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Principal Asset Management℠ Real Estate Strategies Receive 4-Star Rating From Global Real Estate Sustainability Benchmark in 2023
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Principal Asset Management Receives 4-Star GRESB Rating for US and European Real Estate Strategies
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Four-star GRESB rating for Principal real estate strategies showcases its long-standing commitment to sustainable investment
DES MOINES, Iowa--(BUSINESS WIRE)--
Principal Asset Management℠ announced today that its United States real estate core strategy and two European real estate core property strategies received a 4-star rating in 2023 from the Global Real Estate Sustainability Benchmark (GRESB). This year marks the eighth consecutive year Principal’s U.S. real estate core strategy has earned a 4-star rating from GRESB.
This year’s ratings place all three Principal strategies in the top 40% of GRESB participants worldwide1 and exhibit a long-standing commitment by Principal to integrate sustainability standards into its investment practices while pursuing positive financial results for clients. Ten strategies also received the green-star rating, which is awarded to entities with scores higher than 15 out of 30 on the Management and 35 out of 70 on Performance components.
"We are committed to implementing the latest innovations in the real estate industry to help clients achieve positive financial outcomes in addition to sustainability practices," said Jennifer McConkey, managing director of ESG and operations for Principal Asset Management. "Our strong GRESB performance over the past eight years is evidence of the success of our Pillars of Responsible Property Investing platform and the ability of funds to continually implement new ESG practices and perform well against their peers in North America and Europe."
In total, Principal Asset Management submitted five U.S. real estate funds and seven European real estate funds for participation in GRESB in 2023. All strategies scored 30 out of 30 points on the Management component that covers leadership, policies, reporting, risk management, and stakeholder engagement. Several strategies showed increased scores in the Performance component for building certifications, improved data coverage, and year-over-year performance on water and waste.
The Pillars of Responsible Property Investing is the overarching sustainability platform for the firm’s dedicated real estate investment team. This platform guides the implementation of sustainability throughout the property life cycle as it seeks to invest in and lend on real estate that delivers positive financial outcomes for all stakeholders while promoting health and wellbeing for tenants and residents, minimizing environmental impacts, and enhancing the communities where we invest.
About GRESB
Each year, GRESB assesses and benchmarks the ESG performance of real estate assets worldwide. Overall fund participation grew by 15% this year to 2,084 listed and non-listed portfolios, generating a benchmark that covers USD7.2 trillion of AUM across 75 countries. Growth was particularly strong in Oceania and Asia, while markets like Europe and the Americas continued with steady growth rates. On a global scale, Europe led the pack with the highest number of new participants, rising from 907 to 1,013. Of the 433 US portfolios that participated, 53 were new in 2023.
Information on the 2023 GRESB Real Estate results can be found at GRESB.com. Principal paid GRESB and application fee to be evaluated and to use the rankings.
About Principal Asset Management℠
With public and private market capabilities across all asset classes, Principal Asset Management℠ and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.2 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion in assets2 and recognized as a “Best Places to Work in Money Management”3 for 11 consecutive years.
1 The GRESB star rating is a relative score that ranks all GRESB participants worldwide, broken up into quintiles. Therefore, a GRESB 4-star score indicates performance within the top 40% of all participants.
2 As of September 30, 2023
3 Pensions & Investments, “The Best Places to Work in Money Management”, December 12, 2022
What is the GRESB rating for Principal Asset Management's US and European real estate core strategies?
Both the US and European real estate core strategies received a 4-star rating from GRESB in 2023.
How does Principal Asset Management's strategies rank among GRESB participants worldwide?
All three Principal strategies are placed in the top 40% of GRESB participants globally.
What is the significance of the green-star rating received by Principal Asset Management?
The green-star rating is awarded to entities with high scores in the Management and Performance components, demonstrating a commitment to sustainability practices and positive financial outcomes.
How many real estate funds did Principal Asset Management submit for participation in GRESB in 2023?
Principal Asset Management submitted a total of 5 US real estate funds and 7 European real estate funds for participation in GRESB in 2023.
What is the Pillars of Responsible Property Investing platform?
The Pillars of Responsible Property Investing is the sustainability platform guiding the implementation of sustainability throughout the property life cycle for the firm’s real estate investment team.
principal financial group® helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. to find out more, visit us at principal.com. the principal is an affirmative action and equal opportunity employer and an e-verify participant. all qualified applicants will receive consideration for employment without regard to of age, race, color, religion, gender identity, gender expression, pregnancy, national origin, citizenship status, disability, genetic characteristics, sexual orientation, marital status, domestic partner status, military status, protected veteran status, disability status or any other characteristic protected by law.
