We are delighted to announce that Norges Bank Real Estate Management has become the 29^th member of the Better Buildings Partnership (BBP).

Norges Bank Real Estate Management manages the unlisted real estate assets of the Norwegian Government Pension Fund Global. The fund had £17.9bn of real estate assets under management at the end of 2016, of which £4bn was invested in the UK, mainly in London.¹ The fund has a diverse portfolio including office, retail and industrial assets.

Norges Bank Real Estate Management’s philosophy is to buy assets and hold them for the long term, targeting high-quality properties that can deliver a good return over time. They have a long-standing commitment to be a transparent and responsible investment manager and believe that sustainability supports their goal to achieve the highest possible long-term return.

The fund’s sustainability strategy for unlisted real estate investments is already well aligned with BBP’s ambitions. It incorporates sustainability actions into annual business plans, construction and renovation projects and aims to increase the number of buildings with green certifications. As part of building internal asset management capability, the fund implements initiatives at its wholly-owned assets that improve sustainability performance.

The fund aims to strengthen its analytical capacity to benchmark energy, water, carbon and waste management across unlisted real estate investments. It will include all its wholly-owned UK assets in REEB and support the further development of REEB as an asset-level benchmarking tool for property owners. Norges Bank Real Estate Management will also use their membership of the BBP to calibrate their sustainability strategy with leaders in the UK market and contribute with their own insights and perspectives.

Sarah Ratcliffe, BBP Programme Director, stated: “We are delighted to welcome Norges Bank Real Estate Management as our newest member of the BBP.  Norges Bank Real Estate Management are long-term investors with a strong commitment to sustainability throughout their investment portfolios and their objectives are therefore very much aligned with the BBP's. We look forward to working with Norges Bank Real Estate Management and involving them in the BBP programme of work to develop collaborative, practical tools to help transform the industry.”.

Read more about Norges Bank Real Estate Management here.

¹ See https://www.nbim.no/en/transparency/reports/2016/real-estate-investments-2016/

EDITORS NOTES:

Better Buildings Partnership

The Better Buildings Partnership (BBP) is a not for profit collaboration of the UK’s leading property owners who are working together to improve the sustainability performance of the UK’s existing commercial buildings. The organisation's aim is to deliver market transformation through sustainability leadership and knowledge sharing across the UK property industry. The BBP currently has 29 members who represent in excess of £200bn Assets Under Management (AUM).

The BBP members include Aberdeen Standard Investments, Aviva Investors, Blackstone, British Land, Bruntwood, Cadogan, Canary Wharf Group, Capital & Regional, CLS Holdings, Cording Real Estate Group, Deutsche Asset Management, Great Portland Estates, Grosvenor, Hammerson, Hermes Investment Management, intu Properties, Landsec, LaSalle, Investment Management, Legal & General Investment Management, Low Carbon Workplace, M&G Real Estate, Norges Bank Investment Management, SEGRO, Shaftesbury,  Schroder Real Estate, TH Real Estate, The Crown Estate, Transport for London and Workspace.