Over 55 of our managed assets across Finland, Germany, Italy, Czech Republic, Slovakia and the Netherlands are equipped with a Smartvatten device that facilitates the remote monitoring of water consumption with smart software.
This tool helps track water consumption and leak detection. This allows property managers to take corrective actions to stop further leakages and reinvoice water fairly to tenant-customers, as well as improving the certification ratings of buildings (BREEAM, LEED).
Considering environmental factors when selecting suppliers is one of the key ways to reduce the carbon footprint of our business. For CEREIT’s Nervesa 21 refurbishment, our Italian team has been partnering with AGC Glass Europe, that produces Low-Carbon Glass. According to them, glass accounts for 5% to 15% of the embodied CO2 emissions in a building. By using Low-Carbon Glass instead of standard glass, a building’s embodied CO2 emissions are reduced.
Low-carbon glass is manufactured in an optimised process to reduce its carbon footprint. Using recycled glass and low carbon supplies in highly efficient melting furnace reduces the carbon emitted from the production process. AGC Low-Carbon Glass used for 50% of façade of the renovation project.
Nervesa 21 will have WELL Platinum and LEED Gold certifications. These levels are achieved by the circular practices implemented to reduce carbon emissions. Maintaining the existing structure is enabling potential embodied carbon savings of approximately 1,288 kgCO2e/m2 vs. demolishing and rebuilding.
European regulations require the need to reduce carbon emissions in line with Cromwell’s ESG strategy. The Group identified the need to implement an ESG data collection platform to collate all relevant data from real estate asset portfolios, in the most efficient and effective manner. Furthermore, in addition to meeting regulatory and voluntary reporting obligations, the team needed additional asset insights to better understand how to improve/enhance the operational efficiency of the assets.
Cromwell adopted the Deepki system, a central online hub allowing to automatically collect all existing utility consumption data from assets under management. Once fully rolled out, Deepki will bring together ESG data from various sources and enable Cromwell to:
Better understand property performance.
Define energy and carbon reduction, pathways and associated investments plans.
Set up energy reduction targets in line with the Group’s ESG strategy.
Improve and deliver more accurate and transparent data for reporting purposes.
As of 30 November 2023:
Fact 1 120+ buildings in Europe have been integrated into the Deepki platform, representing approx. 75% of the AUM managed in Europe.
Fact 2 10 countries have been fully integrated into the system.
Fact 3 88% of landlord-controlled energy meters collects automatically or semi-automatically monthly utility consumption data without manual support
Fact 4 Over 55 assets are equipped with water smart meters allowing a direct API feed from supply chain partner Smartvatten to the Deepki platform.
Fact 5 The first API with Danish utility provider has been set up.
Fact 6 Climate risk exposure scores calculated for all assets.
Fact 7 25%+ of tenants have provided mandates for Deepki to collect information on their behalf
In Europe, green leases allow us to collaborate more closely with tenant-customers to obtain environmental data and collaborate on joint sustainability initiatives, such as jointly funding energy efficiency upgrades, or installing and purchasing renewable sourced energy. 26 percent of leases for Cromwell European Real Estate Investment Trust (CEREIT) meet this classification and more will be rolled out in FY24.
Working with our tenant-customers in this way encourages sustainability and accountability. Our goal is to incorporate governance measures to influence our tenant-customers to introduce sustainability practices that reduce their scope 3 emissions, helping to meet our net zero scope 1, 2, and 3 targets by 2045.