Stockbridge’s Core Fund received its first 4 Star rating, and Separate Account received its second consecutive 3 Star rating in the 2023 GRESB Real Estate Assessment.
Stockbridge is pleased to announce the 2023 GRESB Real Estate Assessment results for its core fund (the “Core Fund” or the “Fund”) as well as two of its separately managed accounts (“Separate Accounts”). The Core Fund has earned its first 4 Star rating, marking a monumental achievement for the Fund and its sustainability goals. One of the Separate Accounts earned a 3 Star rating for the second consecutive year, and an additional Separate Account was submitted to GRESB for the first time this year. This rating is based on environmental, social and governance (ESG) performance during the 2022 calendar year.
Over the past year several years, the firm’s Core Fund and both Separate Accounts have made a diligent effort to prioritize increased data collection to better capture opportunities for reduction in consumption of energy, GHG emissions and water usage, along with the pursuit of sustainability certifications such as Energy Star, BREEAM USA and IREM Certified Sustainable Property (CSP) at select multifamily, industrial, retail and office properties.
“This year’s GRESB results are a tremendous achievement not only for our Core Fund but also for the firm as a whole as we continue to proactively promote and incorporate ESG+R across select portfolios and within many facets of our investment processes in order to maximize asset value and mitigate risk,” said Arielle Birenberg, Senior Vice President and Head of Sustainability for Stockbridge.
In the 2023 Assessment, the Core Fund received an overall GRESB score of 82, a three-point increase from the year prior and a 50-point increase from its 2019 score. The Fund also placed second out of 13 within its designated peer group[1]. All three portfolios also earned the prestigious GRESB Green Star designations.
This year, GRESB Real Estate Assessment participation increased by 15% to include 2,084 listed and non-listed portfolios, generating a benchmark that covers $7.2 trillion of gross asset value across 75 countries. Stockbridge has been a long-standing member of GRESB and has submitted the Core Fund annually since 2014.
In 2019, the firm engaged a third-party ESG expert to perform GRESB analysis and provide strategic action items for improvement. For more information on Stockbridge’s sustainability approach, visit here.
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ABOUT STOCKBRIDGE
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.8 billion of assets under management (as of June 30, 2023) spanning all major real estate property types and certain specialty property types, throughout the United States. For more information, visit www.stockbridge.com.
ABOUT GRESB
GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world. For more information, visit GRESB.com
GRESB Assessment Rating
GRESB provides validated performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement and decision-making. The GRESB Rating is based on the overall GRESB Score and its quintile position relative to all participants in the GRESB Assessment, with annual calibration of the model. The highest rating is the GRESB 5-Star Rating and lowest is GRESB 1-Star Rating.
Important Notice:
Stockbridge’s ESG+R Program is aligned with INREV, GRESB. Data provided herein has been reviewed by RE Tech Advisors and represents a snapshot of current performance. GRESB is independent of Stockbridge and is funded by fees from members and submitters. The firm’s core fund pays annual submittal fees of approximately $5,500.
[1] The Core Fund’s GRESB peer group is the Diversified, core, tenant-controlled peer group.