GRESB has upgraded the ESG scores of Tritax Big Box and Euro Box, awarding both four green stars out of five.
The £5bn UK warehouse REIT was awarded 81 out of 100, up from last year’s 72. Its £840m continental cousin scored 82% for its standing investments, a marked improvement on last year’s score of 64. The average score for industrial space is 64, while for real estate as a whole it is 73.
Both REITs enhanced their scores with their commitment to ESG programmes and green finance.
Tritax EuroBox launched its debut €500m (£423m) five-year green bond issue in May 2021, while Big Box had its debut with a £250m green bond last November.
Colin Godfrey, chief executive of Tritax Management, said: “Our strategy is driving improvements in our ESG ratings, demonstrating not only our leadership in ESG, but also how environmental, social and governance matters are an intrinsic part of every element of the group’s strategy and increasingly embedded in the way the group operates.”
Big Box has also been named as GRESB’s “Leader for Development in the European and Global Industrial Listed Sectors”, achieving the highest score for the industrial sector, with of 97 out of 100 and the maximum of five green stars. Last year it clocked 91 and five green stars.
“Acting sustainably and responsibly is fundamental to our ability to deliver long-term positive social, environmental and economic change and value for shareholders and other stakeholders,” said Helen Drury, sustainability lead at Tritax Group.
“Across our business, portfolio and the wider sector, we continue to work closely with all our stakeholders to deliver ESG programmes and implement our strategy to provide further attractive, long-term outperformance and sustainable value.”
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