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2020-11-10 8:58 CET, Europe, Germany | Property Investment Management | Press release

Catella Residential IM to make its €4.5 billion European portfolio carbon neutral via partnership with ESG advisor Westbridge

Berlin-based Catella Residential Investment Management GmbH (CRIM) has commissioned German ESG services provider Westbridge Advisory to help make its entire €4.5 billion European portfolio carbon-neutral through the supply of renewable energy following a successful pilot for its assets in Germany. The European portfolio comprises 207 residential properties with a total of around 27,000 units. Some 100 properties, with around 13,000 residential units, are located in Germany, while the rest are spread over Austria, France, Spain, Finland, Poland, Belgium, Denmark, the Netherlands and the United Kingdom. 

Project in Germany already successfully completed
Westbridge has already helped to achieve a carbon dioxide reduction of around 13,500 tonnes across CRIM’s entire €2.2 billion portfolio in Germany by changing the energy supply of the 100 assets. While making the German stock CO2-neutral, Westbridge also streamlined the energy consumption cost structure, generating total savings of around €455,000. Of this, €280,000 was attributable to the conversion of the natural gas supplies and the remainder, €175,000, to climate-friendly electricity. The conversion projects for residential assets in the other European countries are currently in the operational implementation phase and are expected to be completed in the first half of 2021. 

Hagen Fitzer, Director ESG & Head of Technical Management at Catella Residential Investment Management GmbH, said: "In Westbridge Advisory we have found a reliable partner who supports our strategic ESG objectives, particularly with regard to achieving carbon neutrality for all the assets we manage throughout Europe. In the first phase, we were able to optimise our operating costs for all our properties in Germany while at the same time converting them to become climate-neutral."

Rüdiger Salzmann, Managing Partner at Westbridge, added: "More and more investment managers are making their portfolios carbon neutral in the wake of the new ESG regulations in the European financial sector, which also affects the real estate industry. In order to be able to continue to support CRIM in its ESG reporting in the future, we are protocolling and analysing in detail the processes we have initiated. Further sustainability projects with CRIM, such as the digitalisation of its metering infrastructure, are now in preparation.”

The alliance with Westbridge is in line with CRIM’s policy to meet its financial objectives whilst simultaneously delivering market-leading ESG standards at both fund and asset level. The Catella Group and all its subsidiaries view effective management of environmental impact and risk as part of their fiduciary duties, especially in light of their joint goal to comply with the Paris Climate Agreement and reduce their carbon footprint.

ENDS

About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 with a volume of €1.3 billion and it has since achieved an average net return for investors of 8.6% per year until the end of Q3 2020. The team also launched the first dedicated European Student Housing Fund in 2013

CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of €4.4 billion across 10 European countries.

For further information contact:
Lisette van der Ham                                                               
Head PR & Corporate Communications                                  
Catella Residential Investment Management GmbH               
Upper West, Kantstraße 164          
10623 Berlin                                                                         
M: +31 (0)6 83200561 
E: lisette.vanderham@catella-investment.com 
W: https://www.catella.com/wohnimmobilienfonds     

About Westbridge Advisory
Westbridge Advisory GmbH is an independent consulting firm that specializes in the optimization of operating costs as well as facility and energy management consulting for real estate portfolios. The Frankfurt-based company differentiates itself by its expertise in operating cost efficiency and its many years of experience in the real estate industry. The company’s consulting services follow a standardized process model with the goal of achieving an efficient, transparent and sustainable approach to all operation costs and ultimately a value increase for the properties. Westbridge serves the European market with Westbridge Advisory International AG based in Zurich.

For further information contact:
Sven Klimek
Senior Associate
Feldhoff & Cie. GmbH
Phone: +49 (0)69 2648677-235
M +49 (0)159 0167 6721
E: sk@feldhoff-cie.de