Understanding the Impact
Championing sustainability through comprehensive ESG reporting
What’s the Point?
Reporting frameworks like the Global Reporting Initiative, United Nations Principles for Responsible Investment (PRI), and the Global Real Estate Sustainability Benchmark (GRESB) have pushed us to be more strategic and actionable around ESG at Hines and to refine our approach to data collection to support more efficient, transparent disclosure.
We believe in creating value for our investors while contributing positively to our environment and our funds actively engaged in ESG reporting, and the firm has once again been recognized by GRESB for its sustainability leadership in 2023.
Expanding Our GRESB Participation
Our GRESB participation by Gross AUM has steadily increased year over year. Also this year, 14 Hines investment entities submitted to GRESB for the 2022 reporting period, an increase from nine the previous year.
Additionally, we achieved our goal of completing initial GRESB submissions for three additional flagship funds: Hines Asia Property Partners (HAPP), Hines US Property Partners (HUSPP), and Hines US Property Recovery Fund (HUSPRF). They all submitted for the first time in 2023 for the 2022 reporting year and join our existing portfolios in their commitment to benchmark ESG performance annually via the GRESB assessment.
Striving for Excellence in ESG Performance
Six of our investment entities that submitted achieved the highest possible rating of five green stars out of five. Some of this year’s highlights include:
Hines European Core Fund (HECF)
HECF has achieved the highest possible rating of five green stars out of five for an unprecedented seventh year in a row, once again coming first in its peer group out of 120.
Hines European Value Fund 2 (HEVF2)
HEVF 2 was awarded five green stars out of five for the third year in a row. In addition, it increased its score from 94 to 100 points, which is well above the peer average of 88. As a result, HEVF 2 received second place in its peer group (Europe/Diversified – Office/Retail/Non-listed).
BVK Highstreet Retail
BVK was awarded five green stars out of five for the third year in a row. Additionally, it increased its score one point to a 92, which is well above the peer average of 79.
Cherrywood
Cherrywood in Dublin, Ireland, has been awarded five green stars out of five for a fourth year in a row topping its peer group (Northern Europe/Mixed Use/Non-Listed) once again, out of eight, with a total 2023 GRESB score of 99 out of 100. This is well above the peer average of 93.
Hudson Square Properties (HSP)
HSP achieved was awarded five stars out of five, up one star from last year. It also increased its score by six points to an 89, which is above the peer average of 85. As a result, HSP received second place in its peer group (United States/Office: Corporate: High-Rise Office/Value Added).
One Museum Place (OMP)
OMP achieved five stars for the first time, up one star over last year. OMP also increased its score nine points to 90, which is in line with its peer group (Eastern Asia/Mixed Use/Non-Listed) average.
Our commitment to GRESB and ESG reporting underscores our dedication to responsible investment and robust governance and we look forward to continuing to set the bar high in the years to come.