerned by these issues.
Green leases do already exist in the real estate market for several years. Tenants in particular viewed the regulations, which were initially still very complex, with great suspicion, as either hidden advantages in favor of the landlord were suspected behind the regulations or the effort involved was simply shied away from.
Generali Real Estate can look back on extensive experience with the development and implementation of green leases: Generali Real Estate was already involved in providing guidelines for green lease clauses for the real estate market in 2015. A corresponding brochure was made available (also online) in order to contribute to the dissemination of this useful tool. Even then, this project was rolled out in two countries (Italy and Germany) to ensure an international approach.
On basis of the experience of the following years, Generali Real Estate has developed an internal international standard for green clauses, which are now applied in the standard lease agreements across the European portfolio, adapted to the respective national law.
Thanks to Generali Real Estate's experience, an optimal ratio of comprehensiveness and complexity were achieved. The tenant has the option of choosing between a “basic package” (minimum requirement to speak of a green lease) or selected additional offers. Most important ESG topics as energy and CO² reduction, green regulations, certification, data analytics, are contained. So Generali tenants have the opportunity to contribute to the optimization of the property (e.g. through their contribution to energy monitoring), as well as to support their own sustainability goals. The standardized definition of green clauses results supports the Generali Real Estate systematic reporting. Green leases have become an indispensable part of certification and benchmarking approaches (e.g. GRESB) and give substantial support to the Generali Real Estate sustainability strategy.
We promote and support a better quality of life for local communities, clients and
employees, all the more so following the COVID-19 pandemic
We are strongly rooted in the communities where our assets are located, and promote social and economic development in the surrounding areas. We promote bi-directional exchange with local municipalities and neighborhoods to re-think spaces, towns, mobility and use of infrastructures.
In early 2020 we made 15 vacant apartments in Paris and "The Square" hotel in Milan available far healthcare personnel and quarantined people. In 2021 Regione Lombardia was granted a free-of-charge use of "Generali Square Garden" in Milan, now one of the largest vaccination hubs in Northern ltaly.
We believe in innovation, customer centricity and diversity & inclusion: when combined with meritocracy and teamwork, they help us promote true excellence and drive sustainable value.
Our human capital strategy relies on soft and hard skills training, initiatives aimed at balancing the employees' work-life balance and well-being, enhancement of social dialogue and volunteering activities, all measured by periodic engagement surveys.
The satisfaction and well-being of local communities also depend on how successfully we establish long-term partnerships with tenants. To do so, we carefully listen and respond to their needs through active collaborations involving ESG-related initiatives.
In 2021, 2022 and 2023 GRE carried out a digital survey across our international portfolio, covering 11 countries.
Since 2021, over 2,000 tenants with commercial leases have had the chance to make their voices being heard, by providing feedback on leasing experience, communication, amenities and sustainability within other topics.
HOW WE MAKE SOCIAL IMPACT MATTER