GPE has revamped its social impact strategy, highlighting close to £4m in social value created by the investor-developer since the initiative was launched in 2021.
The company said “version 2.0” of the strategy, A fairer future for London, puts more focus on creating “a lasting positive impact in our communities”.
Recent wins include GPE raising £620,000 and donating 1,930 volunteering hours through a strategic charity partnership with XLP; generating £1.24m in social value through the donation of space to charities and social enterprises; increasing direct and indirect spend with social enterprises; and providing 66 weeks of internships focused on improving accessibility to the real estate industry for under-represented groups.
Further and faster
The company said it is “doubling down” on the areas its team believes will deliver the most meaningful change for communities in the capital.
First is promoting inclusive communities: focusing on education, social mobility and supporting long-lasting employment opportunities.
“The real estate industry needs to go further and faster on diversity, equity and inclusion if it is to represent the diversity of the communities which it serves,” GPE said in its new strategy update. “London is one of the world’s most diverse cities and yet numerous barriers to social mobility remain.”
Next is delivering healthier, greener spaces: supporting better physical and mental health resilience as well as improved resilience to climate change. “When London thrives, our business thrives,” said GPE.
And finally, nurturing strong partnerships: amplify the company’s impact through its supply chain, customers and charity partners.
Eyes on the outcomes
The business will measure success through outcomes, including long-term employment opportunities, biodiversity created and the increase in suppliers incorporating social impact key performance indicators in their contracts.
When the initiative was launched, GPE’s vision was based around four areas: enabling healthy and inclusive communities; championing diverse skills and accessible employment opportunities; supporting the growth of local business and social enterprise; and connecting people with urban nature. But the team said the slimmer list of focus areas doesn’t mean it is “dialling down”, Nick Sanderson, GPE’s chief financial and operating officer, as well as chair of its social impact committee, told Estates Gazette.
“Talking to our customers, talking to our supply chain, talking to our people, they totally continue to believe that for us to deliver for our shareholders, we have to keep delivering for our communities.
“There’s an increased focus on outcomes. When we launched the social impact strategy we thought, ‘We need to put an ‘X-million pounds’ number on this and that will be the thing we focus on. What became pretty clear is that we shouldn’t back away from measuring what we do. But some of the things that have the biggest impact don’t necessarily have the biggest financial impact.”
“We’re still going to measure social value,” added Janine Cole, GPE’s sustainability and social impact director. “We’re keeping our £10m target in the background so people will still be able to judge us on our progress against our original targets. But we’re going to double down where we can have the most impact.
“Promoting inclusive communities, creating greener, healthier spaces and nurturing strong partnerships are the three areas where we think we can start to increase focus and amplify our impact.”
The company will publish annual progress reports on the strategy.
“We recognise that the needs of our communities are continually evolving, as well as approaches to social impact and social value as measurable concepts,” the company said.
“Through annual progress reviews, we will be able to measure our effectiveness and continue to reshape our approach to ensure that it remains fit for purpose and appropriate for the communities in which we are operating.”
Image from GPE
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