BLACKSTONE AND PRUPIM SIGN UP TO BBP
16/02/2010
The Better Buildings Partnership today announced that the Blackstone Group and PRUPIM, two of the world's leading investment and advisory firms, have signed up to the scheme to cut carbon pollution and reduce energy costs from commercial property in London.
The announcement came as over one hundred business representatives met at City Hall to discuss their progress in saving energy and cutting their own carbon pollution at the Better Buildings Partnership and Green500 annual brunch.
Commercial property owners have an important role to play in reducing CO2 emissions from their buildings - as the commercial building stock in London is responsible for a third of London's CO2 emissions.
Blackstone is the world leader in private equity real estate investment. Global in scope, their real estate business has offices in New York, Chicago, London, Paris, Mumbai, Tokyo, and Hong Kong. Blackstone is incorporating the Better Buildings Partnership's green lease into new retail leases on its UK estates.
Stuart Grant, Managing Director, Blackstone Real Estate Group said:
"Blackstone is committed to giving due regard to environmental and social issues and to encouraging portfolio companies of our private equity and real estate private equity funds to do the same. We are delighted to be a member of the BBP and look forward to working with other leading real estate investors and owners in London to promote this vital initiative."
PRUPIM is a top 20 global real estate investment manager and a top five in the UK by funds under management. PRUPIM has around £14.5 billion invested in a broad spread of properties across Europe, North America and the Asia Pacific region and is part of M&G, the investment arm of Prudential plc in the UK and Europe.
Martin Moore, PRUPIM's Managing Director of real estate fund managers said:
"PRUPIM aims to deliver superior investment performance through integrating sustainability into our decision making, so we are pleased to support the Better Building Partnership and the many initiatives it is pursuing to promote engagement and action towards delivering the ultimate ambition of an even more responsible and sustainable property investment industry."
Peter Bishop, London Development Agency Group Director for Design, Development and Environment, said:
"I am delighted that Blackstone Group and PRUPIM have signed up to the Better Buildings Partnership. London's commercial buildings are responsible for a third of the capital's carbon pollution. Through the Better Buildings Partnership, the London Development Agency and London's commercial property owners are working together to find practical solutions that will cut their emissions and help London become a world leader in commercial energy efficiency."