London Development Agency
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Global commercial property giants sign up to Better Buildings Partnership
The Better Buildings Partnership today announced that the Blackstone Group and PRUPIM, two of the world's leading investment and advisory firms, have signed up to the scheme to cut carbon pollution and reduce energy costs from commercial property in London.
The announcement came as over one hundred business representatives met at City Hall to discuss their progress in saving energy and cutting their own carbon pollution at the Better Buildings Partnership and Green500 annual brunch.
The Better Buildings Partnership and Green500 are two of the London Development Agency’s climate change programmes, designed to achieve real, measurable cuts in CO2 pollution and to help reach the target of a 60% cut by 2025, set by the Mayor of London, Boris Johnson.
Since its inception in 2007, over 220 organisations have joined Green500, resulting in a saving of almost 200,000 tonnes of CO2 (equivalent to over 30,000 vehicles off the road for a year). Green500 members, who include Schroders Plc, Addison Lee, the Natural History Museum, the Radisson Edwardian Hotel Group and Selfridges have committed to saving a further 650,000 tonnes through their Green500 carbon reduction plans.
Commercial property owners have an important role to play in reducing CO2 emissions from their buildings - as the commercial building stock in London is responsible for a third of London’s CO2 emissions.
Blackstone is the world leader in private equity real estate investment. Global in scope, their real estate business has offices in New York, Chicago, London, Paris, Mumbai, Tokyo, and Hong Kong. Blackstone is incorporating the Better Buildings Partnership’s green lease into new retail leases on its UK estates.
Stuart Grant, Managing Director, Blackstone Real Estate Group said:
"Blackstone is committed to giving due regard to environmental and social issues and to encouraging portfolio companies of our private equity and real estate private equity funds to do the same. We are delighted to be a member of the BBP and look forward to working with other leading real estate investors and owners in London to promote this vital initiative."
PRUPIM is a top 20 global real estate investment manager and a top five in the UK by funds under management. PRUPIM has around £14.5 billion invested in a broad spread of properties across Europe, North America and the Asia Pacific region and is part of M&G, the investment arm of Prudential plc in the UK and Europe.
Martin Moore, PRUPIM's Managing Director of real estate fund managers said:
"PRUPIM aims to deliver superior investment performance through integrating sustainability into our decision making, so we are pleased to support the Better Building Partnership and the many initiatives it is pursuing to promote engagement and action towards delivering the ultimate ambition of an even more responsible and sustainable property investment industry."
Peter Bishop, London Development Agency Group Director for Design, Development and Environment, said:
"I am delighted that Blackstone Group and PRUPIM have signed up to the Better Buildings Partnership. London's commercial buildings are responsible for a third of the capital's carbon pollution. Through the Better Buildings Partnership, the London Development Agency and London’s commercial property owners are working together to find practical solutions that will cut their emissions and help London become a world leader in commercial energy efficiency."