The Better Buildings Partnership (BBP) has announced the joining of PGIM Real Estate to their membership, which now represents 52 organisations and over £300bn in assets under management (AUM).
Established in 1970, PGIM Real Estate is a business of PGIM, the $1.2 trillion global asset management business of Prudential Financial Inc. PGIM Real Estate represents $208bn in gross AUM, working across 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate has set out to ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world.
PGIM Real Estate have committed to reduce operational carbon emissions of its global portfolio of managed properties, which represents over 4,000 buildings, to net zero by 2050. Alongside this, in 2022, PGIM Real Estate signed up to the UK stewardship code, a set of voluntary investing-focused principles that promote good stewardship and corporate governance. For more information on their approach to sustainability, click here.
The BBP are delighted that PGIM Real Estate have joined the growing number of organisations working together to improve the sustainability of commercial buildings.
Sarah Ratcliffe, CEO, Better Buildings Partnership said: “We are thrilled to welcome PGIM Real Estate to the BBP and look forward to working with them as they transition their commercial real estate portfolio to net zero carbon. PGIM Real Estate will join our highly collaborative members who come together to demonstrate leadership, share knowledge and develop practical tools to drive market transformation and ultimately deliver better buildings.”
Christy Hill, Global Head of ESG, PGIM Real Estate said: “PGIM Real Estate is committed to being a part of the solution to address the biggest climate challenges facing the real estate industry. Given our global scale and footprint, we recognize that not only must we act now, but we have a significant opportunity to make a positive impact. We are, therefore, delighted to join the Better Building Partnership to shape our industry’s sustainable investment practices.”