PREA today announced the winners of the inaugural PREA Real Estate Investment Management ESG Awards. Environmental, social, and governance (ESG) issues are increasingly central to investment decision making, and these awards were introduced by PREA to recognize private equity real estate funds at the forefront of ESG within real estate investing. By highlighting these award winning investment funds PREA is not only recognizing industry leaders, but also providing examples to the industry of how properly implemented ESG programs can help foster a more sustainable and socially responsible future, without sacrificing investment performance.
There was a tremendous response to the call for submissions for the inaugural awards, with 59 funds, with an aggregate net AUM of over $192 billion USD, submitting across four categories. Submissions involved providing written answers to questions, and other materials, describing the ESG program, and its results, at the fund. Submissions were judged by a panel of experts from outside PREA, and independent of any investment manager or institutional investor.
The winners of the 2021 PREA Real Estate Investment Management ESG Awards in the four categories are:
PREA Open-End Fund ESG Award To recognize excellence in addressing ESG issues by open-end real estate funds. 2021 Winner: Hines European Core Fund (managed by Hines) 2021 Honorable Mention: CommonWealth Partners (managed by CommonWealth Partners)
PREA Closed-End Fund ESG Award To recognize excellence in addressing ESG issues by closed-end real estate funds. 2021 Winner: GID Institutional Multifamily Partners (managed by GID Investment Advisers) 2021 Honorable Mention: West End of London Property Unit Trust (managed by BentallGreenOak)
PREA ESG Momentum Award To recognize industry-leading and innovative approaches to ESG issues among open- and closed-end real estate funds, and/or significant recent advances in ESG outcomes. 2021 Winner: Green Cities Fund III (managed by The Green Cities Company)
PREA Emerging Manager ESG Award To recognize excellence in addressing ESG issues by emerging real estate investment management firms. 2021 Winner: MDH Partners
The tremendous response we had to our first ESG awards indicate the serious efforts being made throughout the real estate investment industry to incorporate ESG considerations, and the great strides that have been made already. All of our 2021 winners exemplify the use of thoughtful and effective ESG programs that both serve their investors and help foster a more sustainable, healthy, and socially equitable future. Society is built on real estate, and real estate investment should therefore reflect society’s broader needs. At PREA, we are proud to recognize those real estate investment managers at the vanguard of incorporating this thinking into their investment strategies.
Greg MacKinnon, Director of Research at PREA
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