Presentatie CBRE Global Investors

CONFIDENTIAL AND PROPRIETARY
CBRE Global Investors
Sustainable investments
Martijn Vlasveld
Colinda Hendrikx
Presented by:
JAAP DEMOED
MARTIJN VLASVELD
CBRE DUTCH RETAIL FUND
Presented to:
Seminar:
‘De meerwaarde van energiezuinige huurwoningen’
Contents of this presentation
 Why do we invest in sustainability
 Our sustainability strategy in an European perspective
 The Dutch approach of investing in sustainability
 Clear examples in our Dutch residential portfolio
CONFIDENTIAL AND PROPRIETARY
CBRE Dutch Funds – Sustainable Investments
Why do we invest in sustainability?
Our investment philosophy
CBRE Global Investors aims to be the leading provider of sustainable real estate products,
providing our tenants with sustainable real estate units with which they are highly satisfied,
and offering the most sustainable funds with an above average return to our investors.
The strategy of CBRE Global Investors is dedicated to investing in sustainable real estate,
but also to achieving satisfied customers and an above average return for our
shareholders.
This is our version of the well known „people, planet and profit‟.
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CBRE Dutch Funds – Sustainable Investments
Investors | The investment rationale for our shareholders
Sustainable properties are more attractive
 Sustainable buildings generally have a better quality
 Sustainable building are often located in better locations
 Governments and corporates tend to prefer green properties
Inefficient properties experience less demand
 Higher energy costs are expected to be compensated in the rent
 Vacant properties with a non-green label are less appealing to tenants
 Inefficient buildings have the risk of necessary upgrading costs
Sustainable properties are likely outperform inefficient ones
Transparency and knowledge sharing creates value
 In June 2014 we have published our fifth sustainability report.
 Together with the other CBRE Dutch funds we launched:
www.sustainabledutchfunds.com
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CBRE Dutch Funds – Sustainable Investments
Investment Rationale | Residential
The sustainability premium for residential properties is still in its early stages
 There is an indication of a premium regarding value in Dutch and US studies
 We don‟t see these indications so clearly in the daily Dutch residential valuations and market prices
However, we do see positive signs regarding sustainability within the Dutch Residential Fund
 Influence of sustainability on residential investments is currently mainly noticed in regulated
segment.
– Energy label is part of WWS and influences the maximum rental levels for regulated houses
– The height of service costs can influence the selection process of (potential) tenants and
therefore financial return
 With private sales the buyer takes into account aspects that are related to sustainability (double
glazing, age of heating system, etc.)
 Investments assigned to bring sustainability to an „average‟ level we see, that buyers calculate a
(brown) discount.
 In a oversupplied market we see that sustainable dwellings provide a competitive advantage
The added value of sustainability is highly dependent on the market situation (a “buyers –or sellersmarket”)
CONFIDENTIAL AND PROPRIETARY
CBRE Dutch Funds – Sustainable Investments
The sustainability strategy in European perspective
The three main pillars of our sustainability strategy
Global scale
GRESB, BREEAM
Sustainable renovations
Define the
best strategy
Analyze and optimize
Analyze
optimize
our
portfolio
our portfolio
Improve our
our assets
Improve
assets
at
natural
moments
at natural moments
Local expertise
Energy labels &
energy consumption
Sustainable maintenance
Define the best strategy
CONFIDENTIAL AND PROPRIETARY
CBRE Dutch Funds – Sustainable Investments
Sustainability organization
Global analysis
and CSR policy
Local Fund
Fund‟s Sustainability
Team
Global Green
Team
Global initiatives
CBRE Dutch Office
Fund
CBRE Dutch Retail
Fund
CBRE Dutch
Residential Fund
Sustainability Team:
1 Asset Manager
1 Technical
Manager
1 Trainee
Sustainability Team:
1 Asset Manager
1 Transaction
Manager
2 Technical
Managers
Sustainability Team:
2 Asset Managers
1 Technical
Manager
1 Commercial
Analyst
Local Fund
Fund‟s Sustainability
Team
All team members work closely with the assets and/or investors, next to their CSR reponsibility
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CBRE Dutch Funds – Sustainable Investments
The sustainability strategy setting process
Translation of
CSR Strategy
Yearly
Green
Action
Plan
Fund‟s CSR
Strategy,
ambition and
goals
Development
of CSR Strategy
and policies
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Executing the
Green Action Plan
GRESB Survey
Global performance analysis
and local improvement analysis
analyzing
with peers
CBRE Dutch Funds – Sustainable Investments
The Dutch approach of investing in sustainability
Green Action Plan 2014 | 5-layer strategy for implementation
1. SHAREHOLDERS
2. THE PROPERTIES
3. CBRE GLOBAL INVESTORS NETHERLANDS
4. SUPPLIERS
5. TENANTS
CONFIDENTIAL AND PROPRIETARY
•
Inventory the information need of shareholders regarding sustainability
•
Further improve the reporting regarding sustainability
•
Continue labeling core properties of CBRE with BREEAM-In-Use
•
Improve the data collection for INREV reporting and GRESB
•
Support CBRE Global Investors Netherlands in their sustainability performance
•
Provide insight in the sustainability performance of CBRE Global Investors Netherlands
•
Provide insight in the most sustainable suppliers
•
Further implement the sustainability requirement for new projects
•
Deliver insight for Individual tenants on their energy consumption
•
Further develop active monitoring of building installations
CBRE Dutch Funds – Sustainable Investments
CBRE Global Investors direct funds 2013 rankings
Our European funds lead globally, followed by our American funds and then the Asian
funds
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CBRE Dutch Funds – Sustainable Investments
GRESB score history
CBRE Dutch Residential Fund
100
GRESB
91
90
80
68
70
61
64
Score
60
58
46
50
40
31
39
30
Overall
Management & Policy
20
Implementation &
Measurement
17
10
0
2011
2012
2013
Year
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CBRE Dutch Funds – Sustainable Investments
GRESB score
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CBRE Dutch Funds – Sustainable Investments
Performance monitoring – Energy - BEFORE
CBRE Dutch Residential Fund
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CBRE Dutch Funds – Sustainable Investments
Performance monitoring – Energy - AFTER
CBRE Dutch Residential Fund
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CBRE Dutch Funds – Sustainable Investments
Sharp decrease in average energy label
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CBRE Dutch Funds – Sustainable Investments
Performance monitoring
A noticeable achievement past year is the introduction of smart metering and extensive performance monitoring.
 Gathering energy consumption data was professionalized in 2012/2013 by the introduction of an Energy
Monitoring System. All data relevant to the various connections (over 300) will be recorded in this database and
can be used by both the Fund as the property manager.
 Semi-annually, the consumption data will be registered which leads to an overview of consumption.
Resource consumption 2011 vs. 2012
Energy
Emissions
Water
0%
% Change
-25%
-12,6%
-18,4%
-50%
-75%
CBRE Dutch Residential Fund
Peer average
Global average
-100%
-100,0%
Consumption categories
Equivalent of:
Pools
CONFIDENTIAL AND PROPRIETARY
220 homes
510 automobiles
6 Olympic Swimming
CBRE Dutch Funds – Sustainable Investments
Less energy usage
 Improved overview of connections
 Improved data quality by more smart metering and far less estimates
(mid 2013, 61% of all connections – which are over 300 – are equipped
with smart meters). This leads to better data, but also more awareness,
and updates on usages throughout the year.
 Efficient use of existing lighting (movement sensor or decrease of
fixtures is use), new programming for elevators, etc.
 The Fund will reduce the amount of energy consumption in the
properties‟ landlord controlled areas between 2012 and 2014 by 2% a
year on average.
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CBRE Dutch Funds – Sustainable Investments
Sharp decrease in CO2 emissions
 Purchase of green energy (via property managers).
 What is green energy? How to deal with certificates? Can you actually
purchase green gas?
 CO2 emission is 0, as we compensatied our remaining emission (being
emissions from non-green or not 100% confirmed green energy). This
compensation costs are included in the energy expeditures.
Compensation is organized via Climate Neutral Group and money
spent is „additional investment‟ in environment.
 As from 2014 all energy purchased for the properties‟ landlord
controlled areas will be green energy, thereby reducing the carbon
emission, related to the energy consumption in the properties‟ landlord,
to almost zero.
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CBRE Dutch Funds – Sustainable Investments
Encouraging tenants | the WIN-HUIS
 Tenant engagement program is to stimulate and
motivate tenants to reduce energy usage, water
usage and waste disposal.
– Responsible energy consumption by tenants.
– Easy savings through simple tricks from charging
electronic devices to an ideal position of the
refrigerator.
– Visitors of the website WIN-HUIS have a chance to
win the energy savings box.
URL: http://macaza.nl/duurzaamwonen
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CBRE Dutch Funds – Sustainable Investments
Duurzame verbeteringen van de objecten
CBRE Dutch Residential Fund | Voorbeelden
 Kluizeweg, Arnhem
 Uitgebreide renovatie
– Van energielabel F en G naar D
– Huurverhoging van gemiddeld EUR
620 naar EUR 713 per maand
– 3-kamerwoningen naar
geliberaliseerde markthuur = geen
verhuurderheffing
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 Snellenshof, Breda
 Installatie van zonnepanelen
– Multifunctioneel gebruik, zoals
verwarming, liften en verlichting
– Via annuïteit in de servicekosten
– Indien goedkeuring door huurders
CBRE Dutch Funds – Sustainable Investments
Praktijkvoorbeeld uitgelicht:
Kluizeweg te Arnhem
Property
Location
Kluizeweg
Arnhem
Year of
Completion
Voor
Number of Number of
apartments
garages
2014
TOTAL
132
27
132
27
Na
 Twee gebouwen zijn gebouwd in 1966 en bevatten 132
appartementen
 Succesvolle verhuur met beperkte leegstand
 Renovatie is gericht op verbeteren van duurzaamheid en
verlenging van de levenscyclus
Kluizeweg
Arnhem
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 24
Praktijkvoorbeeld uitgelicht:
Kluizeweg te Arnhem
 Buitenrenovatie gericht op verbetering van de duurzaamheid:
 Binnenrenovatie gericht op verbetering van wooncomfort
– Isoleren spouwmuren;
– Keukenrenovatie (met alle inbouwapparatuur)
– Isoleren borstweringspanelen;
– Badkamer renovatie (luxe afwerking-inloopdouche
i.p.v. bad, designradiator)
– Isoleren bergingsplafonds
– Toiletrenovatie
– HR ++ beglazing
 Huurverhoging:
– HR107 cv ketel – van één ketelhuis naar twee ketelhuizen per
gebouw.

Verplichte deelname van 100% (na goedkeuring van
70% van alle huurders)

Huurverhoging € 27,50 maand voor de 3kamerappartementen en € 20,00 voor de 2kamerappartementen

Verlaging van het voorschot servicekosten met het
gelijke bedrag, dus woonlasten blijven gelijk
(gegarandeerd voor 2 jaar)

Appartementen naar label D (verbetering 2 en 3
labelstappen)
CONFIDENTIAL AND PROPRIETARY
– Keuken € 20,00,
– Badkamer + toilet € 20,00
– Combi-aanbieding totaalpakket € 30,00. Optioneel
inbouwkoelkast voor € 5,00 per maand.
 Binnenrenovatie naar keuze van individuele huurder
 Bij mutatie wordt renovatie altijd uitgevoerd
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 25
Praktijkvoorbeeld uitgelicht:
Kluizeweg te Arnhem: Win -Win
 Win-situatie voor belegger:
 Win-situatie voor de huurder
– Er wordt een beter wooncomfort geboden tegen
een gelijke maandlast ( de huurverhoging wordt
geneutraliseerd door de evenredige verlaging van
de servicekosten)
– Huurgroei bij zittende huurders, maar vooral van de markthuur:
 2-kamerwoning: € 569 + € 20; MH € 649
 3-kamerwoning: € 633 + € 27,50; MH € 735
– Naar verwachting zal de besparing op de
energielasten de huurverhoging van € 20 danwel
€ 27,50 overtreffen
– Verbetering label van F/G naar D
– De puntengroei geeft ruimte voor de binnenrenovatie tegen
huurverhoging en tegen gewenst rendement
– De levenscyclus van het gebouw wordt hiermee verlengd
– Veel huurders zijn 70+. Zij wensen het bad te
vervangen door een ruime inloopdouche. Door de
puntengroei ontstaat de ruimte om die investering
te doen en de huurder deze mogelijkheid te
bieden
– Voldoening dat een gebouw van F/G label tegen een acceptabel
rendement verbeterd kan worden naar een D label
– De huurverhoging van de buitenrenovatie brengt
de huursubsidie niet in gevaar
– De puntengroei geeft ruimte voor geliberaliseerde verhuur bij
de 3-kamerappartementen
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 26
Rendement op deze investering
 Direct rendement:
– Hogere huren
– Minder kans op servicekosten rekening eigenaar bij leegstand
– Lagere toekomstige onderhoudskosten (bv. schilderwerk)
 Indirect rendement door:
– Hogere huren  hogere waarde
– Stijging leegwaarde  hogere waarde
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 27
IRR model  gemiddeld rendement over looptijd van investering
Aankoop
Inkomsten
Uitgaven
Verkoop
Cash-flow
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1 Boekwaarde +
investering
2 Huur
Huur
Huur
Huur
Huur
Huur
Huur
Huur
Huur
Huur
3 Onderhoud
Onderhoud Onderhoud Onderhoud Onderhoud Onderhoud Onderhoud Onderhoud Onderhoud Onderhoud
4
Boekwaarde
(1) + (2) + (3)
CONFIDENTIAL AND PROPRIETARY
(2) + (3)
(2) + (3)
(2) + (3)
(2) + (3)
(2) + (3)
FINANCE IDEAS
(2) + (3)
(2) + (3)
(2) + (3)
(2) + (3) + (4)
CBRE DUTCH RESIDENTIAL FUND | 28
Praktijkvoorbeeld uitgelicht:
Snellenshof te Breda
Property
Snellenshof
TOTAL
Location
Breda
Year of
Completion
2005
Number of Number of
apartments garages
44
44
0
0
 Relatief nieuw gebouw uit 2005, bevat 44 appartementen
 Huidig label A en B
 Mooie locatie grenzend aan centrum van Breda
 Succesvolle verhuur met enige frictieleegstand
 Investering is gericht op verkrijgen van duurzame energie en het
terugdringen van energiekosten
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 29
Praktijkvoorbeeld uitgelicht:
Snellenshof Breda
 Investering:
 Opbrengst
o
214 zonnepanelen, vermogen 55640 Wp
€38.142
o
Omvormers 3 stuks
€ 7.696
o
Installatie, montage
€ 15.137
o
Overige (extra groep, kraan, balast ed)
€ 3.812
Totale investering excl btw
€ 64.787
 Opgewekte elektriciteit (kWh) 591.733
 Besparing op de elektra over 15 jaar
€ 70.576
 Subsidie SDE over 15 jaar verspreid:
Opbrengsten:
€ 78.120
€ 148.696
Over 15 jaar berekend:
o
Eenmalige investering
€ 64.787
o
1ste vervanging omvormers
€ 8.000,-
Totale investering excl btw
€ 72.787
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 30
Praktijkvoorbeeld uitgelicht:
Snellenshof te Breda
 Subsidiemogelijkheden
o
Voor CBRE Global investors (investment management organisatie en geen ontwikkelaar). Onze fiscale status is zodanig dat er geen
(vennootschaps)belasting wordt afgedragen;
o
KIA: Kleinschaligheids Investerings Aftrek - aftrekpost op belasting – dus niet voor CBRE Global investors interessant – kan wel voor
corporaties interessante aftrekpost zijn;
o
EIA: Energie Investerings Aftrek - aftrekpost op belasting – dus niet voor CBRE Global investors interessant – kan wel voor corporaties
interessante aftrekpost zijn
o
SDE: Stimulering Duurzame Energie – subsidie op de productie van energie (over 15 jaar gespreid) – moet worden aangevraagd en
toegekend – is ook voor CBRE Global investors interessant;
o
Voor corporaties kan dus zowel de SDE, als de KIA, als de EIA interessant zijn, waardoor de rentabiliteit toeneemt en terugverdientijd
afneemt.
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 31
Praktijkvoorbeeld uitgelicht:
Snellenshof te Breda
 Management beslissing
o
Voor CBRE Global Investors is het toepassen in Breda een serieuze optie en we zullen dit bespreken met de huurders;
o
De zonnepanelen zullen dienen voor het algemene electraverbruik en de servicekosten afrekening verlagen;
o
De investering zal ten laste kunnen worden gebracht in de servicekostenafrekening, bv als annuïteit over bv 5 jaar (afhankelijk van
terugverdientijd);
o
Omdat de opgewekte elektra gebruikt wordt voor het algemeen gebruik zal dit niet leiden tot verbetering van het energielabel per
appartement;
o
Om dit mogelijk te maken is 70 % van de stemmen nodig van de huurders.
CONFIDENTIAL AND PROPRIETARY
FINANCE IDEAS
CBRE DUTCH RESIDENTIAL FUND | 32
Verdere overwegingen
Verdere overwegingen
Duurzame objecten van hoge kwaliteit hebben een lager risicoprofiel en een meer stabiel rendement
 Verwacht wordt dat duurzame eigenschappen zorgen voor een meer zekere toekomst tegenover inefficiënte
eigenschappen
 Waargenomen kwaliteit wordt vaak geassocieerd met duurzaamheid en de voorgestelde toegevoegde waarde
 Locatie blijft de belangrijkste indicator voor de huur-en waardestijgingen
Hogere duurzaamheidsprestaties corresponderen meestal met een hoge kwaliteit van portefeuille en beheer
 Monitoring en benchmarking van duurzaamheid kan leiden tot een toename van de operationele prestaties
 Collectieve bewustzijn zou kunnen resulteren in een verminderde ecologische voetafdruk
Duurzaamheid wordt de nieuwe norm
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CBRE Dutch Funds – Sustainable Investments
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CBRE Dutch Funds – Sustainable Investments

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