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EPRA Monthly Brief
September 2021
We kick-started the academic year with our five-days Conference, held once again in a virtual format. With four days of corporate pitches, and a main leadership day featuring renowned economists, ESG, wellbeing and proptech experts, as well as senior listed real estate professionals, the event attracted over 400 participants. Those who missed the chance to attend our live streams, all recorded sessions are available here until the end of November.

During the research session at the event, we presented an update to the Covid-19 impact study prepared by Oxford Economics. Commissioned by EPRA in May 2020 to examine the outlook for the European economy and implications for listed real estate in the wake of the pandemic, the latest report revisits and updates the analysis presented in that paper.

The EPRA Conference was also an occasion to celebrate the 10th anniversary of the Sustainability Best Practices Recommendations with a special webinar organised in partnership with KPMG and the unveiling of the Awards results. I let you read more about it in the core of this brief, and the EPRA finance and sustainability teams are always available if you need further guidance on the implementation of the BPR guidelines.

With ESG one of the leitmotivs of the Conference and increasingly our day-to-day business, I also invite you to discover our latest materials dedicated to the EU Taxonomy and to green bonds, while we continue making sure that the specificities of our sector are being addressed in any upcoming legislation.

 
Dominique Moerenhout, EPRA CEO
EPRA news

Impact of the Covid-19 crisis on European listed real estate

Although we have now entered a period of greater optimism with the global economy rebounding strongly, the recovery is proving uneven across geographies and sectors, with implications for listed real estate (LRE) investors. Oxford Economics, commissioned by EPRA, examines recent trends in European listed real estate and implications of the economic and sectoral outlook for future performance. The recovery in listed real estate has to date broadly tracked the recovery pathway of the Eurozone crisis while being more rapid than the GFC – the Developed Europe LRE Index was around 1% above its pre-pandemic peak by end-August 2021. The pandemic has accelerated a number of structural trends that were already evident prior to the crisis and these themes are expected to continue driving strong returns after the pandemic. Download the full report.

Green bonds: Driving sustainable change in European listed real estate

Green bonds are firmly on the European financial agenda, which has been fuelled by appetite from both policymakers and the investment community. Across Europe and beyond, green bonds are already funding a broad range of projects that are helping to tackle climate change and sector decarbonisation on several fronts. There are benefits beyond the environment too: the projects also stimulate economic growth on a local and national level, aiding the recovery. Listed real estate has been at the heart of the action and EPRA has prepared a snapshot of how this is progressing. The study delves into 29 European listed property companies, EPRA members and FTSE EPRA Nareit Index constituents, that issued green bonds up until 30 June 2021. Access the infographic and the green bonds monitor HERE.

EPRA Best Practices Recommendations Awards 2021

Last week EPRA released the results of the financial and sustainability 2021 Best Practices Recommendations (BPR) Awards. It was the first year when the new methodology for the BPR Awards - including three updated EPRA Net Asset Value metrics (NRV, NTA, NDV) as well as enhanced CapEx disclosure - has been applied, and the results are encouraging. It was also the year when we celebrated the 10th anniversary of the EPRA sustainability reporting standard (sBPR), with the number of Award winners passing the 100 members threshold for the very first time. To raise the profile of transparent and comparable ESG data for the listed real estate sector, EPRA partnered with KPMG to deliver the first study dedicated to the importance of sector specific ESG data, the impact on property companies’ performance, the current regulatory landscape and sector best practices to manage and improve ESG impacts. You can rewatch the ESG session here.

EU Taxonomy: The case of listed real estate

As part of the EU Sustainable Finance Strategy, policy makers have been working on the EU Taxonomy to enable investors to reorient capital towards more sustainable technologies and businesses. With buildings being responsible for 40% of energy consumption in Europe, tools to redirect investors to finance energy efficient retrofits are crucial, as renovations have a greater climate mitigation potential than new constructions. In Europe, 85% of the building stock was built before 2001 and will still be in use in 2050. At the same time, only 1% of buildings undergo energy efficient renovation every year. With the aim to decarbonise the built environment in Europe, the EU Taxonomy must incentivise renovations at least to the same extent as it currently does with new constructions! Discover our infographic for more information.
Additional reading
Selection for your agenda
If you would like more information about any of the upcoming events, contact us at events@epra.com
  • 29-30 Sep: Portugal Real Estate Summit, Lisbon
  • 04 Nov: EPRA Virtual Sustainability Summit
  • 24 Nov: EPRA Corporate Access Day Winter Edition
  • 02 Dec: EPRA Nordic Market Event: Key LRE Metrics for Better Investments Decisions
  • 08 Dec: EPRA Growth Corporate Access Day – 1st Edition
  • 14 Dec: EPRA Green Bonds Webinar
  • 04 Jan: EPRA Insight London
  • 06 Jan: EPRA Insight Paris
  • 11 Jan: EPRA Insight Germany
  • 13 Jan: EPRA Insight Benelux
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