Nachhaltiges Investment in Immobilien

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1 Nachhaltiges nvestment in mmobilien Lead-Autor: Jürg Bernet Co-Autoren: Sarah Sayce, Rupert Ledl, Maarten Vermeulen, Fiona Quinn 7. Mai 14 Seite 1

2 Nachhaltiges nvestment in mmobilien ENLETUNG Acknowledgements Federation of Real Estate Professionals, Austrian Chamber of Commerce, Vienna (Austria) Feri EuroRating, Wiesbaden (Germany) EURO nstitute of Real Estate Management, Zug (Switzerland) Kallco Real Estate Development, Vienna (Austria) Jens Friedemann, Communications and Publications, Eppstein (Germany) Reference: Bernet, J., Sayce, S., Ledl, R., Vermeulen, M., & Quinn, F. (2014) The Sustainability Alpha Market Evidence for Rental Growth Factors in Office Buildings and Shopping Centers across Europe, s-i-r-e Sustainable nvestment in Real Estate, Bd. 3, EURO nstitut für mmobilien Management, Köln (SBN print , SBN ebook ). 7. Mai 14 Seite 2

3 Nachhaltiges nvestment in mmobilien ENLETUNG Who provided the data? nvestment and management companies contributing to the data collection About 40 leading investment and management companies engaged with this study. They represent the institutional real estate investment industry in Europe. 7. Mai 14 Seite 3

4 Nachhaltiges nvestment in mmobilien. HYPOTHESE Does sustainability enhance financial performance? Pattern of sustainability impacts on financial performance (background photo: istock) Sustainable asset management drives financial performance (hypothesis 1). An integrated analysis provides empirical evidence for the financial impacts on commercial real estate in Europe (hypothesis 2). 7. Mai 14 Seite 4

5 Nachhaltiges nvestment in mmobilien Why is this research important?. HNTERGRUND Range of topics included in the Sustainability Alpha analysis No earlier research covered the broad scope of asset management and investment fundamentals. The sound econometric approach of this project develops an integrated market understanding. 7. Mai 14 Seite 5

6 Nachhaltiges nvestment in mmobilien Where is the research universe?. DATEN Countries of the research portfolio in Europe (map: GfK RegioGraph) The aggregated data pool explores 23 countries throughout Europe, stretching from Great Britain to Turkey and from Portugal to Finland investigating 1038 assets, valued at about 124 billion Euros in total. 7. Mai 14 Seite 6

7 Nachhaltiges nvestment in mmobilien How is the alpha calculated?. MODELL Static model, ex ante: Dynamic model, ex ante: (on normalized indicators) (for spill-over effects) Dynamic model, ex post: (as managerial measure) Performance differentials in analogy to the alpha in conventional investment analysis (see key on page 14) The so-called Sustainability Alpha measures how much real rental growth (in percent per year) is attributable to the performance of a particular sustainability indicator (respectively an indicator group). 7. Mai 14 Seite 7

8 Nachhaltiges nvestment in mmobilien Are the hypotheses confirmed? Yes: Sustainable asset management drives real rental growth (thesis 1). The Sustainability Alpha gives the market evidence for office buildings and shopping centers across Europe (thesis 2).. ERGEBNSSE KEY: SOCAL asset specific, SOCAL macro fundamental, ENVRONMENTAL asset specific, ENVRONMENTAL macro fundamental, ECONOMC asset specific, ECONOMC macro fundamental, pa = per year Spectrum of Sustainability Alpha impacts 2010 (by sectors, aspects and topics) The spectrum of impacts varies between office and retail. n both sectors, the positive impacts of sustainable asset management outweigh the negative impacts of the macro fundamentals. 7. Mai 14 Seite 8

9 Nachhaltiges nvestment in mmobilien What drives RETAL rents? KEY: SOCAL asset specific SOCAL macro fundamental ENVRONMENTAL asset specific ENVRONMENTAL macro fundamental ECONOMC asset specific ECONOMC macro fundamental Other impacts TOTAL pa = per year *** = significant at 99%. ERGEBNSSE Sustainability Alpha profile of shopping centers 2010 (common area) The retail profile highlights the importance of the macro fundamentals. These are the major single impacts on the rental growth in shopping centers. 7. Mai 14 Seite 9

10 Nachhaltiges nvestment in mmobilien What drives OFFCE rents? KEY: SOCAL asset specific SOCAL macro fundamental ENVRONMENTAL asset specific ENVRONMENTAL macro fundamental ECONOMC asset specific ECONOMC macro fundamental Other impacts TOTAL pa = per year ** = significant at 95% *** = significant at 99%. ERGEBNSSE Sustainability Alpha profile of office buildings 2010 (including tenant s premises) The office profile highlights the importance of the asset management. The group of asset specific indicators drives most of the rental growth in office buildings. 7. Mai 14 Seite 10

11 Nachhaltiges nvestment in mmobilien How is the result used in business?. UMSETZUNG KEY: SOCAL asset specific SOCAL macro fundamental ENVRONMENTAL asset specific ENVRONMENTAL macro fundamental ECONOMC asset specific ECONOMC macro fundamental Other impacts TOTAL pa = per year *** = significant at 99% Profile of an underperforming shopping center (market in grey, assets and portfolio in colour) Look at the Sustainability Alphas of underperforming assets and portfolios, and realize their indicator specific performance reserves. The profile shows, where enhancing sustainability pays out most in enhanced rental growth. 7. Mai 14 Seite 11

12 Nachhaltiges nvestment in mmobilien What is the next step in research?. UMSETZUNG Sustainability Alphas in office market 2010 (light dots: properties, dark dots: dynamic trend) The Sustainability Alpha captures trends in the willingness to pay for more sustainable building quality. Further research is to spot sustainability trends along the boom and bust periods of local economic cycles. 7. Mai 14 Seite 12

13 Nachhaltiges nvestment in mmobilien ANHANG Research team Dr. JÜRG BERNET, MSc MBA FRCS, Managing Director, EURO nstitute of Real Estate Management, Cologne (Germany) and Zug (Switzerland) Prof. SARAH SAYCE, BSc (Hons) PhD FRCS RRV, Head of School of Surveying & Planning, Kingston University, London (Great Britain) Dipl.-ng. RUPERT LEDL, Head of Center of Real Estate Economics, Department for Building and Environment, Danube University Krems (Austria) MAARTEN VERMEULEN, BHA MBA MSRE FRCS, Director Europe, Composition Capital Partners, Amsterdam (The Netherlands) FONA QUNN, BsC (Hons) MA, Researcher, School of Surveying & Planning, Kingston University, London (Great Britain) 7. Mai 14 Seite 13

14 Nachhaltiges nvestment in mmobilien Key to symbols ANHANG 7. Mai 14 Seite 14