FORE Recognised as Real Estate Leader in Global ESG Survey

FORE has once again achieved the top rating of 5 Stars in the GRESB Real Estate Assessment – the property industry benchmark for best practice in achieving positive environmental and social impact.

In the 2020 survey, we retained our maximum 5-star rating from 2019 with an overall score of 87/100. We are particularly proud to have been designated as a real estate “Sector Champion” – a recognition of outstanding performance and industry leadership – after taking the top ranking in three separate real estate categories:

  • Main Peer Group – Europe | Diversified – Office/Residential | Non-listed (1st out of 10)
  • Developer – Diversified Office/Residential / Europe (1st out of 11)
  • Developer – Europe / Non-listed / Value Added / Closed end (1st out of 30)

This is especially impressive given our modest size relative to our peer group, which includes firms like Grosvenor, Crown Estate, AXA, M&G Real Estate, Canary Wharf, and Tristan Capital.

The 5-star rating follows our commitment to become zero carbon by 2025 and our certification as a B Corporation, which binds us to purpose alongside profit.

GRESB was launched in 2009 by a group of large pension funds who wanted to have access to comparable and reliable data on the ESG performance of their real assets and monitor the sector’s progress towards global sustainability goals.

The survey is now the largest of its kind. In 2020, more than 1,200 property companies, real estate investment trusts (REITs), funds, and developers participated in the assessment – a 22% rise on the previous year, reflecting accelerating investor demand for detailed ESG data. Overall, the 2020 assessment covered more than 64 countries, with participants representing US$4.8 trillion in assets under management.

The outcomes of the annual assessment help drive decision-making that leads to a more sustainable real asset industry. Some key findings from the 2020 assessment include:

  • Listed property companies still outperform the private sector, but with a smaller lead than previous years. The average GRESB Score for standing investments portfolios is 71 for listed companies and 70 for private entities. For development portfolios, the differences are slightly larger and favour the private sector. Listed companies have an average score of 73, compared to 75 for private entities.
  • By sector, average GRESB Scores for offices continue to outperform other property types, but the other sectors are closing in.
  • The regional breakdown shows Oceania still ahead, with an average GRESB Score of 77. The Asian real estate sector comes in second, with 72, followed by Europe at 69.5, just slightly ahead of the Americas at 69.
  • Once again, Europe leads the world in transparency with the highest number of new entities participating in the benchmark, while the Americas cohort remains the largest in dollar terms globally. Americas is also the only region where the average score for the private sector (70) is higher than the listed sector (67).

Roxana Isaiu, Director Real Estate at GRESB, remarked: “While we still have many challenges to overcome on our way to a more sustainable future, it’s inspiring to see this collective commitment to ESG transparency and collaboration from across the global real estate industry.”