Principal Asset Management’s U.S. real estate core strategy and two of its European real estate core property strategies received a 4-star rating in 2023 from the Global Real Estate Sustainability Benchmark (GRESB), according to a news release from Principal Asset Management. This year marks the eighth consecutive year Principal’s U.S. real estate core strategy has earned a 4-star rating from GRESB.
These ratings place all three Principal strategies in the top 40% of GRESB participants worldwide and exhibit a long-standing commitment by Principal to integrate sustainability standards into its investment practices while pursuing positive financial results for clients. Ten strategies also received the green-star rating, which is awarded to entities with scores higher than 15 out of 30 on the management and 35 out of 70 on performance components.
“We are committed to implementing the latest innovations in the real estate industry to help clients achieve positive financial outcomes in addition to sustainability practices,” said Jennifer McConkey, managing director of ESG and operations for Principal Asset Management.
Principal Asset Management submitted five U.S. real estate funds and seven European real estate funds for participation in GRESB in 2023. All strategies scored 30 out of 30 points on the management component that covers leadership, policies, reporting, risk management, and stakeholder engagement. Several strategies showed increased scores in the performance component for building certifications, improved data coverage, and year-over-year performance on water and waste.
Each year, GRESB assesses and benchmarks the ESG performance of real estate assets worldwide. Of the 433 U.S. portfolios that participated, 53 were new in 2023. Principal Asset Management is the global investment solutions business for Principal Financial Group.
