Landsec invests to improve diversity in real estate
Landsec has launched a social impact fund which it claims will generate £200 million ($248 million) of social value by 2030.
The UK real estate investment trust this week unveiled the details of Landsec Futures, a £20 million ($24.8 million) fund committed to creating “a fairer, more equitable real estate industry” in the UK by enhancing social mobility.
LandSec reports that the UK real estate industry’s workforce is lacking diversity, significantly with regard to socio-economic background. An industry study found nearly half (45%) of real estate employees attended an independent or selective state school.
Landsec Futures addresses this need for greater representation in the real estate industry by investing in four new social impact programmes: internships, employee bursaries, partnerships with education or employability charities and community grants for places where the REIT invests.
Jennie Colville, head of ESG and sustainability at Landsec, said: “Despite greater focus on diversity in recent years, we know the real estate industry is not where it needs to be if we want to create more inclusive, sustainable, and successful places.
“In addition to the programmes committed to today, we’ll be collecting data on the socio-economic backgrounds of our existing and future employees at Landsec as part of our new diversity and inclusion strategy. This will help us better measure the impact of our actions today and create an industry where everyone can fulfil their potential.”