Welput and SoLa amongst the winners at PREA awards
The Pension Real Estate Association, (PREA) announced the winners of the 2022 PREA Real Estate Investment Management ESG Awards at its Spring Conference in Beverly Hills on March 23.
This is the second year of ESG awards from the US real estate funds trade association, with awards in five categories. Greg MacKinnon, director of research at PREA, said: "Society is built on real estate and to be successful as an investment in the long run, real estate needs to reflect the broader needs and concerns of society.
“All of the 2022 winners of our ESG awards show that, appropriately designed, a real estate investment program can have significant positive impacts on society and the communities in which it operates, while at the same time providing competitive investment performance. At PREA, we are proud to recognize these real estate investment managers at the vanguard of incorporating ESG considerations into their investment strategies."
PREA Emerging Manager ESG Award: SoLa Impact
LA-based SoLa is focused on providing affordable housing in black and brown communities in the US. Martin Muoto, CEO of SoLa Impact, said: "SoLa Impact is demonstrating that when it comes to social returns and financial results, we don't have to choose one or the other—you can do well by doing good.”
PREA Open-End Fund ESG Award: Hines European Core Fund
The Hines European fund has more than €2 billion of assets under management. Fund manager Simone Pozzato said: "I am confident that our continued efforts to respond to communities' social needs, carbon neutrality and innovation in asset management will create long-lasting impact on the neighbourhoods we serve and to provide benchmark-leading financial performance for our investors."
PREA Closed-End Fund ESG Award: Welput
The London office fund, managed BentallGreenOak, recently announced funding for an all-electric London office project. Ker Gilchrist, Managing Partner for Welput at BGO, said: "Welput continues to challenge the boundaries for what can be achieved to develop sustainable office buildings that will respond to ESG demands now and into the future. I'm delighted by and grateful for the recognition that this award brings to our work, as we remain steadfast in our ambition to make Welput net zero-ready in the short term."
PREA ESG Momentum Award: Jamestown Premier Property Fund
This award recognises industry-leading and innovative approaches to ESG issues among and significant recent advances in ESG outcomes. Jamestown has improved the fund’s ESG performance with a range of measures and increased its commitments to emission reduction.
PREA Social Impact ESG Award: Turner Multifamily Impact Fund I
The social impact award is a new category, won by Turner’s first multifamily fund, which has acquired and preserved thousands of units of affordable workforce housing in cities across the US. It provides homes for workers who do not qualify for subsidised housing but who could not otherwise afford homes near their workplace.