cbre global investors dutch funds sustainability …...core/core-plus, value-added and opportunistic...

CBRE GLOBAL INVESTORS DUTCH FUNDS

SUSTAINABILITY REPORT 2013

IMPLEMENTING SUSTAINABILITY IN DAILY OPERATIONS

CBRE GLOBAL INVESTORS DUTCH FUNDS SUSTAINABILITY REPORT 2013 IMPLEMENTING SUSTAINABILITY IN DAILY OPERATIONS | 1

PRESENTED CASES OF SUSTAINABILITY IMPROVEMENTS

CBRE Global Investors, corporate achievements on sustainability

CBRE Dutch Office Fund - Refurbishment of Groene Toren, The Hague- Renovation of NieuwAmsterdam, Amsterdam

CBRE Dutch Residential Fund- Upgrade of Kluizeweg, Arnhem- Upgrade of Residence Souveraine, Soest

CBRE Dutch Retail Fund- Redevelopment of SC Oudeland, Zwijndrecht- Insulation of Burchtstraat, Nijmegen

Cover: Beurstraverse, Rotterdam

This shopping center is one of the most sustainable shopping centers in The Netherlands, since it was the first to achieve a BREEAM in Use NL label for retail, currently holds an ‘Excellent’ BREEAM in Use label and has just been elected by the NRW as the best developed shopping center of the past 25 years.

CBRE GLOBAL INVESTORS CBRE DUTCH OFFICE FUND SUSTAINABILITY REPORT 2013

PROJECTS OVERVIEW CBRE DUTCH RESIDENTIAL FUNDSUSTAINABILITY REPORT 2013

CBRE DUTCH RETAIL FUNDSUSTAINABILITY REPORT 2013

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PREFACE

DEAR STAKEHOLDER,

We are pleased to present you with the fifth CBRE Global Investors annual sustainability report. This report is to inform you on CBRE Global investors’ continuous efforts to improve sustaina-bility at all levels in its company, which have proven to be successful again, as the company has won several awards in 2013, which acknowledge all of the accomplishments.

All of this work in the field of sustainability contribute to our overall goal, which is being the leading provider of sustainable real estate products in the Netherlands. A commitment CBRE Global Investors has been working on for several years now. Over the past year, our entire organisation and in particular the CBRE Dutch Office, Residential and Retail funds have worked hard to further implement sustainability in our business processes and the daily operations of our business.

At CBRE Global Investors we want to provide the right decisions not only for our investors but also for our other stakeholders. Sustainability to CBRE Global Investors is about the green talk and the green walk. By implementing this in our daily operations we have the possibility to miti-gate the effect of the built environment on climate change.

In 2013, all three funds achieved the ‘Green Star’ status in the annual Global Real Estate Sustainability Benchmark (GRESB) survey. The CBRE Dutch Residential Fund is the only residen-tial fund globally to achieve this ‘Green Star’ status. The CBRE Dutch Retail Fund and the CBRE Dutch Office Fund achieved this status for the third time in a row. Additionally the Dutch Office Fund and Dutch Residential Fund were ranked as Sector Leaders.

Besides the GRESB results, main achievements were the completion of the Dutch Office Fund Energy Monitor Application, the launch of Dutch Residential Funds’ tenant engagement program ‘Win – House’ and 10 new BREEAM in Use certificates received by the Dutch Retail Fund. Furthermore we have made good progress with the implementation of the sustainability assessment to our contractors, the introduction of a Green Team and the realisation of the first Carbon Footprint for the Dutch organization.

More information about these results and achievements of both the organization and Dutch funds for 2013 can be found in this report. We hope you will enjoy reading this report and our commitment to sustainability.

Yours sincerely,

Management Team CBRE Global Investors NL

Anne de Jong, Portfolio Director CBRE Dutch Office FundRobbert van Dijk, Fund Manager CBRE Dutch Residential FundJaap Demoed, Fund Manager CBRE Dutch Retail FundRichard van Altena, CFO Dutch FundsPaul Oremus, Country Manager CBRE Global Investors NL




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CBRE GLOBAL INVESTORS

5 CBRE Global Investors: overview 5 Corporate responsibility and operations 6 CBRE Global Investors: Dutch Funds

CBRE DUTCH OFFICE FUND

11 SUSTAINABILITY REPORT 2013 CBRE DUTCH OFFICE FUND

11 Strategy 12 Key performance indicators 13 Main achievements in 2013 14 Focus Green Action Plan 2014

15 Best practice: Energy Monitor Application15 Introduction 15 Implementation

CBRE DUTCH RESIDENTIAL FUND

18 SUSTAINABILITY REPORT 2013 CBRE DUTCH RESIDENTIAL FUND

18 Strategy19 Key performance indicators 20 Main achievements in 2013 21 Focus Green Action Plan 2014

22 Best practice: Kluizeweg Arnhem 22 Introduction 22 Sustainability measures 22 Results

23 Best practice: Residence Souveraine, Soest23 Introduction 23 Sustainability measures 23 Results

CBRE DUTCH RETAIL FUND

26 SUSTAINABILITY REPORT 2013 CBRE DUTCH RETAIL FUND

26 Strategy 27 Key performance indicators 27 Main achievements in 201329 Focus Green Action Plan 2014

30 Best practice: Oudeland, Zwijndrecht 30 Old situation 30 New situation 30 Sustainability measures 30 Results

31 Best practice: Burchtstraat, Nijmegen 31 Old situation 31 New situation 31 Sustainability measures 31 Results

CBRE GLOBAL INVESTORS CBRE DUTCH OFFICE FUNDSUSTAINABILITY REPORT 2013


CBRE DUTCH RETAIL FUND SUSTAINABILITY REPORT 2013

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CBRE Global Investors




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Video is not available in current view. To view interactive version, visit www.sustainabledutchfunds.com



Zuiderhof Paviljoens, Amsterdam | Energy label A

CBRE GLOBAL INVESTORS: OVERVIEW

CBRE Global Investors is one of the world’s largest real estate investment management firms with EUR 64.6 billion in assets under management 1).

The company sponsors real estate investment programs across the risk/return spectrum in North America, Europe and Asia for investors worldwide including public and private pension funds, insurance companies, sovereign wealth funds, founda-tions, endowments and private individuals. Programs include core/core-plus, value-added and opportunistic strategies through separate accounts and commingled equity funds, debt investment, global multi manager programs and listed global real estate securities vehicles.

Individual clients and funds are managed by focused invest-ment teams responsible for executing a single strategy, fund series or account. Each team employs a disciplined, research-based investment management process to maintain consis-tency and performance.

CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG), the world’s premier, full-ser-vice commercial real estate services and investment company, with approximately 44,000 employees (excluding affiliates) across more 350 offices (excluding affiliates) worldwide. This gives CBRE Global Investors a significant competitive edge, as the firm harnesses the research, market intelligence, invest-ment sourcing, financing, leasing and property management of CBRE for the benefit of its investors.

CORPORATE RESPONSIBILITY AND OPERATIONS

CBRE Global Investors believes that taking environmental, social and governance (ESG) considerations into account in any investment decision can enhance returns and preserve value for investors.

Corporate Responsibility is fundamental to the business strategy of our company, our investors, and the key stakeholders in the commu-nities and companies in which we invest – not only because it makes good business sense, but also because it is the right thing to do.

Our parent company, CBRE, has been at the forefront of this move-ment. In 2007, CBRE took several important steps to be recognized as a leader in Corporate Responsibility. CBRE designed policies to better define and improve its practices in the six areas of deepest concern to its stakeholders: governance, ethics and compliance, environmental stewardship, employee relations and diversity, health and safety, and community involvement and philanthropy. At CBRE Global Investors we leverage those policies and actions. At the same time, we have developed a complementary program that provides a framework for coordinating and building on our current initiatives and setting explicit new goals.

The global sustainability activities of CBRE Global Investors are aligned within the following six themes and are aimed to reduce the impact on the environment in our own corporate actions. 1. Operations2. Internal certification3. Procurement4. Public policy5. Global sustainability steering committee6. Communications and training1) As of 31 December 2013




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CBRE GLOBAL INVESTORS: DUTCH FUNDS

Both the CBRE Dutch Funds as well as the Dutch CBRE Global Investors organization have strong commitment to sustainability and enhancing awareness and performance. This report encompasses the fifth annual sustainability report of the CBRE Global Investors’ Dutch funds and dis-closes the activities initiated and achievements over 2013 by both the organization as well as the CBRE Dutch Funds.

Over the past year the Dutch organization has employed several initiatives to support the Dutch organisation of CBRE Global Investors in our goal to being the most sustainable investment manager in the Netherlands, by means of offering the most sustainable services to our clients and by executing our daily operations in the most sustainable way. New initiatives are outlined below, as well as details and results of initiatives put into practise.

GREEN TEAMIn 2013 the Dutch organization introduced a Green team to support the global Green team in our corporate ambitions. Whereas in the past sustainability initiatives were mainly com-menced by the Dutch Funds, the Green team is involved in forming an overall alignment and coordination of activities and operations contributing to enhancing sustainable daily operations. The Green team consist of a representative of each Dutch fund and several people from the Dutch organi-zation supervised by the Dutch Management Team. By doing so, all business operations are involved.

GREEN WEEKDuring the course of 2013 CBRE Global Investors introduced the first Green Week. A new global event for all CBRE and CBRE Global Investors offices to learn more about sustainable property, the environmental issues impacting our clients and how we can build a greener approach into the way we live and work. Theme of the 2013 Green Week was ‘reduce, Re-use, Recycle’; one week of globally coordinated activities that raise our tenvironmental awareness and demonstrate our commit-ment to reducing our carbon footprint and demonstrating our continuous efforts to improve our position as (global) leader in sustainability.

Amsterdamse Poort, Amsterdam | Energy label A

BREEAM label ‘Very good’

Beurstraverse, Rotterdam | Energy label C | BREEAM label ‘Excellent’





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INTRODUCING CARBON FOOTPRINT AT OUR OFFICEAs part of CBRE Global Investors ongoing commitment to be the most sustainable investment manager, the Dutch organization of CBRE Global Investors initiated to calculate the companies carbon footprint in accordance with the Green House Protocol. By doing so, the effects of our activities are measured using an objective method providing insight in our carbon footprint which can be incorporated in the companies sustainability policy.

In order to calculate our carbon footprint, one entire year of data and emissions had to be evaluated. We therefore took 2012 as the starting point for measuring our carbon footprint. 2012 reflects the base year on which the Dutch organization of CBRE Global Investors will implement measures to reduce emissions both on organizational level. In the forthcoming years the efforts and results made by CBRE Global Investors will be presented via this report.

SUSTAINABILITY ASSESMENT SUPPLY CHAINIn 2011, the CBRE Global Investors Dutch Funds signed an intention agreement with their property managers to stimulate awareness for sustainability amongst property managers, their suppliers and contractors. Whereas in 2012 information on the status of these intentions as well as the introduction of the sustainability webtool was reported. In our first year, 2013, the sustainability webtool was put into practice as part of the involvement of stakeholders in the real estate supply chain.

FIG 1 CONTRACTORS OF CBRE GLOBAL INVESTORS COMMITTING

WITH OUR SUSTAINABILITY STATEMENT

FIG 2 RESPONSE RATE

No opinion Yes Total

100

90

80

70

60

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30

20

10

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NUMBER OF ANSWERS

8

89

97

CBRE Dutch Office Fund

CBRE Dutch Residential Fund

CBRE Dutch Retail Fund

40.21%

43.30%

16.49%

2013

2013

PERCENTAGE

Gordel van Smaragd, Houten | Energy label B





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WTC Schiphol, Schiphol | Energy label C

Since sustainability has become an important part of our busi-ness, current and future business partners will be judged on their sustainable behavior and commitment. The Dutch funds will continue to implement sustainable measurements in their daily operations; we empower our property managers and their suppliers and contractors to comply with and contractors to comply with our sustainability intention agreement as well as enhancing the sustainability webtool output. GRESB AND ‘GREEN BRICK’In October the results of the annual Global Real Estate Sustainability Benchmark (GRESB) survey (reference year 2012) were published. The CBRE Dutch Residential Fund has been ranked as the world’s most sustainable residential pro-perty fund while the CBRE Dutch Office Fund is the most sus-tainable office fund within Europe and the CBRE Dutch Retail Fund is the most sustainable retail fund in the Netherlands.

All three funds also achieved the ‘Green Star’ status. They scored above average on both having sustainability policies in place as well as the implementation of those policies. The CBRE Dutch Residential Fund is the only residential fund in the world to achieve this ‘Green Star’ status. The CBRE Dutch Retail Fund and the CBRE Dutch Office Fund achieved this status for the third time in a row.

The benchmark set is measured over reference year 2012 and with data from 543 real estate companies and funds, compro-mising 49,000 buildings.

Dutch Office Fund

Dutch Residential Fund

Dutch Retail Fund

The GRESB results reflect the efforts of the Dutch organisation in how they have implemented and aligned their operati-ons and policies regarding sustainability. These efforts were awarded with the Green Brick award by JLL. The ‘Green Brick’ is linked to GRESB whereas nominations for the ‘Green Brick‘ prize reflect the results of the Dutch participants in the GRESB. In 2010 the Dutch organization won the Green brick award as well.





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DISTRIBUTION ENERGY LABELS

SUSTAINABILITY PERFORMANCE MEASURES

Broad issue type/ Performance measures 2013 2012 2013 2012

Total portfolio Total portfolio Like-for-like Like-for-like

KEY FIGURES

Average EPC label C C C C

Energy coefficient 1.17 1.22 1.17 1.22

Portfolio’s green electricity (in %) 100% 100% 100% 100%

Portfolio’s green gas (in %) 100% 100% 100% 100%

ENERGY CONSUMPTION Consumption from electricity (in kWh) 74,984,323 90,118,129 70,723,435 74,465,469

Coverage electricity (by sqm) 96% 96% 88% 88%

Consumption from district heating and cooling (in GJ) 132,102 129,567 83,990 79,467

Coverage district heating and cooling (by sqm) 81% 67% 47% 47%

Consumption from gas (in kWh) 22,400,975 18,006,365 19,213,917 15,532,194

Coverage gas (by sqm) 80% 67% 47% 47%

GREENHOUSE GAS EMISSIONSTotal direct emissions (in metric tonnes CO2) 4,572 3,675 3,922 3,170

Total indirect emissions (in metric tonnes CO2) 54,694 63,720 46,922 50,751

WATERTotal water usage (cbm) 219,741 208,344 182,568 138,221

Coverage water (by sqm) 89% 83% 65% 65%

WASTETotal weight of waste by disposal route (in metric tonnes) 1,691 1,860 976 766

Proportion of waste by disposal route (in %) 100% 100% 100% 100%

Coverage waste (by sqm) 69% 66% 38% 38%

INTENSITY FROM BUILDINGS PER SQMEnergy intensity (kWh/sqm/year) 291 285.6 305.97 291.89

Green House Gas emissions intensity (kg CO2/sqm/year) 110.1 109.4 114.73 114.08

Water intensity (cbm/sqm/year) 0.4 0.3 0.4 0.3

INTENSITY FROM BUILDINGS PER CONSUMEREnergy intensity (kWh/sqm/year) 5,820.40 5,712.40 2,336.10 2,459.70

Green House Gas emissions (kg CO2/sqm/year) 2,202.60 2,188.20 2,294.60 2,281.50Water intensity (cbm/sqm/year) 7.2 6.1 8.1 6.2

A B C D E F G

2009

2010

2011

2012

2013

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2011

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2009

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2012

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2010

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2012

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2009

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2009

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2012

2013

2009

2010

2011

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YEARS

LABEL

60

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PERCENTAGE




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SUSTAINABILITY REPORT 2013CBRE Dutch Office Fund

STRATEGY

AMBITION 2010-2020As mentioned in earlier editions, the ambition of the CBRE Dutch Office Fund is to be the leading provider of sustainable real estate products in our peer group, providing our tenants with the most sustainable housing solutions and offering a sustainable office investment to our investors.

In order to realize our ambition 2010-2020 the CBRE Dutch Office Fund has divided the 10 year ambition into three peri-ods, each with separate goals and objectives set.

OBJECTIVES 2010-2013The objectives for 2010-2013 were focused on the different processes within the internal organization (acquisition, opera-tion, refurbishment, redevelopment and disposal) of the fund. A summary of the realized results is provided below.

The CBRE Dutch Office Fund is particularly proud on the successful refurbishment and redevelopment of respectively Beatrix II and Nieuw Amsterdam Gebouw. Furthermore the year by year improvement of the GRESB results reflect the commitment and dedication of the CBRE Dutch Office Fund to further implement sustainable measurements in the portfolio and make it an inseparable part of our daily operations.

Sustainability has become a truly embedded topic within the CBRE Dutch Office

Fund resulting in strong sustainable performance visible to both our tenants as well

as our shareholders and as a consequence awarded to sustainable sector leader in

the industry. During 2013 the CBRE Dutch Office Fund has defined new objectives

for the period 2014-2017 as part of the overall ambition 2010 - 2020. This report

will describe the CBRE Dutch Office Fund’ strategy, main achievements regarding

sustainability and emphasizes on the Green Action Plan for 2013. Altogether, 2013

can be defined as a year where the Fund has delivered another year of strong

performance in the Global Real Estate Sustainability Benchmark (GRESB) and

ongoing commitment in implementing sustainability in our daily operations.

TABLE 1 OBECTIVES AND RESULTS 2010-2013

Objectives Results

1 Acquisition Properties that are acquired will have an outstanding sustainability level or realistic potential to be upgraded to an acceptable level (minimum EPC-label: A)

No new acquisitions were made during the period 2010-2013

2 Operations Outperform on sustainability performance within our industry peer group

100% green energy program, collecting both water energy consumption data, quickscan on building climate installations, tenant brochure regarding sustainability and waste management

3 Refurbishment Properties that are refurbished will be upgraded to an acceptable sustainability level (minimum EPC-label: C)

The following properties were successfully refurbished: WTC Amsterdam (Label C to A), Weenatoren (Label D to B), Groene Toren (Label G to C) and Hojel City Centre (Label E to C)

4 (Re)development Properties that are (re)developed will be (re)built to an outstanding sustainability level (minimum EPC-label A or improvement by two label)

Nieuw Amsterdam Gebouw (Label E to A) and Lange Voorhout (Label D to C), a BREEAM certificate has been piloted

5 Disposal Sustainable criteria will be taken into account during the disposal process

During all disposals, the sustainability paragraph was included and added to all documents for decision making




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OBJECTIVES 2014-2017The CBRE Dutch Office Funds’ objectives for 2014-2017 focus on the real estate supply chain as a whole. The Fund recognizes the importance of sustainable behavior in the total real estate supply chain and the possibilities of cooperation with the stakeholders within the supply chain.

Stakeholders have been identified for our Fund and per stakeholder we have decided in what we way we will ask them to participate in, and inform them about, sustainability and sustainable perfor-mance. The fund has identified the following stakeholders:

1. ShareholdersActively provide shareholders relevant information regarding sustainability within the CBRE Dutch Office Fund portfolio and create awareness about the added value of sustainability in real estate investments.

2. The FundEmphasis on sustainable ratings of individual properties and CO2 reduction of the portfolio.

3. CBRE Global Investors NLThe asset manager will provide sustainable services and ensures that her suppliers comply with the same sustainable measures as the suppliers of The CBRE Dutch Office Fund.

4. SuppliersSuppliers will be actively involved in sustainability by signing the sustainability declaration and by providing feedback on their sustainable performance.

5. TenantsActively share information about energy consumption and sus-tainability improvements with tenants and meet the key tenants on a regular basis to discuss the sustainability possibilities.

KEY PERFORMANCE INDICATORS

As the Fund aims to comply with the latest relevant standards and benchmarks, the Fund reports according to the INREV reporting standards which are also part of the annual GRESB survey.

Complying with the INREV standards is a huge step forward. Not only can we provide more insight in the CO2 footprint of the portfolio, but we are also able to more closely monitor energy usage of the individual properties, which allows us to further reduce service costs. In that respect it is in the key interest of the Dutch Office Fund to enhance the collection of data even further, especially regarding the coverage of waste and water.

Sustainability report 2013 - CBRE Dutch Office Fund

IJ toren, Amsterdam | Energy label A

1 Shareholders 2 Funds

&

mandates

3 Operations

CBRE Global

Investors

the Netherlands

4 Suppliers 5 Tenants

REAL ESTATE SUPPLY CHAIN

Groene Toren, The Hague | Energy label B




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MAIN ACHIEVEMENTS IN 2013

The Green Action Plan of 2013 focused on actual implemen-tation and measurement of sustainability instead of policy making. Therefore further emphasizing on ‘walking the green walk’ instead of ‘talking the green talk’ by realizing the objec-tives set and integrate these topics in the daily operations of the Fund.

GRESB SURVEYIn 2013 the fund was not only ranked as a Green Star, the leading category, in the annual GRESB Survey, but also became an industry leader in the office sector becoming the most sustainable office fund within Europe (including UK). In the overall ranking the Fund has improved its position from 46 to position 8, an overall improvement of 27%. The fund scored a third place taking into account whole continental Europe and an overall fourth place looking at sector type. In all classes the fund reached the ‘top quartile’ of scorings.

FIG 1 GRESB QUADRANT MODEL

Impl

emen

tatio

n &

mea

sure

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t

Management & policy


Peer group average

GRESB average

Green walk

Green starters

Green stars

Green talk

BREEAM-IN-USEThe first BREEAM-in-Use certificate for a large office building in the Netherlands was obtained for the WTC Amsterdam in 2011. CBRE Dutch Office Fund will continue the implementati-on of BREEAM for her prime investments. Additionally, the fund participates in the initiative of introducing the first BREEAM-In-Use certification for Rotterdam Central District (RCD) on district level comprising of multiple properties rather than only on a single asset level. Furthermore, although sold, the properties Weena 200 and Weena Toren received a BREEAM-in-Use certificate.

BREEAM-in-Use is another tool we can apply to get more insight on a property level into the sustainability level of a property. The certificate is a tool to monitor and improve the sustainable performance of the properties, use it as a driver to increase awareness around sustainability and comply with modern day requirements of tenants.

ENERGY MONITOR APPAt the end of 2013, the CBRE Dutch Office Fund Energy Monitor APP was technically completed and approved. In the first half of 2014, in cooperation with the property managers, the Dutch Office Fund offices are provided with more tele- metric power sub-meters. Via a marketing campaign Dutch Office Fund’ tenants will be informed about this APP. Through the APP tenants are made aware of their CO2 emissions and they can monitor their recent electricity consumption and make a comparison with prior periods.


Nieuw Amsterdam Gebouw, Amsterdam | Energy label A




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WTC Amsterdam | Energy label A De Zeven Provinciën, The Hague | Energy label C

FOCUS GREEN ACTION PLAN 2014

For 2014 we will continue our Green Action Plans and realize an even more focused strategy towards actual implementation and measurement of sustainability, based on our new set of objectives in relation to the total real estate supply chain.

1 SHAREHOLDERS - Investigate the information need of shareholders

regarding sustainability - Further improve reporting regarding sustainability

2 THE FUND - Continue labeling for properties of the CBRE Dutch

Office Fund with BREEAM-In-Use - Improve the data collection for INREV reporting and

GRESB

3 CBRE GLOBAL INVESTORS NETHERLANDS - Support CBRE Global Investors Netherlands in their

sustainability performance - Provide insight in the sustainability performance of

CBRE Global Investors Netherlands

4 SUPPLIERS - Provide insight in the most sustainable suppliers - Further implement the sustainability requirement for

new projects

5 TENANTS - Deliver insight for individual tenants on their energy

consumption - Further develop active monitoring of building installations




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Best practice:

ENERGY MONITOR APPLICATION

INTRODUCTION

As mentioned in our 2014-2017 objectives, the CBRE Dutch Office Fund is keen on integrating and involving stakeholders in the real estate supply chain. One of those objectives is to actively share information about energy consumption and sustainability improvements with tenants. In order to provide tenants with a comprehensive information overview complying with modern day standards the CBRE Dutch Office Fund deve-loped an application with the opportunity to check their energy consumption continuously.

IMPLEMENTATION

In 2013 the App was built and approved which reflected a major milestone in our search to create awareness and at-tention to sustainability amongst occupiers leasing office in properties of the CBRE Dutch Office Fund. In 2014 the App will be introduced to tenants via a marketing campaign. The CBRE Dutch Office Fund is very proud to have found another crafty tool to inspire and create awareness among tenants to stimu-late their behavior in a mutual effort to reduce greenhouse gas emissions.




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CBRE Dutch Residential FundSUSTAINABILITY PERFORMANCE MEASURES

Broad issue type/ Performance measures 2013 2012 2013 2012

SI 1) SI 1) Like-for-like Like-for-like

KEY FIGURES

Average EPC label C C C C

Energy coefficient 1.48 1.52 1.51 1.52

Portfolio’s green electricity (in %) 81% 55% 82% 49%

Portfolio’s green gas (in %) 20% 12% 24% 12%

ENERGY CONSUMPTION Consumption from electricity (in kWh) 5,433,284 4,805,767 4,693,270 4,739,604

Consumption from district heating and cooling (in GJ) 243 203 243 203

Consumption from gas (in cbm) 1,751,949 1,336,917 1,375,357 1,336,220

GREENHOUSE GAS EMISSIONSTotal direct emissions (in metric tonnes CO2) 3,144 2,399 2,468 2,398

Total indirect emissions (in metric tonnes CO2) 3,303 2,922 2,854 2,882


WASTE 2)

Total weight of waste by disposal route (in metric tonnes) n.a. n.a. n.a. n.a.

Proportion of waste by disposal route (in %) n.a. n.a. n.a. n.a.

INTENSITY FROM BUILDINGS PER SQMEnergy intensity (kWh/year) 9.7 9.3 9.2 9.2

Gas intensity (cbm/year) 12.1 11 11.3 11

Green House Gas emissions intensity (kg CO2/year) 27.7 25.4 26.9 25.3

Water intensity (cbm/year) 0.3 0.3 0.2 0.3

INTENSITY FROM BUILDINGS PER CONSUMERElectricity intensity (kWh/year) 403.9 384.2 378.3 382

Gas intensity (cbm/year) 503.4 458 467.2 453.9

Green House Gas emissions (kg CO2/year) 1,149 1,555.5 1,068.4 1,046.8Water intensity (cbm/year) 11.3 12.8 9.8 13.9

1) Performance measures are presented for Standing Investments (“SI”), excluding properties where partial sales are intended and excluding commercial space.2) Waste handling for private individuals is managed by municipalities and is therefore not applicable (n.a.).

DISTRIBUTION ENERGY LABELS

A B C D E F G

2011

2012

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2012

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2012

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2012

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2012

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LABEL

40

35

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25

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15

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SUSTAINABILITY REPORT 2013CBRE Dutch Residential Fund

Since the first sustainability policy was drafted the CBRE Dutch Residential Fund (DRES)

has updated it annually by strengthening our objectives and actions. By implementing this

policy, the fund will continue to actively enhance the sustainability. We have defined a long

term (ten-year) ambition, medium-term (three-year) objectives and annually generate a

Green Action Plan. In 2014 the fund has updated its Green Action Plan but will also review

the objectives since the initial period has come to an end. The new goals will aim for the

period 2015 – 2018 contributing to the overall ambition towards 2020.

In this report the state of affairs for 2013 is presented; a year in which the first ever

residential Green Star-status and first place in the Global Real Estate Sustainability

Benchmark (GRESB) 1) (category: residential sector worldwide) can be seen as the Fund’s

most important achievements.

STRATEGY

AMBITION 2020Ambition is to be the leading provider of sustainable residen-tial products in our peer group, providing our tenants with the most sustainable housing solutions in which they feel very comfortable. The fund also strives to offer our investors the most sustainable Dutch residential portfolio and to play a lea-ding role in improving the overall sustainability performance of the Dutch residential market.

MEDIUM-TERM OBJECTIVESMain medium-term objectives are based on the property life-cycle and provide clear guidance to our sustainability policy. These objectives are:

AcquisitionAll existing properties that are acquired must have a green energy label (EPA 2), C or better), or have the realistic potential to be upgraded to a green level. Newly built properties have to be a minimum EPA of A+. Moreover, they have to be built with the use of, as much as possible, maintenance-free and recyclable materials and the application of cost- and energy effective installations.

Operation: - The fund managed to move towards a ‘green’ portfolio and

strives to further improve the average energy score by redu-cing the amount of E and F labels, as well as eliminating G labels, thereby decreasing the carbon footprint of the units in our portfolio;

- The fund will reduce the amount of energy consumption in the properties’ landlord controlled areas between 2012 3) and 2014 by 2% a year on average 4);

- As from 2014 all energy purchased for the properties’ land-lord controlled areas will be green energy, thereby reducing the carbon emission of the properties’ landlord controlled areas to almost zero.

- The fund will inform and inspire tenants and property ma-nagers by promoting ‘green living’ with respect to energy, water and waste.

Renovation and redevelopmentWhere possible, start-up refurbishment on properties that fit within the fund’s strategy, but are below our sustainability ambition, to achieve an EPA improvement of at least two labels.

DispositionSustainability criteria will be taken into account in the disposal process.

1) The Global Real Estate Sustainability Benchmark is an initiative to assess the environmental and social performance of public and private real estate investments’. www.gresb.com

2) EPA is an abbreviation for the Energy Performance Advice (Dutch: Energie Prestatie Advies), which includes the energy label and an advice on how to improve the certificated unit. The energy label is a certification for the normative energy consumption of a building. The label recognizes different classes for the level of efficiency, whereby label A is the most efficient and label G is the least efficient.

3) The objectives were set for the period between 2011 - 2014. However, due to the introduction of web based energy management, comparing the 2011 energy consumption figures with 2012 is not possible. For that reason the Fund will use 2012 as base reference year.

4) Measurement: year-on-year comparison of total consumption (landlord controlled areas) of like-for-like DRES’ operating properties. Meaning that when comparing two years, only the same properties are taken into account; thereby excluding sold and acquired properties.




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The year 2013 is the second year the Fund applied the INREV Sustainability Recommendations Report, which was designed to further guide fund managers in reporting sustainability to investors. The Fund acknowledges the importance of trans-parent reporting and aims to comply with the latest relevant standards and benchmarks. Further improvements have been implemented into its business processes to comply with the INREV reporting standards, which are also part of the annual GRESB survey. Please find below the relevant numbers.

ENERGY LABEL At the end of 2013 the average energy coefficient of the Standing Investments (minus properties intended for partial sales) was 1.48 (C). This is an improvement from 2012 (1.52). When comparing like-for-like portfolios over 2012 and 2013 a similar improvement is visible (see ‘Sustainable performance measures’ on page 17). Due to a change in reporting method and a stricter norm a slight negative development was seen in 2012 regarding the A, E and G labels.

With regard the Fund’s target of reducing the amount of E and F labels, as well as eliminating G labels, please find the current distribution of energy labels in Table 1. As per the end of 2013 there are 123 E, F and/or G-labelled houses in the Standing Investments (minus properties intended for partial sales), which are concentrated in 5 properties:

TABLE 1 TOP 5 PROPERTIES WITH G-LABELLED HOUSES

City Name Energy label

The Hague Richard Holstraat E, F, G

The Hague Denijsstraat E, F, G

Arnhem Kluizeweg F, G

Oosterbeek Van Wassenaersheuvel I & III F, GOosterbeek Van Wassenaersheuvel II F, G

Renovation of property Kluizeweg (132 apartments) in Arnhem is currently in progress. Please read more on this renovation on page 27.

Renovation plans for all other properties in table 1 are under investigation. For properties to be considered for block reno-vation, they will have to fit into the fund’s investment strategy with regard to location, target group, rental levels, sustaina-bility and (potential) contribution to the fund’s performance in the IPD/ROZ benchmark.

ENERGY CONSUMPTION, GREEN ENERGY AND RELATED CARBON FOOTPRINTThe year 2012 was the first time we reported on the Fund’s energy consumption. During 2013 the measurement has improved and the few remaining properties were added to the E-view database.

The consumption of all the electricity connections registered to the fund was 5,433,284 kWh in 2013, a like-for-like decre-ase of 1% compared to 2012. Gas consumption increased in 2013 by 3%. However, taking into account that 2013 was 7% colder compared to 2012, this means that gas consumption has decreased in line with electricity. The gas consumption of heating systems operated by the fund was 1,751,949 cbm in 2013.

Stadskwartier, Nieuwegein | Energy label B Cats’ Heuvel, Den Haag | Energy label B

Sustainability report 2013 - CBRE Dutch Residential Fund




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The Fund will intensify its efforts to reduce the amount of energy consumption in the properties’ landlord controlled areas by 2% a year on average.

All energy used by the fund is green (carbon neutral). For 2013 the Fund achieved its goal to increase the percentage of green energy that is covered by certificates from our energy suppli-ers (improvement from 55% to 81% for electricity and 12% to 20% for gas), and thereby decrease the energy that requires compensation through the Climate Neutral Group.


- GRESB has awarded the CBRE Dutch Residential Fund the first ever ‘Green Star’ for a residential fund and named it the most sustainable residential fund worldwide in the 2013 Global Real Estate Sustainability Benchmark;

- The average energy label of the Standing Investments (like-for-like) improved from 1.52 to 1.51;

- Decrease of electricity and gas usage of Standing Investments (like-for-like) by 1%;

- Increase smart metering coverage of properties in Energy Management System;

- Increase of green electricity in landlord controlled areas to 81% and green gas to 20%;

- The Fund published its fourth sustainability report brochure together with all CBRE Dutch Funds;

- Introduction of the WIN-house on www.macaza.nl - the Fund’s leasing platform - to inform future and current tenants on energy reduction;

- Significant progress was made improving the sustainability of the Fund’s supply chain.

FIRST EVER RESIDENTIAL ‘GREEN STAR’ AND FIRST PLACE IN GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARKThe CBRE Dutch Residential Fund performed excellently during the annual Global Real Estate Sustainability Benchmark (GRESB) and achieved - as the first residential fund ever - the Green Star status. Moreover, this makes the Fund the most sustainable residential fund in the world (peer group size: 50).

Hart van Hoograven, Utrecht | Energy label B


TABLE 2 TOP FIVE CONSUMING PROPERTIES

Electricity consumption Usage kWh Gas consumption Usage cbm

City Name 2013 2012 City Name 2013 2012

Rijswijk Thomas Jeffersonlaan 285,845 290,640 Arnhem Groningensingel 2 272,143 n.a.

Zaandam Murano 261,572 n.a. Rijswijk Thomas Jeffersonlaan 264,056 271,159

The Hague De Parnassijn 238,855 179,477 Arnhem Groningensingel 1 241,122 220,005

Arnhem Groningensingel 1 221,557 219,523 Arnhem Kluizeweg 175,885 184,311Arnhem Groningensingel 2 205,032 n.a. Groningen Planetenlaan 29-201 155,527 155,678




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FIG 1 GRESB SURVEY 2013

The result shows that sustainability is incorporated into the fund and that it is ahead of the competition. This outcome demonstrates that excellent sustainable performance can match outperformance on financial parameters.

In 2013, the Fund has been able to secure better results on both ‘Management & Policy’ and ‘Implementation & Measurement’ which increases the total GRESB-score from 46% in 2012 to 68% in 2013. Especially improved data quality through the use of the Fund’s web-based energy manage-ment system resulted in fewer estimates and better monitoring of resource consumption throughout the year.

TENANT ENGAGEMENT PROGRAM - THE WIN-HOUSEThrough the Fund’s letting-site Macaza.nl we aim to support our tenants in reducing energy consumption. The interactive section ‘WIN-HUIS’ on Macaza.nl covers every room in a dwelling and offers advice on energy consumption, personal health and easy-to-make changes to climate systems. The use of some simple tips could reduce the energy consumption by almost 17%. In addition, tenants can sign up to win an ‘energy

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savings box’ with useful tools to, for example, reduce energy consumption. Success of the tenant engagement programme is monitored through measuring the knowledge and efforts of our tenants through the client satisfaction survey that the Fund performs yearly.


The Green Action Plan (GAP) provides a clear and transparent overview of actions that need to be executed each year. Many of the topics from 2013 are continuous actions and will there-fore reappear in the updated action plan.

The following action points have been defined for 2014 for the CBRE Dutch Residential Fund:- Together with Property Managers: execute and monitor the

CBRE Dutch Funds’ procurement process on sustainability with regard to purchasing products and services;

- Extend and implement Energy Savings Policy (aimed at the Fund’s common areas);

- Investigate and decide on (block) renovation plans for E, F and/or G-labelled properties;

- Investigate gathering of tenants’ usage of electricity and gas through smart metering;

- Extend and measure success of the Client Sustainability Engagement Policy;

- Actively market the sustainability performance of the Fund;- GRESB: Maintain first position in the European Residential

sector and improve score.

Honingklaver, Venlo | Energy label B





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Best practice: KLUIZEWEG, ARNHEM

INTRODUCTION

The two apartment buildings at the Kluizeweg, Arnhem were built in 1966. The property consists of 132 apartments (two and three room apartments, varying in size from 77-86 sq.m.). The property has been successfully let in the past. There have been very low vacancy numbers in this property. It is well maintained, although outdated. In order to guarantee good returns and improve the sustainability performance, this property is being renovated.

SUSTAINABILITY MEASURES

Double glazing HR++ is applied in all apartments. This new glazing has vents installed for better ventilation, contributing to an comfortable living climate inside the apartments. In the outside wall insulation is applied from top to bottom, as is as well in the walls and the ceiling of the storages underneath the lowest level of apartments. The final general action: the outdated heating system is replaced with a new system with lower energy use (HR).

Further plans are to renovate the interiors at transfer and give current tenants the possibility to opt for a new bathroom and/or kitchen.

RESULTS

As a consequence of the improvements in the energy efficiency of the building, the energy label has been upgraded from an average G label to an average D label.

Not only does this offer an attractive environmental return, it also will significantly increase the comfort of our tenants. Additionally, the increase in energy label enables the Fund to transfer these regulated apartment into free market, which then offers the Fund with an attractive investment from com-mercial point of view.

In this renovation People, Profit and Planet are perfectly combined, making this a showcase for the CBRE Dutch Residential Fund.

Two buildings, eleven floors, 132 apartments next to the ‘Hoge Veluwe’




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Best practice:

RESIDENCE SOUVERAINE, SOEST

INTRODUCTION

The apartment building at Inspecteur Schreuderlaan, Soest was built in 2000. The property consists of 120 apartments, of which 72 apartments belong to the Fund portfolio. These are three room apartments, varying in size from 72-144 sq.m..

The building can be seen as four connected parts: the entrance building, one part connecting all and two side buildings. Residence Souveraine is used for senior housing, which means the residents are 55+ years of age. The building offers much privacy, comfort and safety. There is a comprehensive, partly optional, nursing service. The building has several recreational areas where activities are organized on regularly basis.


Part of the apartments in Residence Souveraine are owned by private owners. Therefore an owners association is active in this building. Together with this association the Fund developed plans to execute both their desires as the Fund’s ambition regarding energy reduction.

Residence Souveraine has several general and recreational areas. To generate sustainable energy during the day to illuminate areas, 87 solar panels were placed on the roof.

RESULTS

On an annual base 20% of the energy use of the general areas is generated by these solar panels. Gross electricity generated is 15.000 kWh. In 2013 1.600 kWh was supplied back to the grid. Electricity generated is sufficient to fulfill the daytime usage.

One building, five floors, 72 apartments next to the royal Palace ‘Soestdijk’.




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AVERAGE ENERGY LABEL OF THE PORTFOLIOS

SUSTAINABILITY PERFORMANCE MEASURES FOR DRET MASTER FUND PORTFOLIO

Performance measures 2013 2012 2013 2012

Total portfolio Total portfolio Like-for-like Like-for-like

KEY FIGURES

Average EPC label A B

Energy coefficient 0.97 1.12

Portfolio’s green electricity (in %) 99.75% 99.89 99.75%

Portfolio’s green gas (in %) 88.07% 87.17% 88.07% 87.17%

ENERGY CONSUMPTIONConsumption from electricity (in kWh) 11,184,159 11,783,584 11,184,159 11,783,584

Consumption from district heating and cooling (in GJ) - - - -

Consumption from gas (in cbm) 1,479,446 1,356,534 1,479,446 1,356,534

GREENHOUSE GAS EMISSIONSTotal direct emissions (in metric tonnes CO2) - Before compensation 2,648 2,428 2,648 2,428

Total direct emissions (in metric tonnes CO2) - After compensation 316 312 316 312

Total indirect emissions (in metric tonnes CO2) - Before compensation 6,800 7,164 6,800 7,164

Total indirect emissions (in metric tonnes CO2) - After compensation 7 18 7 18


WASTETotal weight of waste (in metric tonnes) 894 1,042 810 1,042

Total weight of waste - of which recycled (in metric tonnes) 200 252 184 252

Recycled waste (in %) 22% 24% 23% 24%

INTENSITY FROM BUILDINGS PER SQM (COMMON AREA)Energy intensity (kWh/year) - Electricity 106 113 106 114

Energy intensity (cbm/year) - Gas 15 14 17 15

Green House Gas emissions intensity (kg CO2/year) - Before compensation 91 94 94 97

Green House Gas emissions intensity (kg CO2/year) - After compensation 3.3 3.4 11.2 12.4

Water (cbm/year) 0.31 0.31 0.33 0.33

Intensity from buildings per consumerEnergy intensity (kWh/year) - Electricity 0.175 0.185 0.175 0.185

Energy intensity (cbm/year) - Gas 0.027 0.023 0.027 0.023

Green House Gas emissions (kg CO2/year) - Before compensation 0.155 0.122 0.155 0.122

Green House Gas emissions (kg CO2/year) - After compensation 0.006 0.006 0.006 0.006 Water intensity (liter/year) 0.912 1.151 0.912 1.151

DRET Master Fund CBRE Dutch Retail Fund I BV

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SUSTAINABILITY REPORT 2013CBRE Dutch Retail Fund

STRATEGY

We are convinced that sustainable real estate will outperform non-sustainable real estate over the medium to long term.

The fundamentals of the sustainability strategy of the CBRE Dutch Retail Fund are based on investing in retail units with a high level of environmental sustainability, at locations that will stay attractive in the long term. The fund’s strategy focuses on assets at prime locations and on properties with high-quality materials and a long durability. As a result of our long term hold strategy, our portfolio is actively managed and conti-nuously improved by redevelopments and refurbishments.

Furthermore, we are highly active in making our assets even more environmentally sustainable. To improve the energy efficiency of the properties and the BREEAM labels of the shopping centres a broad range of sustainability factors are being improved.

Moreover, we periodically measure our tenants’ and consu-mers’ satisfaction, so that we can work actively on improving customer satisfaction. We invest consciously in the marketing and events in our shopping centres to make them a place where consumers not only come to shop, but also enjoy themselves and relax.

In this way, we make every effort to achieve an above-average return for our shareholders, financial as well as environmen-tal and social. This is our version of the well-known ‘people, planet and profit’.

AMBITION 2020The CBRE Dutch Retail Fund wants to be the leading provider of sustainable retail products , providing our tenants and consumers with sustainable retail properties in which are highly satisfying and offering the most sustainable Dutch retail fund with an above average return to our investors.

Since the introduction of the first sustainability policy in 2008 the CBRE Dutch

Retail Fund (DRETF) is continuously working to actively enhance the sustainability

levels of the fund. We have defined a long-term (ten-year) ambition, medium-term

(three-year) objectives and annually generate a Green Action Plan. The fund’s most

important achievements are that we have been rewarded three times in a row the

GRESB Green Star, for being the most sustainable retail fund in the Netherlands and

we have achieved an average energy label ‘A’ for the total portfolio of the fund.

3-YEARS OBJECTIVES UNTIL 2015In order to achieve the ambitions for 2020, the following objectives for the three year period from 2013 to 2015 have been set:

Investors- GRESB: have a score of more than 75% on both management

and implementation- INREV: comply to the ‘core’ and ‘additional’ Sustainability

Reporting Recommendations

Property labels and ratings- BREEAM: certify all the covered centres, top shopping centres

BREEAM Excellent, innercity centres BREEAM Very Good and neighbourhood centres BREEAM Good

- Energy labels: average A label of the portfolio, by improving the non-green labels

Energy, water and waste consumption- Decrease in electricity, gas and water usage by at least 10%

compared to 2012- Monitor more than 25% of the energy consumption of the

retailers telemetrically- Separate waste at all large shopping centres and recycle

more than 25% of that waste

Property managers- Procurement policy: more than 80% of all contractors work

according to the procurement tool- Policy implementation: all property managers draft yearly

Green Action Plans in line with long-term goals

Tenants- Green leases: more than 25% of existing leases and more

than 70% of new leases- Encourage tenants to save energy and to make their store

interiors more sustainable




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In January 2012 INREV launched the INREV sustainability recommendations report, which has been designed to further guide fund managers in reporting sustainability to investors. We acknowledged the importance of a transparent reporting and supported this initiative. As from 2012 all the CBRE Dutch Funds adopted the INREV Sustainability recommendations on reporting sustainability performance measures. These guide-lines are incorporated in this annual report unless otherwise specified and explained. The usage data shown below does only incorporate the investment portfolio of the CBRE Dutch Retail Fund and not the usage data of the own occupation of CBRE Global Investors as the manager.


- GRESB has awarded the CBRE Dutch Retail Fund a ‘Green Star’ for the third time in a row and named it the most sustainable Dutch retail fund;

- The average energy label of the properties has been further improved to an average A-label for the total portfolio;

- 15 BREEAM certificates have been received for 12 shop-ping centres worth EUR 1.15 billion, more than half of the portfolio value of the CBRE Dutch Retail Fund;

- Electricity usage has been decreased by more than 5%; and- 104 green leases have been closed

THIRD GRESB GREEN STAR IN A ROW AND A 70% SCOREThe CBRE Dutch Retail Fund has been ranked first in the annual Global Real Estate Sustainability Benchmark (GRESB) in its sector. GRESB is an organisation that aims to foster transparen-cy in the sustainability performance of property companies and funds. GRESB is a collaboration of more than 50 institutional

investors, representing 543 funds with on aggregate USD 6.1 trillion of invested capital.

The Dutch Retail Fund was the best of all the seven Dutch retail funds that participated in the GRESB Benchmark and was the only Dutch retail fund that received a Green Star. The result also shows that the sustainability of the CBRE Dutch Retail Fund is far ahead of its competitors.

FIG 1 GRESB SURVEY 2013

The total portfolio obtained a very green A label on averageDue to upgrades of several properties, a smart maintenance policy, an active sales and acquisition policy and the production of ‘duo labels’ for all properties with a non-green label. The duo labels make clear which energy efficiency improvements both the property owner and the retailer can make. In order to obtain a duo label, a detailed inspection of all retail units took place. The duo label also enable us to further improve the energy ef-ficiency of our properties and helps retailers understand which improvements they can make to save energy and money.

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Sustainability report 2013 - CBRE Dutch Retail Fund

Heuvel Galerie, Eindhoven | Energy label A | BREEAM label ‘Excellent’




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15 BREEAM CERTIFICATES HAVE BEEN RECEIVED FOR 13 PROPERTIES, WORTH EUR 1.2 BILLIONIn 2013, CBRE Global Investors received a total of 10 new BREEAM in Use certificates, bringing the total to 15 BREEAM in Use labels for 13 properties. The Heuvel Galerie shop-ping centre in Eindhoven was the first shopping centre in the Netherlands to receive a BREEAM In Use NL ”Excellent” rating for both Asset and Management. The Beursplein shopping centre in Rotterdam followed soon after that and improved its “Very Good” score to “Excellent”.

The 13 properties that have received a BREEAM in Use certifi-cate, in total have a value of EUR 1.2 billion, which is 56% of the total value of the properties in the Dutch Retail Fund. Table 2 below shows an overview of all the scores.

A DECREASED ELECTRICITY AND WATER USAGEAll data regarding the consumption energy and water are the totals of a landlord’s obtained energy and water, mainly used for the common areas, or central heating, cooling and/or air conditioning (HVAC) installations. In total these data apply to 48 properties with energy connections in the landlords’ name, covering 94,238 sq.m. of space. This represents the com-mon areas of properties with a total leasable area of 477,769 sq.m., which is 68% of the total portfolio. These data have been collected and verified by Innax Energy Management, a leading consultant in this area. The total electricity usage of the Dutch Retail Fund was 11,184,159 kWh in 2013. This was a decrease of 5.09% compared to 2012. The gas consumption rose by 9.06% in 2013 to 1,479,446 m3. The increase in energy con-sumption can be explained by the fact that it was significantly colder in 2013 than in 2012. The average temperature in 2013


Corridor, Veenendaal | Energy label B | BREEAM label ’Very good’ Maasboulevard, Venlo | Energy label A

TABLE 1 BREEAM-IN-USE NL CERTIFICATES

Asset score Management Asset score Management

Shopping Centre City 2013 score 2013 2012 score 2012

1 Heuvel Galerie Eindhoven Excellent Excellent Very Good Very Good

2 Beursplein Rotterdam Excellent Excellent Very Good Very Good

3 Corridor Veenendaal Very Good Very Good Very Good Very Good

4 Passage Veenendaal Very Good Very Good Very Good Very Good

5 Amsterdamse Poort cl. 8 Amsterdam Very Good Very Good

6 Amsterdamse Poort cl. 7 Amsterdam Very Good Good

7 Wc Deppenbroek Enschede Very Good Good

8 Wc Makado Alblasserdam Very Good Good

9 Stadspoort Ede Very Good Good

10 Mosae Forum Maastricht Good Good

11 Elzaspassage Helmond Good Good Good Good

12 Cruquius Cruquius Good Good13 Wc Valkenstaete Valkenswaard Good Good




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was 9.8 ºC, compared to 10.4 ºC in 2012 and the number of degree days was 3,078 in 2013 versus 2,879 in 2012.The colder it is, the higher the number of degree days. Corrected for these weather influences, the gas consumption increased by 2.3% per degree day. The water consumption decreased sharply by 18% to 56,161 m3, due to less usage and a more sophisticated measurement system.

Almost all the energy that is consumed is now green energy. At the end of 2012, green electricity accounted for 99.9% of the total energy consumption. Green gas accounted for 88.1% of the Fund’s gas consumption. As a result, the carbon footprint of the fund decreased to 323 metric tons of CO2. The intensity factors that are provided are calculated by dividing the usage by the amount of floor space of the common areas.

MORE THAN 100 GREEN LEASES HAVE BEEN CLOSEDIn total, 104 lease contracts now have ‘green’ clauses in them, which makes them a green lease. This represents 64% of all the new lease contracts that have been closed. The standard green lease is a green clause in the lease contract and a four page appendix added to the lease contract, in which the landlord and tenant both agree to maintain and use the retail property and unit in a sustainable way. Furthermore, in the green lease, the landlord and tenant agree to exchange data on energy usage when it is necessary for benchmarking or asked by (governmental) institutions.


The Dutch Retail Fund has the ambition to reach the following sustainable goals in 2014:1 BREEAM in Use: receive 3 certificates for new shopping

centres and improve at least 3 ratings 2 Make duo energy labels for all remaining strategic properties3 Decrease the use of electricity, gas and water by 3-5%4 Install smart meters and connect to e-view in 20% of the

retail area5 Monitor the tenant energy usage of 20% of the leased area6 Close green leases for 75% of all new lease contracts7 Include sustainability in the procurement criteria of the

property managers 8 GRESB: Maintain the Green Star rating and enhance the score

Mosae Forum, Maastricht | Energy label B





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Best practice:

SC OUDELAND, ZWIJNDRECHT

OLD SITUATION

The old shopping center Oudeland in Zwijndrecht was an outdated, semi-covered shopping center, built in 1989. The center was built in a style typical for the 1980’s, with green, yellow and pink pastel colors, shop fronts with a low height and a roof that gave the center a low quality feeling. The shopping center was anchored by two outdated supermarkets which were too small, C1000 and Super de Boer, which were offering the same daily goods. The shopping center suffered from a high number of vacant units and consumers living in the neighbourhood were shopping elsewhere.

NEW SITUATION

The shopping center has a total makeover, from an outdated to a modern shopping center. All shopfronts were renewed, the old materials were replaced by natural materials such as natural limestone for the columns, glass and high quality steel. Furthermore the old supermarkets have been expanded to an efficient size and replaced by anchor tenants Albert Heijn and Lidl. This has resulted in many additional visitors. With the ad-ditional visitors and the expansion of the supermarkets, several new retailers could be attracted to the center, so that all the vacancy could be leased and the shopping center is fully let.


During the construction of the new shop fronts and insulating the roof, a thick layer of insulation material has been added, to acquire a RC-value that is above the required value by law. The new shop fronts are made of HR++ glass, reducing not only the energy usage, but also improving the safely, since it also functions as safety glass. The new lighting has been designed with several features to achieve a very high energy efficiency and which increases the safety.

RESULTS

The energy label has been improved from an average D label to an average A label, which is even close to an A+ label.

SC Oudeland, Zwijndrecht - old situation | Energy label D SC Oudeland, Zwijndrecht - new situation | Energy label A

SC Oudeland, Zwijndrecht - opening




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Best practice:

BURCHTSTRAAT, NIJMEGEN

OLD SITUATION

This historical building in the inner city of Nijmegen was acquired in 2011. The building was not insulated and had energy label E.

NEW SITUATION

During the acquisition, a discount for the non-green energy label has been negotiated. This has been the first known dis-count in the value for a non-green building. With this discount, it was possible to make this property more sustainable and to keep return on investment at the same level. Moreover, the investment risk of the property has been limited, since the risk of a future investment in the energy efficiency has been eliminated.


The insulation of the roof and walls has been improved signifi-cantly in order to make the property more energy efficient. This also lowers the energy consumption and hence energy costs of the retailer and lowers therefore the risk of a rental discount due to higher energy costs.

RESULTS

As a consequence of the improvements in the energy efficiency of the building, the energy label has been upgraded from a non-green E label to a green A label. It also shows that even historical retail properties can be easily transformed into energy efficient buildings with a green energy label.

Burchtstraat, Nijmegen - old situation | Energy label E Burchtstraat, Nijmegen - new situation | Energy label A




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CBRE GLOBAL INVESTORSSchiphol Boulevard 281, G Tower1118 BH SchipholThe Netherlands P.O. Box 756201118 ZR Luchthaven SchipholThe Netherlands

ABOUT THIS REPORTThis report provides an overview of the sustainable and environmental impacts of the CBREGlobal Investors’ Dutch Funds in 2013. This is our fifth annual Sustainability Report, with themost recent previous report (our 2012 Sustainability Report) published in June 2013.

In preparing this report, we were influenced by the INREV Sustainability Reporting Recommendations which, at the time we began preparing this year’s report, was the first versionof these recommendations. We have self-declared this report as meeting the criteria for INREVSustainability Reporting Recommendations 2013.

For this report, we did not undertake a formal external validation process, but all data issupported by documentation, internal systems and information from external organizations.We may consider independent external assurance by an auditing organization for future reports.

PHOTOGRAPHYCBRE Global Investors database

CONCEPT AND DESIGNCascade - visuele communicatie bv, Amsterdam, the Netherlands

PRINTIn order to reduce our global footprint the sustainability brochure will not be printed but is solely available on the internet.

www.cbreglobalinvestors.com

cbre global investors dutch funds sustainability …...core/core-plus, value-added and opportunistic...

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