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SFDR Article 8 Product-Level Website Disclosure

TRISTAN INCOME PLUS STRATEGY ONE SCSP – FEBRUARY 2025

a. SUMMARY

Environmental characteristics promoted

 

Tristan Income Plus Strategy One SCSp (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

 

The Manager assesses ESG criteria through its ESG Scorecard.

 

Investment strategy

 

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

Proportion of investments

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

 

Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

 

Monitoring of environmental characteristics

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
  • Energy efficiency and renewable energy generation
  • aim to reduce energy consumption year on year and increase renewable energy adoption
  • undertake ESG due diligence
  • Sustainable building standards/certifications
  • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

d. Investment Strategy

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

e. Proportion of investments

The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 €100 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

  • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
  • EPC improvement potential;
  • Green Building Certification;
  • Improvement in collation, tracking and monitoring of energy consumption;
  • Increased procurement of renewable energy;
  • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
  • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

Principal adverse impacts

 

In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

g. Methodologies for environmental or social characteristics

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

h. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

i. Engagement policies

Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

j. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

TRISTAN INCOME PLUS STRATEGY TWO SCSP SICAV-RAIF – JUNE 2024

a. SUMMARY

Environmental characteristics promoted

 

Tristan Income Plus Strategy Two SCSP SICAV-RAIF (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

 

The Manager assesses ESG criteria through its ESG Scorecard.

 

Investment strategy

 

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

Proportion of investments

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

 

Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

 

Monitoring of environmental characteristics

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
  • Energy efficiency and renewable energy generation
  • aim to reduce energy consumption year on year and increase renewable energy adoption
  • undertake ESG due diligence
  • Sustainable building standards/certifications
  • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

d. Investment Strategy

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

e. Proportion of investments

The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

  • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
  • EPC improvement potential;
  • Green Building Certification;
  • Improvement in collation, tracking and monitoring of energy consumption;
  • Increased procurement of renewable energy;
  • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
  • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

Principal adverse impacts

 

In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

g. Methodologies for environmental or social characteristics

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

h. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

i. Engagement policies

Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

j. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

CURZON CAPITAL PARTNERS 5 LONG-LIFE LP & CURZON CAPITAL PARTNERS 5 LONG-LIFE SCSP – As at December 2022

a. SUMMARY

Environmental characteristics promoted

 

Curzon Capital Partners 5 Long-Life LP and Curzon Capital Partners 5 Long-Life SCSp (together, “the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions
This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

Investment strategy

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

Proportion of investments

 

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

Monitoring of environmental characteristics

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Methodologies and data

 

The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

Engagement

 

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions

d. Investment Strategy

The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

 

The ESG due diligence process may vary, given that the Fund’s investment strategy has a core-plus risk return profile, which can be broken out between portfolio acquisitions, platform aggregation and single asset strategies. It is important to highlight the adjusted approach in the limited cases where the Fund makes portfolio acquisitions that may include a limited number of non-strategic assets. Given the potential scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition period. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for portfolio acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of portfolio acquisitions, and assets comprising 75% of the portfolio acquisitions (by gross asset value).

 

All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.


In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

 

The Fund also considers the local community and economy before, during and after the development.

 

The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

 

Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

e. Proportion of investments

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

 

For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

 

The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

 

Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

Principal adverse impacts

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

 

The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

g. Methodologies for environmental or social characteristics

The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
  • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
  • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
  • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

h. Data sources and processing

The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

 

For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

 

Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

 

The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

i. Limitations to methodologies and data

The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

 

The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

j. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

k. Engagement policies

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

l. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

EUROPEAN PROPERTY INVESTORS SPECIAL OPPORTUNITIES 6 SCSP SICAV-SIF – As at December 2022

a. SUMMARY

Environmental characteristics promoted

 

The European Property Investors Special Opportunities 6 SCSp SICAV-SIF (“the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions
This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

Investment strategy

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

Proportion of investments

 

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

Monitoring of environmental characteristics

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Methodologies and data

 

The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

Engagement

 

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions

d. Investment Strategy

The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

 

The ESG due diligence process may vary, given that the Fund’s investment strategy has a blend of opportunistic and value-add return profiles, which can be separated between Platform Acquisitions and single asset strategies. Platform Acquisitions refer to large scale acquisitions that would include buying non-strategic assets to obtain access to opportunities which support the Fund’s overall investment strategy. Given the large scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition process. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for Platform Acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of Platform Acquisitions, and assets comprising 50% of the Platform Acquisitions (by gross asset value).

 

All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

 

The Fund also considers the local community and economy before, during and after the development.

 

The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

 

Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

e. Proportion of investments

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

 

For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

 


The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

 

Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

Principal adverse impacts

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

 

The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

g. Methodologies for environmental or social characteristics

The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
  • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
  • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
  • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

h. Data sources and processing

The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

 

For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

 

Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

 

The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

i. Limitations to methodologies and data

The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

 

The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

j. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

k. Engagement policies

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

l. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

  • TIPS 1 - SFDR

  • SFDR Article 8 Product-Level Website Disclosure

    TRISTAN INCOME PLUS STRATEGY ONE SCSP – FEBRUARY 2025

    a. SUMMARY

    Environmental characteristics promoted

     

    Tristan Income Plus Strategy One SCSp (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

     

    The Manager assesses ESG criteria through its ESG Scorecard.

     

    Investment strategy

     

    The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

     

    The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

     

    As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

     

    Proportion of investments

     

    The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

     

    Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

     

    Monitoring of environmental characteristics

     

    The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

    b. No sustainable investment objective

    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    c. Environmental or social characteristics of the financial product

    The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
    • Energy efficiency and renewable energy generation
    • aim to reduce energy consumption year on year and increase renewable energy adoption
    • undertake ESG due diligence
    • Sustainable building standards/certifications
    • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

    d. Investment Strategy

    The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

     

    The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

     

    As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

     

    In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

    e. Proportion of investments

    The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 €100 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

     

    The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

    f. Monitoring of environmental or social characteristics

    Sustainability indicators

     

    The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

    • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
    • EPC improvement potential;
    • Green Building Certification;
    • Improvement in collation, tracking and monitoring of energy consumption;
    • Increased procurement of renewable energy;
    • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
    • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

    Principal adverse impacts

     

    In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
    The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

    g. Methodologies for environmental or social characteristics

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

    h. Due diligence

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

    i. Engagement policies

    Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    j. Designated reference benchmark

    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

  • TIPS 2 - SFDR

  • SFDR Article 8 Product-Level Website Disclosure

    TRISTAN INCOME PLUS STRATEGY TWO SCSP SICAV-RAIF – JUNE 2024

    a. SUMMARY

    Environmental characteristics promoted

     

    Tristan Income Plus Strategy Two SCSP SICAV-RAIF (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

     

    The Manager assesses ESG criteria through its ESG Scorecard.

     

    Investment strategy

     

    The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

     

    The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

     

    As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

     

    Proportion of investments

     

    The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

     

    Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

     

    Monitoring of environmental characteristics

     

    The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

    b. No sustainable investment objective

    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    c. Environmental or social characteristics of the financial product

    The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
    • Energy efficiency and renewable energy generation
    • aim to reduce energy consumption year on year and increase renewable energy adoption
    • undertake ESG due diligence
    • Sustainable building standards/certifications
    • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

    d. Investment Strategy

    The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

     

    The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

     

    As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

     

    In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

    e. Proportion of investments

    The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

     

    The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

    f. Monitoring of environmental or social characteristics

    Sustainability indicators

     

    The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

    • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
    • EPC improvement potential;
    • Green Building Certification;
    • Improvement in collation, tracking and monitoring of energy consumption;
    • Increased procurement of renewable energy;
    • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
    • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

    Principal adverse impacts

     

    In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
    The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

    g. Methodologies for environmental or social characteristics

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

    h. Due diligence

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

    i. Engagement policies

    Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    j. Designated reference benchmark

    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

  • CCP 5 - SFDR

  • SFDR Article 8 Product-Level Website Disclosure

    CURZON CAPITAL PARTNERS 5 LONG-LIFE LP & CURZON CAPITAL PARTNERS 5 LONG-LIFE SCSP – As at December 2022

    a. SUMMARY

    Environmental characteristics promoted

     

    Curzon Capital Partners 5 Long-Life LP and Curzon Capital Partners 5 Long-Life SCSp (together, “the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

     

    The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

    • Energy efficiency and renewable energy generation
      aim to reduce energy consumption year on year and increase renewable energy adoption
      undertake ESG due diligence
    • Sustainable building standards/certifications
      undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    • Carbon emissions
      implement initiatives aimed at reducing energy demand and operational carbon emissions
    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    Investment strategy

     

    Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

     

    This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

     

    In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
    As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

    Proportion of investments

     

    The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

    Monitoring of environmental characteristics

     

    For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

    • energy intensity (kWh/m2)
    • renewable energy capacity (kWh)
    • green building certification coverage (% of portfolio calculated using Gross Asset Value)
    • carbon intensity tCO2e/m2 (scope 1 & 2)

    The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

     

    In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

    Methodologies and data

     

    The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

     

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

    Engagement

     

    Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    b. No sustainable investment objective

    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    c. Environmental or social characteristics of the financial product

    The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

     

    The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

    • Energy efficiency and renewable energy generation
      aim to reduce energy consumption year on year and increase renewable energy adoption
      undertake ESG due diligence
    • Sustainable building standards/certifications
      undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    • Carbon emissions
      implement initiatives aimed at reducing energy demand and operational carbon emissions

    d. Investment Strategy

    The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

     

    Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

     

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

     

    The ESG due diligence process may vary, given that the Fund’s investment strategy has a core-plus risk return profile, which can be broken out between portfolio acquisitions, platform aggregation and single asset strategies. It is important to highlight the adjusted approach in the limited cases where the Fund makes portfolio acquisitions that may include a limited number of non-strategic assets. Given the potential scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition period. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for portfolio acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of portfolio acquisitions, and assets comprising 75% of the portfolio acquisitions (by gross asset value).

     

    All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.


    In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

    As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

     

    The Fund also considers the local community and economy before, during and after the development.

     

    The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

     

    Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

    e. Proportion of investments

    The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

     

    For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

    f. Monitoring of environmental or social characteristics

    Sustainability indicators

     

    For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

    • energy intensity (kWh/m2)
    • renewable energy capacity (kWh)
    • green building certification coverage (% of portfolio calculated using Gross Asset Value)
    • carbon intensity tCO2e/m2 (scope 1 & 2)

    The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

     

    The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

     

    Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

    Principal adverse impacts

     

    In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

    Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

     

    The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

    g. Methodologies for environmental or social characteristics

    The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
    • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
    • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
    • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

    h. Data sources and processing

    The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

     

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

     

    For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

     

    Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

     

    The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

    i. Limitations to methodologies and data

    The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

     

    The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

    j. Due diligence

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

    k. Engagement policies

    Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    l. Designated reference benchmark

    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

  • EPISO 6 SIF

  • SFDR Article 8 Product-Level Website Disclosure

    EUROPEAN PROPERTY INVESTORS SPECIAL OPPORTUNITIES 6 SCSP SICAV-SIF – As at December 2022

    a. SUMMARY

    Environmental characteristics promoted

     

    The European Property Investors Special Opportunities 6 SCSp SICAV-SIF (“the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

     

    The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

    • Energy efficiency and renewable energy generation
      aim to reduce energy consumption year on year and increase renewable energy adoption
      undertake ESG due diligence
    • Sustainable building standards/certifications
      undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    • Carbon emissions
      implement initiatives aimed at reducing energy demand and operational carbon emissions
    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    Investment strategy

     

    Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

     

    This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

     

    In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
    As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

    Proportion of investments

     

    The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

    Monitoring of environmental characteristics

     

    For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

    • energy intensity (kWh/m2)
    • renewable energy capacity (kWh)
    • green building certification coverage (% of portfolio calculated using Gross Asset Value)
    • carbon intensity tCO2e/m2 (scope 1 & 2)

    The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

     

    In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

    Methodologies and data

     

    The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

     

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

    Engagement

     

    Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    b. No sustainable investment objective

    This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

    c. Environmental or social characteristics of the financial product

    The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

     

    The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

    • Energy efficiency and renewable energy generation
      aim to reduce energy consumption year on year and increase renewable energy adoption
      undertake ESG due diligence
    • Sustainable building standards/certifications
      undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
    • Carbon emissions
      implement initiatives aimed at reducing energy demand and operational carbon emissions

    d. Investment Strategy

    The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

     

    Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

     

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

     

    The ESG due diligence process may vary, given that the Fund’s investment strategy has a blend of opportunistic and value-add return profiles, which can be separated between Platform Acquisitions and single asset strategies. Platform Acquisitions refer to large scale acquisitions that would include buying non-strategic assets to obtain access to opportunities which support the Fund’s overall investment strategy. Given the large scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition process. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for Platform Acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of Platform Acquisitions, and assets comprising 50% of the Platform Acquisitions (by gross asset value).

     

    All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.

     

    In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

    • Production of armaments;
    • Production of tobacco;
    • Production of hard spirits;
    • Production of pornography or adult entertainments; or
    • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

    As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

     

    The Fund also considers the local community and economy before, during and after the development.

     

    The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

     

    Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

    e. Proportion of investments

    The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

     

    For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

    f. Monitoring of environmental or social characteristics

    Sustainability indicators

     

    For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

    • energy intensity (kWh/m2)
    • renewable energy capacity (kWh)
    • green building certification coverage (% of portfolio calculated using Gross Asset Value)
    • carbon intensity tCO2e/m2 (scope 1 & 2)

    The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

     


    The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

     

    Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

    Principal adverse impacts

     

    In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

    • Table 1 (17) Exposure to fossil fuels through real estate assets
    • Table 1 (18) Exposure to energy-inefficient real estate assets
    • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
    • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

    Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

     

    The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

    g. Methodologies for environmental or social characteristics

    The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
    • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
    • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
    • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

    h. Data sources and processing

    The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

     

    The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

     

    For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

     

    Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

     

    The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

    i. Limitations to methodologies and data

    The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

     

    The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

     

    The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

    j. Due diligence

    When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

    k. Engagement policies

    Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

    l. Designated reference benchmark

    There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

TRISTAN INCOME PLUS STRATEGY ONE SCSP – FEBRUARY 2025

a. SUMMARY

Environmental characteristics promoted

 

Tristan Income Plus Strategy One SCSp (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

 

The Manager assesses ESG criteria through its ESG Scorecard.

 

Investment strategy

 

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

Proportion of investments

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

 

Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

 

Monitoring of environmental characteristics

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
  • Energy efficiency and renewable energy generation
  • aim to reduce energy consumption year on year and increase renewable energy adoption
  • undertake ESG due diligence
  • Sustainable building standards/certifications
  • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

d. Investment Strategy

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

e. Proportion of investments

The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 €100 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

  • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
  • EPC improvement potential;
  • Green Building Certification;
  • Improvement in collation, tracking and monitoring of energy consumption;
  • Increased procurement of renewable energy;
  • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
  • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

Principal adverse impacts

 

In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

g. Methodologies for environmental or social characteristics

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

h. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

i. Engagement policies

Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

j. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

TRISTAN INCOME PLUS STRATEGY TWO SCSP SICAV-RAIF – JUNE 2024

a. SUMMARY

Environmental characteristics promoted

 

Tristan Income Plus Strategy Two SCSP SICAV-RAIF (“the Partnership”) promotes environmental and social characteristics by making loans which facilitate the improvement of real estate assets and business plans against measurable and pre-determined ESG criteria.

 

The Manager assesses ESG criteria through its ESG Scorecard.

 

Investment strategy

 

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

Proportion of investments

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee.

 

Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

 

Monitoring of environmental characteristics

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Partnership, by making loans which facilitate the improvement of real estate assets and business, plans against measurable and pre-determined ESG criteria. The Manager assesses ESG criteria through its ESG Scorecard. The ESG Scorecard is focused on the real estate assets and business plans to which the loans relate having, or planning for, the following:
  • Energy efficiency and renewable energy generation
  • aim to reduce energy consumption year on year and increase renewable energy adoption
  • undertake ESG due diligence
  • Sustainable building standards/certifications
  • undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Manager considers the sustainability indicators, listed below, to be more appropriate measures of such attainment.

d. Investment Strategy

The Partnership will focus on whole loans to core plus and value-add assets, seeking to build a defensive, diversified private real estate debt portfolio.

 

The ESG Scorecard will be applied to all potential investments to assess. At completion of the loan, the ESG characteristics of both the asset itself (including measurements and certifications), as well as the borrower’s business plan during the term of the loan, will be assessed. Following funding, borrowers will report data on specific criteria noted in the ESG Scorecard including on the performance of their business plan (itself including performance versus ESG targets such as certifications, capex spent to date, etc.).

 

As part of the investment process, and in line with the ESG Scorecard, the Manager considers governance factors relating to borrowers during the due diligence phase, as further detailed below. Furthermore, the Partnership will undertake know-your customer (“KYC”) and anti-money laundering (“AML”) due diligence checks on all borrowers, and will request that they sign up to Tristan’s Anti-Fraud and Bribery policies, to prevent lending to borrowers that fall short of the Manager’s criteria on excluded sectors or standards of good governance.

 

In addition, the Partnership ensures that it is not exposed to sectors or companies that operate in a way which would be contrary to the Partnership’s overall promotion of environmental and/or social characteristics. As such, the Partnership will not knowingly be exposed to investment in real estate assets that with a majority of tenants (over 50%) engaged in:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

e. Proportion of investments

The Partnership will focus on whole loans (expected target up to 75% LTV across the portfolio) of €50 million to €150 million, and it is anticipated that this will result in average investments of €25 million to €50 million diversified across sectors and geographies.

 

The Partnership is committed to promoting the environmental and social characteristics described above using the Partnership’s proprietary ESG Scorecard. All new investments of the Partnership will be assessed against the ESG Scorecard at or prior to funding, and all existing investments will be assessed against that Scorecard on an ongoing basis. Any prospective investment that does not achieve a predetermined minimum rating under the ESG Scorecard according to the methodology set out will not be eligible to be recommended to the Manager’s Investment Committee. Therefore, a minimum proportion of 80% of the Partnership’s investments will promote environmental and/or social characteristics. The Partnership does not commit to make sustainable investments or EU Taxonomy-aligned investments.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

The Partnership uses a proprietary ESG Scorecard which helps the Manager to allocate capital in alignment with predetermined ESG criteria and to measure the Partnership’s progress over time in a quantitative way. The ESG Scorecard has been developed, and will be maintained by, the Manager to assess prospective investments and to monitor existing investments against sustainability indicators relevant to that investment, which may include:

  • Initial Energy & carbon assessment, combined with costed improvement plan for investments;
  • EPC improvement potential;
  • Green Building Certification;
  • Improvement in collation, tracking and monitoring of energy consumption;
  • Increased procurement of renewable energy;
  • Health & wellbeing certification, e.g., financing an office building with existing LEED or WELL Certification and/or supporting a business plan that envisages attaining equivalent certification; and
  • Tackling inequality and promoting diversity, e.g., financing the operation, creation and/or refurbishment of ‘affordable’ housing (as defined by the appropriate authorities in a given jurisdiction) or social housing.

Principal adverse impacts

 

In addition to the sustainability indicators, The Manager is responsible for identifying principal adverse impacts on sustainability factors for the Partnership, which are considered throughout the acquisition, development and ownership of the Partnership’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter
The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve and improve over time.

g. Methodologies for environmental or social characteristics

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Partnership. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Partnership, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Partnership’s attainment of the promoted environmental social characteristics.

h. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Partnership’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

i. Engagement policies

Engagement with borrowers is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

j. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Partnership as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

CURZON CAPITAL PARTNERS 5 LONG-LIFE LP & CURZON CAPITAL PARTNERS 5 LONG-LIFE SCSP – As at December 2022

a. SUMMARY

Environmental characteristics promoted

 

Curzon Capital Partners 5 Long-Life LP and Curzon Capital Partners 5 Long-Life SCSp (together, “the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions
This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

Investment strategy

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

Proportion of investments

 

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

Monitoring of environmental characteristics

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Methodologies and data

 

The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

Engagement

 

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions

d. Investment Strategy

The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

 

The ESG due diligence process may vary, given that the Fund’s investment strategy has a core-plus risk return profile, which can be broken out between portfolio acquisitions, platform aggregation and single asset strategies. It is important to highlight the adjusted approach in the limited cases where the Fund makes portfolio acquisitions that may include a limited number of non-strategic assets. Given the potential scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition period. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for portfolio acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of portfolio acquisitions, and assets comprising 75% of the portfolio acquisitions (by gross asset value).

 

All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.


In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

 

The Fund also considers the local community and economy before, during and after the development.

 

The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

 

Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

e. Proportion of investments

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

 

For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

 

The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

 

Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

Principal adverse impacts

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

 

The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

g. Methodologies for environmental or social characteristics

The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
  • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
  • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
  • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

h. Data sources and processing

The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

 

For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

 

Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

 

The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

i. Limitations to methodologies and data

The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

 

The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

j. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

k. Engagement policies

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

l. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

SFDR Article 8 Product-Level Website Disclosure

EUROPEAN PROPERTY INVESTORS SPECIAL OPPORTUNITIES 6 SCSP SICAV-SIF – As at December 2022

a. SUMMARY

Environmental characteristics promoted

 

The European Property Investors Special Opportunities 6 SCSp SICAV-SIF (“the Fund”) promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions
This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

Investment strategy

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

This is pursued through a variety of means including ESG due diligence on all potential assets and on an ongoing basis, which are aligned with the environmental characteristics promoted and the sustainability indicators used to measure those characteristics. All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.
As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets.

Proportion of investments

 

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging.

Monitoring of environmental characteristics

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters.

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Methodologies and data

 

The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. The Portfolio Manager also works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards or other assurance tools.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations materially impact the Fund’s attainment of the promoted environmental social characteristics.

Engagement

 

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

b. No sustainable investment objective

This financial product promotes environmental or social characteristics, but does not have as its objective sustainable investment.

c. Environmental or social characteristics of the financial product

The Fund promotes environmental characteristics by seeking to improve, where feasible, the environmental footprint of the real estate assets in which it invests, through measurable and property-specific criteria.

 

The Fund’s promotion of environmental characteristics is linked to the strategic components of objective and strategy setting, working in partnership, transforming assets, future-proofing investments and creating value, focusing on:

  • Energy efficiency and renewable energy generation
    aim to reduce energy consumption year on year and increase renewable energy adoption
    undertake ESG due diligence
  • Sustainable building standards/certifications
    undertake sustainability audits and green building certifications to improve energy efficiency and occupant health and well being
  • Carbon emissions
    implement initiatives aimed at reducing energy demand and operational carbon emissions

d. Investment Strategy

The Fund focuses on the creation of a diversified portfolio of mid-market European real estate assets with defensive institutional qualities and high economic potential. The Fund looks to generate significant value creation and capital appreciation using moderate leverage, while limiting downside risk with defensible cash yields. The Fund expects to provide regular distributions to investors from current income and pursue asset sales opportunistically to maximise returns. The full investment strategy of the Fund is set out in Section 2 (Executive Summary) of the Fund’s private placement memorandum.

 

Through this strategy, including identifying opportunities with potential for significant improvement, and monitoring and seeking to make incremental enhancements, the aim of the Fund’s ESG strategy is to improve the overall environmental footprint, including with regards to energy and carbon emissions, of the portfolio over time, as monitored by the sustainability indicators. The Fund will focus on using active asset management to reposition assets through re-leasing, recapitalisation, restructuring, redevelopment or refurbishment into core, stabilised assets.

 

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above, including where the Portfolio Manager assesses that there is scope to make improvements to those characteristics through the application of bespoke ESG criteria. In establishing the ESG criteria for the potential investment, the Portfolio Manager factors in property characteristics including location, industry, applicable regulatory regimes and the asset’s specific business plan. For example, a property that allows for comprehensive ESG improvements may result in higher reduction targets. The ESG due diligence report will include an assessment on certifications and standards (for example, BREEAM and the EPC), providing an indicative rating based on the information available.

 

The ESG due diligence process may vary, given that the Fund’s investment strategy has a blend of opportunistic and value-add return profiles, which can be separated between Platform Acquisitions and single asset strategies. Platform Acquisitions refer to large scale acquisitions that would include buying non-strategic assets to obtain access to opportunities which support the Fund’s overall investment strategy. Given the large scale of these acquisitions, the Fund recognises that not all ESG due diligence can be performed in a timely manner as part of the acquisition process. Taking a prudent approach and ensuring that sustainability risks are mitigated, the Fund has adopted an approach where the due diligence for Platform Acquisitions will identify the non-strategic assets (potentially brown assets, for example) from strategic assets. The Fund will aim to ensure that ESG due diligence is performed on all strategic assets acquired independently and as part of Platform Acquisitions, and assets comprising 50% of the Platform Acquisitions (by gross asset value).

 

All refurbishments and developments undertaken will follow Tristan’s Sustainable Charter and Checklist to promote sustainable building practices and support the identification of appropriate additional key performance indicators, in addition to sustainability indicators, to measure the progress and achievement of the environmental characteristics promoted. The sustainability indicators will be monitored on an ongoing basis for landlord-controlled properties and on a best-efforts basis for tenant-controlled properties.

 

In addition, in further promotion of environmental (and social) characteristics, the Fund adheres to the 10 Principles set out in the United Nations Global Compact and further excludes assets where the majority of tenants (over 50%) are involved in the following activities:

  • Production of armaments;
  • Production of tobacco;
  • Production of hard spirits;
  • Production of pornography or adult entertainments; or
  • High impact fossil fuels e.g., petrol stations other than where it forms a small part of a larger non-petrol station asset.

As part of the investment process, and in line with the ESG strategy, the Portfolio Manager also considers governance factors relating to the acquisition, development, ownership and management of property assets. The Fund invests both directly and indirectly in real estate. Where there are indirect investments made via holding vehicles or special purpose vehicles, the Portfolio Manager ensures that governance practices are assessed and considered to be good, as proportionate to the set up and operations of the investee companies. The Portfolio Manager also assess good governance where investments are made in investee companies via collective investment schemes, as the Portfolio Manager has control of the collective investment schemes and the policy on good governance that is applied by them.

 

The Fund also considers the local community and economy before, during and after the development.

 

The Fund’s approach to ESG is therefore carried out on a continuous basis from pre-investment stage through to investment disposal. Where relevant, the Portfolio Manager makes use of contractual mechanisms (where appropriate), requiring its tenants and partners to meet particular ESG targets and to report on these on an ongoing basis.

 

Additional information on how the Portfolio Manager integrates sustainability into its investment process to ensure that it is applied on a continuous basis, and in particular its approach to due diligence and ongoing monitoring of investments, can be found in the Fund’s ESG Policy (which is available from the Portfolio Manager on request).

e. Proportion of investments

The Fund invests in real estate assets with a minimum proportion of at least 75% of which will promote the environmental characteristics as set out above in accordance with the binding elements of the investment strategy. The Fund does not commit to making sustainable investments.

 

For the remaining 25% of assets, the Fund may hold other assets that do not promote environmental or social characteristics or cash with well-rated institutions for liquidity purposes and use derivatives for the purposes of hedging. Any assets held for liquidity and/or hedging purposes will not be held for the purposes of promoting the environmental characteristics of the Fund. For any other assets invested in, the Portfolio Manager’s exclusionary screening will be applied and certain elements of ESG due diligence will be carried out, including in relation to EPCs and flood risk, as minimum environmental and social safeguards.

f. Monitoring of environmental or social characteristics

Sustainability indicators

 

For the environmental characteristics promoted the following sustainability indicators are used to measure their attainment:

  • energy intensity (kWh/m2)
  • renewable energy capacity (kWh)
  • green building certification coverage (% of portfolio calculated using Gross Asset Value)
  • carbon intensity tCO2e/m2 (scope 1 & 2)

The other main sustainability indicator, which takes into account of all the environmental characteristics promoted, is the annual GRESB assessment which the Fund will participate in with a view to targeting the highest rating possible, helping the Fund to validate its market leading position on ESG matters. As the GRESB scoring methodology evolves to capture the changing legislative framework, the Fund must continue to adapt and remain ambitious in striving for the highest rating achievable.

 


The Fund regularly measures its progress against all criteria set for each property in a quantitative way. The monitoring of the sustainability indicators is on an ongoing basis for landlord-controlled properties and for tenant-controlled properties. For tenant-controlled properties, where some data may not be as readily available or in control of the Portfolio Manager, the Portfolio Manager may, where required, supplement its own monitoring of the environmental characteristics promoted via the sustainability indicators utilising third-party data it considers is reliable.

 

Further sustainability-related criteria may be established, and will be reviewed by, the Portfolio Manager depending on the asset’s characteristics, level of direct control of the premises, location and other factors. The Portfolio Manager considers the nature of each asset when assessing prospective, or monitoring existing, investments, complying always with the core objective of protecting value and identifying opportunities to drive additional value for investors. The criteria applied to each asset will therefore vary, and, whilst all criteria set for each property are measured and monitored as sustainability indicators, there are no target metrics at a Fund level in respect of the environmental characteristics.

Principal adverse impacts

 

In addition to the sustainability indicators, the Portfolio Manager is responsible for identifying principal adverse impacts on sustainability factors for the Fund, which are considered throughout the acquisition, development and ownership of the Fund’s assets. The principal adverse impact indicators considered are:

  • Table 1 (17) Exposure to fossil fuels through real estate assets
  • Table 1 (18) Exposure to energy-inefficient real estate assets
  • Table 2 (18) GHG emissions – Scope 1 and 2 emissions generated by real estate assets
  • Table 2 (19) Energy intensity – Energy consumption in GWh of owned real estate assets per square meter

Through a range of actions, such as on energy efficiency plans or net zero targets, the Manager intends to reduce or mitigate the impact of the principal adverse impact indictors, where required.

 

The monitoring and actions taken in relation to the principal adverse impact indicators is subject to data availability and data quality, which is likely to evolve over time.

g. Methodologies for environmental or social characteristics

The Fund regularly measures its progress against all criteria set for each property, including the sustainability indicators, in a quantitative way. The Fund uses a proprietary Environmental Management System (EMS) to identify, manage, monitor and control pertinent sustainability indicators. The EMS is informed by an appropriate range of industry standards and sources to ensure alignment with best practice. Our EMS includes the following key components:
  • Based on agreed policies and procedures, the Fund gathers and analyses available environmental data using a reputable environmental data management system, implements a range of sustainability measures across its investments, and works toward achieving Green Building Certifications, where applicable;
  • As part of our ongoing monitoring and evaluation efforts, the Fund continuously updates and tracks its investments in the environmental data management system, generates periodic reports for analysis purposes and shares them with Operating Partners, where relevant. The Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider; and
  • Through stakeholder engagement with investors and operating partners, the Portfolio Manager obtains feedback which informs and improves the Fund’s sustainability efforts.

h. Data sources and processing

The Fund works in partnership with a specialist ESG consultancy to collect and collate available energy, water and waste performance data from local property managers and operating partners on a quarterly basis for landlord-controlled properties and, on a best-efforts basis, for tenant-controlled properties annually. The Fund also periodically gathers information on renewable energy capacity and presence of green building certification across its investments from local property managers and operating partners. The Fund aggregates and monitors the data using a third-party reputable environmental data management system, and gathers sustainability commentary from operating partners and property managers to understand the context of the data being reported.

 

The Portfolio Manager regularly reviews its metrics and suitability of its processes in the context of environmental characteristics promoted by the Fund. The Portfolio Manager also continuously seeks to improve transparency, disclosure and data provision in relation to the Fund, using where relevant international benchmarking standards.

 

For the data collected, the Fund also instructs an independent assurance of energy, water and waste data, and GHG emissions on annual basis, using a third party provider. The assurance process includes desktop review, management and property level data verification and evidence gathering from various sources, including third parties. Data points are selected based mainly on the most material environmental impacts (e.g. highest energy consumption) and the number of data points tested is proportional to the reported consumption. Primary evidence is obtained to confirm the reported energy, water and waste consumption and to identify any discrepancies or errors in the data being assured. For GHG emissions, the assurer also reviews emissions factors and associated calculation methodology. The data providers are advised of any discrepancies or errors in the data being assured.

 

Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps. In addition, the Portfolio Manager expects that the proportion of investment where data is estimated will reduce over time.

 

The Portfolio Manager recognises that continual update will be required to ensure that the data collection and other methodologies remain in line with best practice. The Portfolio Manager will review the approach at least annually to ensure continued alignment with regulatory requirements, best practice and market expectations. The review will identify if any material changes to the approach are required. Where changes are deemed appropriate all affected stakeholders will be notified.

i. Limitations to methodologies and data

The data sourcing process is partly dependent on external parties sharing timely and accurate information and as there is less control of tenant-controlled properties (as opposed to landlord-controlled properties) there could be additional challenges of obtaining ESG-related data from such properties. Where data is not available for a sustainability indicator or principal adverse impact indicator the Fund will, where appropriate, use proxies and/or estimates to fill data gaps and monitor progress.

 

The independent assurance of energy, water and waste date, and GHG emissions, is based on a limited number of data points as the sampling method is used in the assurance process. Furthermore, positive outcome from the assurance evaluation is not guaranteed and some of the data reported, including data proxies and estimates, might not be assured.

 

The Portfolio Manager considers existing methodologies appropriate and does not consider that any limitations impact the Fund’s attainment of the promoted environmental characteristics.

j. Due diligence

When evaluating potential investments in the due diligence process (subject to the below with regards to Portfolio Acquisitions), the Portfolio Manager will seek to prioritise transactions consistent with the Fund’s approach to the promotion of environmental characteristics as described above in section d) Investment strategy.

k. Engagement policies

Engagement with local property managers, operating partners and tenants is integral to the ongoing ESG monitoring of the properties. The engagement supports with the collection of data required for the sustainability indicators to measure the attainment of the environmental characteristics promoted. There is no standalone engagement policy, rather the engagement is part of other policies and processes such as the asset management activities, used to support the investment strategy set out above.

l. Designated reference benchmark

There is no reference benchmark designated for the purposes of attaining the environmental characteristics promoted by the Fund as the Portfolio Manager considers the sustainability indicators, as listed above, to be more appropriate measures of such attainment.

Stewardship Code Disclosure

This statement is published by Tristan Capital Partners LLP in accordance with Rule 2.2.3R of the Financial Conduct Authority’s Conduct of Business Sourcebook.

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Tristan is authorised and regulated by the Financial Conduct Authority (the FCA) of the UK and is MiFID compliant.

Tristan is authorised as a Full Scope UK AIFM under the new AIFMD regulations.

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Client Access

Simon Martin

Senior Partner – Chief Investment Strategist and Head of Research
+44 (0)20 3463 8900

Simon brings a 30 year track record of international real estate investment management to Tristan.

Simon has worked with Founder and Executive Chairman/Chief Investment Officer Ric Lewis for over 20 years and helped found Curzon Global Partners in London in 1999.

 

Simon set up the firm’s strategy function and led the research team as it grew globally (as part of AEW). He continues to focus on developing Tristan’s research-led investment approach.

 

He works closely with the firm’s investment and asset management teams, and actively participates in the portfolio management process. 

 

He has served on the Investment Committee and has worked on every deal the firm has executed since inception.

 

Simon also works closely on a day-to-day basis with the client development team to ensure that clients are kept fully apprised of developments in the market and the implications for strategy.

 

Prior to joining Curzon Global Partners, he headed DTZ’s Fund Management and Investment Strategy Group and worked for CB Hillier Parker’s investment research team.

 

Simon has also held a series of academic posts working as a Researcher at Cambridge University (Property Research Unit) and at Kingston University (Real Estate Faculty) in London. Simon was latterly the CBRE Professor of Real Estate Finance at the Henley Business School and still lectures occasionally at a number of universities, including at Cass Business School and Saïd Business School.

Ben Newman

Senior Partner – CCP 5 LL Portfolio Manager
+44 (0)20 3463 8900

Ben is a Senior Partner at Tristan and serves as CCP 5 LL’s Portfolio Manager, responsible for strategy, management and execution of the Fund. 

Before assuming this role, Ben led the asset management of both the Core Plus and Opportunistic fund series for Tristan for seven years.

 

Prior to joining Tristan, Ben was an Executive Director at UBS AG and Head of Global Property Fund (Asia and Europe) within the Global Real Estate division of UBS Global Asset Management. In this role, Ben was responsible for the portfolio management of UK, Continental Europe and Asian real estate portfolios with a value of over $5 billion.

 

Previously, Ben was a Director at Curzon Global Partners where he was responsible for a European portfolio of circa €1 billion.

 

Prior to joining Curzon, Ben was a Vice President with Heitman Financial LLC where he was responsible for the asset management of a portfolio of standing and ground-up developments in the Czech Republic and Poland.

 

Before joining Heitman in 1999, Ben worked for Haslemere Estates (Rodamco UK) where he worked on asset management and acquisition of all property sectors throughout the UK.

 

Ben is a Member of the Royal Institution of Chartered Surveyors (MRICS) and graduated in BSc (Hons) Real Estate Management from Oxford Brookes.

James Brodie

Managing Director
+44 (0)20 3463 8900

James is a Managing Director in the Portfolio and Asset Management team at Tristan Capital Partners and has over 20 years’ experience working across various European jurisdictions.

Prior to joining Tristan, James worked for Europa Capital LLP as a Director working on both the pan-European Value-Add Funds and the Europa Emerging Europe Fund. He previously worked for Poseidon Group developing and asset managing retail assets across South East Europe. James started his career at King Sturge in London.

 

James has gained exposure to a variety of European markets (United Kingdom, Republic of Ireland, Spain, Italy, Bulgaria, Nordics, Romania and a number of other Eastern European markets) across the retail, office, student and logistic sectors.

 

James is a Member of the Royal Institution of Chartered Surveyors (MRICS) and graduated with a BA (Hons) from Bristol University before completing a Diploma in Surveying from the College of Estate Management in Reading.

Yassine Berkane

Managing Director
+44 (0)20 3463 8903
Yassine Berkane started his real estate career in 2009 and is now a Managing Director working in the Asset Management team at Tristan Capital Partners having joined in June 2019.

His role is focused on Southern Europe (Italy, Portugal, Spain) and French speaking countries (France, Belgium, Switzerland). He is based in Paris.

 

Yassine was previously a Vice-President in the asset management platform of Oaktree Capital in London.

 

He graduated from the French business school ESCP Europe.

Beatrice Freiberger

Executive Director
+44 (0)20 3463 8900

Beatrice is Executive Director in the Portfolio and Asset Management team. She works on multi-sector opportunistic and core plus investments with a focus on Germany.

Prior to joining Tristan in 2018, Beatrice worked at Tectum in Berlin, focussing on healthcare assets in Germany and at TIAA-CREF/ latterly Nuveen in London, covering investment and asset management in various asset classes across Germany, France, Portugal and the UK.

 

Beatrice has over 10 years’ experience and is a member of the RICS. She holds a Masters in International Business Administration from the Vienna University of Economics and Business and an MSc in Real Estate from the University of Reading.

Constantin Plenge

Managing Director
+44 (0)20 3463 8900

Constantin is Managing Director for Investments, Germany, with responsibility for investing across all real estate sectors in Germany on behalf of Tristan’s Funds.

Constantin joined from ARB Investment Partners where he was heading acquisitions and portfolio management of long-term value add and opportunistic investments across various real estate asset classes in Berlin, as well as in other German and European markets with a total AUM of €1 billion.

 

Prior to joining ARB Investment Partners, Constantin was a Managing Partner with Capricornus Capital Management where he was responsible for the operating partner business with Morgan Stanley and Och-Ziff, which made investments in excess of €400 million.

 

Constantin graduated in Law from Humboldt University in 2005 and holds a PhD in Law.

Thibault Ancely

Managing Director

+44 (0)20 3976 11490

Thibault is Managing Director for Investments, France, with responsibility for investing across all real estate sectors in France on behalf of Tristan’s Funds.

Thibault joined from Gecina where he was Executive Director, Investments and Developments and in charge of all development operations. Prior to joining Gecina, Thibault worked for TIAA Henderson Real Estate France, Paris, where has was Head of France for a number of years, leading the activities of the French platform of TIAA dedicated to real estate investment and asset management.

 

Thibault holds an MBA from ESSEC and is a visiting professor at ESSEC MBA (International Property Market).

Kristian Smyth

Managing Director
+44 (0)20 3463 8900

Kristian is a Managing Director in the Investment Team at Tristan Capital Partners with a significant track record in European real estate investment.

Kristian is Head of Alternatives (Hospitality; PBSA; Senior Living; Regulated Housing). He is also responsible for investments in UK and Ireland. Kristian joined Tristran in 2017 and has been responsible for in excess of €2.3 billion in investments.

 

Prior to joining Tristan, Kristian spent five years at CPPIB – Real Estate Investment, where he was focused on the acquisition and asset management of real estate across Europe. During his time in CPPIB, he was involved in direct asset acquisitions, platform investments and PIPE deals, successfully completing in excess of €3.0 billion in transactions.

 

Kristian has also worked with Moor Park Capital Partners in their London investment team. While at Moor Park Capital Partners, he worked on over €450 million in transactions. Prior to Moor Park Capital Partners, he worked with the investment team for the Orco Property Group’s Endurance Fund based in Prague, Czech Republic.

 

Kristian graduated with a first-class honours degree in Business and Legal Studies from University College Dublin and holds an MSc in Real Estate Investment from Cass Business School. Kristian is an Irish citizen.

Kick van der Wel

Managing Director
+44 (0)20 3463 8900

Kick is Managing Director in the Investment team at Tristan Capital Partners. His responsibilities include the Dutch market, as well as other key European geographies. Having joined Tristan in 2012, he has been involved in a range of acquisitions across Europe, contributing to all stages of new investments.

Prior to joining Tristan, Kick completed his Masters in Real Estate Finance at Cambridge University. Kick also holds a Master’s degree from the University of Amsterdam, a Bachelor degree (BBE) in real estate and has studied history.

Kick is a Dutch citizen and speaks Dutch and English.

Tania La Menza

Executive Director
+44 (0)20 3976 1136

Tania is an Executive Director in the Investments team working across different jurisdictions. She leads Tristan’s investments in Iberia, as well as in life sciences and data centres in Europe.

Since joining Tristan in November 2018 as an Associate, Tania has worked on multiple transactions across different assets classes, including office, logistics, residential, and jurisdictions including Spain, Germany and the UK with a total GAV of c.€1.5bn.

 

Prior to joining Tristan, Tania worked for Goldman Sachs’ Real Estate M&A team based in London covering public European companies, and in the Real Estate Management team in Madrid, overseeing c. €1bn balance sheet exposure of real estate assets and non-performing loan portfolios across Spain.

 

Tania holds a dual degree in Economics from Carlos III University (Madrid, Spain) and State University of New York (New York, USA) and a Masters in Finance from London Business School.

Ed Miller

Executive Director

+44 (0)20 3463 8900

Edward joined Tristan as an Executive Director in the Investment Team in February 2023.
Edward was previously Director of Development at Henderson Park and holds a Real Estate Investment Management degree from UWE Bristol.

Luis Miguel Bueno

Senior Advisor (Spain)
+44 (0)20 3463 8900
Luis is Senior Director of Tristan Capital Partners in Spain.

He has over 30 years of experience in the real estate and construction sector. Formerly he was Country Head and Senior Advisor of Autonomy Capital, managing its real estate activities in Spain. Prior to this he was Managing Director of Tishman Speyer responsible of investment acquisitions and developments in Spain and Italy. He also spent ten years at Heron International, a pan European investment group, where he was Executive Director for Spain and Portugal.

 

Luis has been Board Member of several Spanish real estate companies and external advisor for various Spanish and International companies focused in international projects. He is also member of the executive coaching team of ESADE Business School.

 

Luis begun his real estate career at ACS (formerly Ocisa), a major Spanish construction group focusing on infrastructures and services.

 

Luis received his Law degree from UCM.

Rachel Lew

Associate

+44 (0)20 3463 8900

Philip Radner

Executive Director

+49 69 50951137

Cristina Boura

Executive Director
+352 27 85 95 00

Cristina is Executive Director in Tristan’s Legal team, based in  Luxembourg.

Having worked at Tristan since 2013, her role involves overseeing the day-to-day operations of Tristan’s fund structures, ensuring compliance with good governance practices, as well as managing and coordinating the legal aspects of the firm’s transactions.

 

Cristina holds a Master’s Degree in Law from the Faculty of Law of the University of Coimbra, Portugal and is admitted to the Portuguese Bar.

Owen Jones

Executive Director

+44 (0)20 3463 8900

Owen is Executive Director in the Debt Investment Team, with responsibility for the structuring, execution and asset management of the platform’s debt investments.

Prior to joining Tristan, Owen spent over five years in the real estate finance team at Bryan Cave Leighton Paisner LLP, acting for both sponsors and lenders on the delivery of complex investment and development finance transactions, secured against real estate situated in both the UK and continental Europe.

 

Prior to joining Bryan Cave Leighton Paisner LLP, Owen worked for two years at Eversheds LLP in London, primarily advising on the origination and restructuring of debt investments for major financial institutions.

 

During his time in private practice, Owen spent eight months seconded to LaSalle Investment Management where he principally advised the business as to the implementation of its pan-European whole-loan strategy. He was also seconded to the restructuring arm of a major UK clearing bank, where he coordinated functions of the bank’s disposal of €1.6 billion of non-performing debt.

Sam Harmon

Executive Director

+44 (0)20 3463 8900

Sam Harmon is Executive Director in the Debt Origination team at Tristan Capital Partners.

In his role, Sam raises debt to support the acquisition of assets and portfolios across Europe in all property sectors for Tristan Funds, as well as Fund Level financing and advising on interest rate hedging strategies.

 

Sam joined Tristan in 2022 from Cromwell Property Group. He started his career at Barclays Corporate and Investment bank, as a lender of real estate debt to funds, PLCs and private clients.

 

Sam holds a first in Engineering from Loughborough University.

Jennifer Dowding

Associate Director, HR

Andrea Pittaluga

Managing Director – Head of Debt Finance

+44 (0)20 3463 8900

Andrea is Head of Debt Finance. His role is focused on sourcing debt for new investments and restructuring existing loans.
Andrea brings with him a wealth of experience, most recently as an ED at CBRE Capital Advisors in the Structured Finance team. Prior to that he worked at Lloyds Bank, StormHarbour Securities and S&P.

ESG committee members

Read more about our ESG committee:

Jean-Philippe Blangy (committee chair)

Senior Partner, Head of ESG and Head of Asset Management

Martina Bartek

Sustainability Lead

Stefano Capacci

External Advisor, Longevity Partners

Ben Newman

Senior Partner, CCP5 LL Portfolio Manager

Olivia Griffiths

COO and Chief People Officer

Nik Haigh

Co-Head, Client Relations

Kick van der Wel

Managing Director, Investments

Ed Miller

Executive Director, Investments

Victoria Yakubenko

Director, Asset Management

Chloé Jouvelot

Senior Analyst

Simon Martin

Senior Partner – Chief Investment Strategist and Head of Research
Investment Committee Member
Read more

Ben Newman

Senior Partner 

Portfolio ManageR, CCP 5 LL

Read more

Anita Jerkovic

Managing Director

Deputy Portfolio Manager, E Series

Read more

James Brodie

Managing Director
Portfolio & Asset Management
Read more

Yassine Berkane

Managing Director
Portfolio & Asset Management
Read more

Beatrice Freiberger

Executive Director
Portfolio & Asset Management
Read more

Constantin Plenge

Managing Director
Investments, Germany
Read more

Thibault Ancely

Managing Director
Investments, France
Read more

Kristian Smyth

Managing Director

Investments, Alternatives & UK

Read more

Kick van der Wel

Managing Director
Investments, Benelux & Nordics
Read more

Luc Boschmans

Managing Director
Investments, Hospitality
Read more

Tania La Menza

Executive Director

Investments, Spain & Portugal

Read more

Ed Miller

Executive Director

Investments Developments

Read more

Luis Miguel Bueno

Senior Director (Spain)
Read more

Doug Poutasse

Senior Advisor (USA)
+1 617 763 7970
Doug is a Senior Adviser to Tristan and an Investment Committee Member. Doug retired from his position as Head of Strategy and Research at real estate advisor BentallGreenOak (BGO), in December 2020. He now serves as an independent member of three BGO client investment committees. He also serves as an independent director of NewTower Trust Company, which serves as the trust company for BGO’s MEPT fund and as manager for its BGO Diversified Fund. These are all positions of independent fiduciary responsibility and are all focused on North American investments.

He has previously served as Executive Director of NCREIF and as the Chief Investment Strategist of AEW Capital Management (USA). With over 30 years of experience as an economic analyst and forecaster, Doug has served as an important member on the Investment Committee of all funds created by Curzon / AEW with Ric Lewis and Simon Martin since the creation of Curzon Global Partners in 1999.

 

He chaired AEW’s Investment Policy Group and was a voting member of its Investment Committee. As the former head of AEW Research, Doug was responsible for developing a number of the analytical tools now applied to the European markets by AEW Europe.

 

Prior to joining AEW in 1991, Doug was with F.W. Dodge, where he managed real estate and construction forecasting. He has also been manager of Metropolitan Forecasting for DRI/McGraw-Hill. Doug is a past President and member of the Board of Directors of NCREIF and was the Chair of the Real Estate Information Standards Board from 2007 to 2010.

 

He has also been an active member of the Urban Land Institute and the Pension Real Estate Association, which awarded him the Graaskamp Award in 2005 for his high-quality research in the area of institutional investment in real estate. He is a graduate of Harvard University (B.A.).

Claudia Cronshaw

Director

+44 (0)20 3463 8900

Claudia is responsible for the firm’s marketing and communications.

Having joined Tristan in May 2022, she has 20 years experience in media relations, marketing and brand building, employee communications and stakeholder relations. The majority of her experience has been in the real estate sector.

Prior to working at Tristan, Claudia has advised on communications and marketing at Colliers International, Essex County Council, and boutique leisure property advisors Davis Coffer Lyons and Coffer Corporate Leisure. She began her career at the strategic communications consultancy,  FTI Consulting.

Claudia graduated in Philosophy from King’s College, London.

Scott Johnston

Director

+44 (0)20 3463 8900

Scott is a Director in the Client Relations team, having joined Tristan in June 2020.

Prior to joining Tristan, Scott worked in Australia as an Investment Analyst at APN Property Group and as a Senior Consultant within Ernst & Young’s real estate transaction advisory team.

 

Scott holds a BAppSc (Property & Valuation) from RMIT University and is a Chartered Surveyor (MRICS).

Alice Alexandre

Executive Director
+44 (0)20 3463 8900
Alice Alexandre is an Executive Director of Client Relations responsible for existing and prospective client relationships. Alice also supports the team on all aspects of the client relationship management and fundraising process, including due diligence and onboarding. She primarily works with European institutional clients and family offices.

Alice joined Tristan in 2017 after six years in Rothschild & Co’s real estate financial advisory team in London. She has a First Class Honours degree from the University of Edinburgh and is a French and British citizen.

Adam Smith

Co-Head of Client Relations
+44 (0)20 3463 8900

Adam Smith is Co-Head of Client Relations responsible for existing and prospective client relationships in the EMEA and Asia Pacific regions.

Since joining Tristan in 2012, Adam has grown the client base to include investors from China, Japan, Korea, Singapore, Australia, Kuwait, and Saudi Arabia. Investors from these regions now make up over 20% of Tristan’s client base, and this growth is set to continue.

 

Prior to joining Tristan, Adam spent eight years with The Townsend Group, a leading global real estate adviser and investment manager with oversight of more than $180 billion of property allocations. He began his career at Townsend’s Cleveland, U.S. headquarters as an Analyst and then Associate specialising in discretionary portfolio management and investment underwriting. Adam was instrumental in Townsend’s expansion into Europe in 2009, establishing the London office along with a local senior hire.

 

During his tenure at Townsend, Adam analysed more than 200 distinct investment offerings from leading global investment managers. He underwrote more than 20 investment offerings, including commingled funds, recapitalizations, and secondaries, to which Townsend clients committed over $2 billion. He was also responsible for the strategic planning, portfolio management, performance measurement and client service on a number of discretionary and advisory accounts in the US, Europe and Middle East.

 

Adam graduated cum laude from Miami University with a bachelor’s degree in Finance.

Nik Haigh

Co-Head of Client Relations
+44 (0)20 3463 8900

Nik is Co-Head of Client Relations and the Head of North American client relationships at Tristan Capital Partners. 

He joined the firm in 2012, having previously worked with the senior team at Curzon Global Partners, to build the Tristan brand and develop new long-term client relationships in North America.

 

Born in Cambridge, England and raised in Cambridge, Massachusetts, Nik holds dual citizenship. He attended Cornell University where as a student athlete he competed on the varsity soccer team, winning the William and Carla Kid financial scholarship for excellence in academics and athletics.

 

Nik serves on the board of Grassroot Soccer, an international non-profit focused on the health and education of young people. In partnership with organisations such as the Bill and Melinda Gates Foundation and Nike, Grassroot Soccer has worked with over 800,000 disadvantaged young people in the last 10 years.

Peter Randolph

Executive Director
+44 (0)20 3463 8900
Peter is an Executive Director for the Tax team, based in the London office. He is primarily responsible for advising on the acquisition or disposal of UK investments. He also works on debt transactions, fund structuring and strategic tax projects for the wider Tristan business.
Prior to joining Tristan in 2022, Peter had 10 years’ experience working in Real Estate Tax, including working at PwC advising a number of businesses on real estate and infrastructure transactions across the European market. Peter also worked in the tax team at GLP advising on the tax position for their pan-European logistics funds.

Julia Bierwirth

Executive Director
+44 (0)20 3463 8900

Julia is Executive Director in Fund Finance, overseeing the finance teams across both the Opportunistic and Core-Plus investment strategies.

Prior to joining Tristan, Julia worked at Colony Capital (formerly known as NorthStar Real Estate) in both New York and London on the financial reporting team. Prior to that Julia worked in the real estate audit practice at Ernst & Young in New York.

 

Julia is a Certified Public Accountant with the state of New York and holds a bachelors degree in Accountancy from Villanova University.

Thibaut Laffaille

Executive Director

+44 (0)20 3463 8900

Thibaut is Executive Director at Tristan Capital Partners working in the Debt Raising team based in London.

In his role, Thibaut raises debt to support the acquisition of assets and portfolios across Europe in all property sectors focussing primarily on France, Italy and Switzerland as well as advising on interest rate hedging strategies.

 

Thibaut has an experienced senior banker track record. Thibaut joined Tristan in 2023 from DekaBank, where he held several positions including an international assignment in the New-York office and more recently serving as Deputy Head of the origination team in Paris.

 

Prior to joining DekaBank, Thibaut worked for CBRE Investment Management where he was Financing Manager participating in the setting-up of the financing department in relation with the pan-European funds.

 

Thibaut is graduated from Toulouse Business School and EM LYON and is a visiting professor at EM LYON (MSc Finance) since 2010.

Steven Spielmann

Executive Director
+352 27 85 95 16
Steven is Executive Director at Tristan Capital Partners working in the Fund Administration team based in Luxembourg. In his role Steven is involved in different finance related matters including debt origination, debt monitoring, management of intercompany loans and cash repatriations.
Prior to joining Tristan, Steven completed his Master’s degree in Accounting & Finance at Erasmus University of Rotterdam. He received his BSc in Management & Economics from University of Innsbruck. Steven is a Luxembourgish citizen and speaks Luxembourgish, French, German and English.

Barbara Wojszycki

Managing Director – Head of Legal Compliance and Banking Luxembourg Operations
+352 27 85 95 00
Barbara holds the position of Head of Legal and Compliance in Luxembourg. Her role involves supervising the Luxembourg Legal team responsible for managing legal aspects related to transactions and maintaining all current fund structures.

Additionally, she oversees the Luxembourg Compliance team, ensuring adherence to regulations and internal policies. As the head of these departments, Barbara and the teams play a crucial role in ensuring the smooth operation of legal and compliance functions within the organisation, contributing to its overall success and regulatory compliance.

 

She holds a Master’s Degree in Law from the University of Lorraine, France.

Anne-Julie Bellaize

Managing Director
+352 27 85 95 00
Anne-Julie Bellaize is Head of Tax, Fund Administration and Banking of Tristan’s Luxembourg Operations.

She is a member of the Fund Valuation Committee and the Fund Risk Committee. She is also board member of each of the general partners of Tristan Funds based in Luxembourg, including all of the SIFs.

 

Prior to joining Tristan in 2018, Anne-Julie had over 15 years of professional business experience in providing consulting and tax structuring services to multinationals and asset managers.

Justin Armstrong

Managing Director
+44 (0)20 3463 8900
Justin is Funds CFO, managing the financial and operational aspects of the firms’ equity and debt fund structures.

Prior to joining Tristan, Justin has managed real estate and alternative finance teams throughout the world at other asset management firms, within administration houses and as an auditor. Most recently, he was the global head of real estate finance for BlackRock, where he worked for six years before joining Tristan in January 2022.

 

Justin is a Fellow of the ICAEW (FCA), a Chartered Financial Analyst (CFA) member and holds a BA in Psychology from Sheffield University.

Madeleine Brooks

Head of the Analyst Programme

+44 (0)20 3463 8900

Amena Chaudhary

Head of HR

+44 (0)20 3463 8900

Amena is Head of HR at Tristan Capital Partners.

She has been working in HR since 2005, with experience working across all HR disciplines within the Commercial Real Estate and Financial services industry.

 

Prior to Tristan, she worked in the HR team for PATRIZIA AG, a European real estate investment firm and is currently a chartered member of the CIPD.

Camelia Chuah

Head of Corporate Finance
+44 (0)20 3463 8900

Camelia is Head of Corporate Finance at Tristan.

Camelia joined the firm in 2013, prior which she spent nine years at Financial Risk Management Limited (FRM), a leading international fund of hedge funds business. At FRM, Camelia was responsible for the co-ordination and production of the group management and financial accounts as well as being the financial controller for all FRM UK entities. 

 

Following the acquisition of FRM by Man Group, she assisted with the finance integration and co-ordination and preparation of all of the accounts for the legacy FRM entities in the UK.

 

Camelia qualified as a Chartered Management Accountant whilst working at FRM and holds a BSc. in Mathematics from Kings College London.

Tina Ratte

Firm CFO and Head of Compliance

+44 (0)20 3463 8900
Tina joined Tristan in 2014 and has over 17 years of experience working in the real estate and financial services industry. Previously, she worked at KPMG, initially in audit and later as part of their tax advisory practice.
She is a Chartered Accountant and received her B.A in Political Science at the University of British Columbia, in Canada.

Jo Rothwell

COO and Chief Risk Officer

+44 (0)20 3463 8900

Jo is COO, responsible for overseeing the operations on the firm, jointly with Olivia Griffiths, as well as Corporate Finance, Risk Management, Legal, Compliance and Regulation. She is also Chief Risk Officer.

Jo joined Tristan in 2014 and has almost 20 years experience working in the financial services industry, having started her career at KPMG.

 

There, she trained in Financial Services Audit and subsequently specialised in M&A Corporate Finance.

 

Jo is a Fellow of the ICAEW (FCA) and holds a BSc in Natural Sciences (Chemistry and Mathematics) from Durham University.

 

Olivia Griffiths

COO and Chief People Officer
+44 (0)20 3463 8900

Olivia is COO and Chief People Officer, responsible for overseeing the operations of the firm, jointly with Jo Rothwell, as well as HR, Marketing and Communications, IT, Facilities and Administration. 

She previously held the role of Managing Director of Operations, having joined Tristan originally in 2016 as Head of Marketing and Communications.

 

Prior to Tristan, Olivia was a Director at CNC Communications & Network Consulting, a strategic consultancy owned by Publicis Groupe.

 

Olivia previously worked at Man Group plc (Man), an alternative investment manager and started her career at M&G, the UK and European fund management arm of Prudential plc.

 

Olivia has a BA (Hons) degree in Public Relations from Bournemouth University.

Ashil Sodha

Executive Director
+44 (0)20 3463 8900

Ashil is Executive Director for Debt Origination within Debt Investments at Tristan Capital Partners. He is responsible for originating, structuring, underwriting and executing new credit investment opportunities across all European jurisdictions.

Prior to joining Tristan, Ashil was a Vice President at Starz Real Estate, based in London where he played a key role in creating and scaling a new real estate lending platform investing in public and private real estate debt, from inception to a €500m business.

 

Previously, Ashil worked for BlackRock’s Global Real Estate Debt business, responsible for underwriting, structuring, asset managing and conducting investor reporting for senior and mezzanine debt investments across all asset classes, both in the U.S. and Europe.

 

Ashil started his career at Barclays where he underwrote and managed the distribution of complex, large-ticket leveraged real estate investment and development loans.

 

During his career, Ashil has originated and underwritten €3.2bn of real estate loans.

 

Ashil holds the CFA IMC qualification and received a BA with Honours in Economics and Hispanic Studies from the University of Sheffield. He is a British citizen and speaks English, Spanish, Hindi and Gujarati.

Dan Pottorff

Head of Debt Investment

+44 (0)20 3463 8900

Dan is Head of Debt Investment at Tristan. He is responsible for all of Tristan’s lending activities including the Tristan Income Plus Strategies (TIPS) Fund series. 

Since its launch in 2021, Tristan’s lending platform has arranged more than €1.0bn of debt financing across Europe and the UK. Dan has an experienced track record in real estate lending, structured finance and distressed investing, spanning 20 years.

 

Prior to joining Tristan in 2021, Dan was Managing Director in the Debt & Special Situations team at LaSalle Investment Management where he was responsible for originating and executing transactions for the LaSalle Real Estate Debt Strategies fund series and several separate account mandates encompassing development finance, whole loan lending and special situations. During his time at LaSalle, Dan was directly responsible for transactions representing over €1.4bn of lending and was fund manager for the Special Situations program.

 

Prior to joining LaSalle in 2014, Dan worked at Strategic Value Partners (SVP) where he was involved in acquiring c.€300m of distressed collateralized mortgage-backed securities (CMBS), whole loans and mezzanine loans backed by real estate in the UK, Germany and Spain.

 

Previously, Dan was part of the Securitized Products Group at Morgan Stanley where he was involved in underwriting c. €10bn of loans in the UK, Spain, Benelux and Germany as well as structuring CMBS for the European Loan Conduit (ELOC) program.

 

Dan holds an MSc with Distinction in Global Market Economics from the London School of Economics and a BBA in Business Administration and BSc in Economics from the University of Iowa. He has been living and working in London since 2002.

Ali Otmar

Senior Partner – Head of Investments
+44 (0)20 3463 8900

Ali is a Senior Partner and Head of Investments at Tristan Capital Partners. He is responsible for oversight of origination and execution of new investments in Continental Europe. 

Ali has over 20 years’ experience, having been with Tristan since 2011 and historically led the firm’s investment business in Germany, Austria and Benelux on behalf of its core-plus and value-add fund series. 

 

Prior to joining Tristan, Ali worked for five years in Merrill Lynch’s Real Estate Principal Investments group and its successor, Peakside Capital. While at Merrill Lynch, he was responsible for structuring, raising and managing the Bosphorus Real Estate Fund I which made investments in excess of €500 million.

 

Prior to Merrill Lynch’s Real Estate Principal Investment group, Ali was a Vice President at Citigroup, where he was responsible for the execution of European real estate investments with a transaction volume of over €10 billion.

 

Ali received a BA in Economics with Honors from the University of Chicago in 1999.

 

Ali is both a UK and Turkish citizen. He speaks Turkish, English and German.

Jean-Philippe Blangy

Senior Partner – Head of Asset Management and Head of ESG
+44 (0)20 3463 8900

Jean-Philippe Blangy is a Senior Partner, Head of Asset Management and Head of ESG at Tristan Capital Partners, bringing a 20 year track record to the firm. 

He oversees the portfolio and asset management of all Tristan-managed Funds, which together total over €9.1 billion.

 

In his role, Jean-Philippe and his team have managed the sale of more than €4 billion of assets over the past few years (including single asset sales and portfolios over €500 million). He has held various responsibilities within the firm, including an investment role in deploying capital in France in office, logistics and retail portfolios. Over his career, Jean-Philippe has developed strong expertise in various sectors, notably logistics and retail.

 

Jean-Philippe joined Tristan in 2010 from AEW Europe, where he held the position of Director of Portfolio/Asset Management for its European Funds. He began his career as an in-house lawyer within the real estate department at Allianz France.

 

Jean-Philippe studied European Law in Paris. Jean-Philippe is a post-graduate in Commercial Law and holds two Masters in Construction Law and Environment Law.

 

Outside of work, Jean-Philippe is a Trustee at Friends of Bousfield, a charity organisation that supports less advantaged children in primary education in South West London.

Cameron Spry

Co-Chief Executive and Co-Chief Investment Officer

+44 (0)20 3463 8900

Cameron is Co-Chief Executive & Co-Chief Investment Officer at Tristan Capital Partners.

Cameron is Co-Chief Executive and Co-Chief Investment Officer at Tristan. He serves on The Tristan Capital Partners Board and on the Investment Committee of all the Funds that the firm manages. He is also responsible for the E-series Funds as Portfolio Manager.

 

Cameron joined Tristan in 2010 as a Partner and was Head of Investment, where he oversaw the Investment team at Tristan.

 

Prior to joining Tristan, Cameron worked for Fortress Investment Group in London. He graduated with a Bachelor’s degree in Law and Economics from Otago University in New Zealand.

Ian Laming

Co-Chief Executive

+44 (0)20 3463 8900

Ian Laming is Co-Chief Executive of Tristan. He is a member of Tristan’s Management Board and sits on the Firm’s Investment, Fund Risk, Firm Risk, Valuation, Operations and Compliance committees.

Ian was instrumental in the launch of Tristan in 2009 and has been involved in all aspects of the firm’s development since it was founded.

 

Ian began his career as an investment manager at Baillie Gifford in the UK. He was then Head of Latin America Strategy in New York for Flemings, and Co-Head of European Research in London for Morgan Stanley.

 

Ian currently serves as a Governor of the King Alfred School and acts as Advisor to the Gaia Foundation.

 

He received his B.A. in Law at Oxford University.

Ric Lewis

Executive Chairman – Co-Chief Investment Officer

+44 (0)20 3463 8900

Executive Chairman – Co-Chief Investment Officer

“We take our work and our success very seriously, but we take ourselves far less so.” Ric Lewis

Regarded as one of the most creative and consummate professionals in the international real estate management industry, Ric is Tristan’s Senior Portfolio Manager, responsible for the Fund’s overall strategy and execution. He brings more than twenty-five years of experience and investment success to the roles of Chairman of the Investment Committee, Chief Investment Officer and Founding Partner of Tristan Capital Partners.

 

A graduate of Dartmouth College in the USA, where he received an A.B., Economics, Ric is also an alumnus of Harvard Business School (PMD). In the US, he was a Partner and Senior Managing Director of AEW Capital Management, an investment management business with 200 staff and $25 billion under management. Moving to Europe, Ric then became Chief Investment Officer and Board Director of AEW Europe, a pan-European real estate investment management business with 11 offices, 270 staff and €18 billion in assets under management.

 

He then founded and served for several years as Chief Executive for Curzon Global Partners, a London based real estate investment company, owned by AEW Europe.

 

Outside of work, Ric is a passionate advocate for improving less advantaged children’s access to quality education, in particular through his own Black Heart Foundation. He serves, or has recently served on the Board of Trustees for Dartmouth College, the Board of Trustees for Royal SpringBoard, the Board of Directors of London First; the Board of Visitors for the Belfer Centre for International Policy at Harvard University’s Kennedy School of Government; the Board of Trustees of The International Inspiration Foundation; The Ambassadors Council of Grassroots Soccer; the Board of Governors of King Solomon Academy; the Board of Directors of the Eastside Young Leaders Academy and Chair of the Board The Institute of Imagination.

 

Ric has dual American and British nationality.

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