![]() Since the acquisition we have maintained a dialogue with all occupiers in the building. A new lease was secured at £65 per sq ft which reflected pre-pandemic rental levels. This pro-active strategy produced a significant uplift in occupier enquiries which subsequently led to the letting in one of the few City leasing transactions that concluded during the first pandemic lockdown. This included new shower and changing areas, improved cycle storage and drying rooms.Īdditionally, we undertook a comprehensive refurbishment of the reception area to create a higher quality and more welcoming entrance to complement the new ‘CAT A Plus’ offer and improve levels of satisfaction among existing occupiers. Negotiations were concluded with the 6th floor occupier to surrender a car parking licence on the ground floor to free up storage space and allow a comprehensive reconfiguration to deliver end of journey facilities. It was therefore a priority post-acquisition to implement a series of asset management initiatives to reposition the asset and improve its performance. Prior to acquisition we identified some deficiencies in the amenities and common parts areas of the building which were impacting on occupier satisfaction and rental levels, including the limited availability of bicycle storage, changing facilities and showers. The building has excellent existing transport links which will be further enhanced by the arrival of the Elizabeth Line (Crossrail). A prime Grade A office building located to the north of the City Core, the property comprises 58,000 sq ft of net internal area (NIA) arranged over lower ground, ground and seven upper floors. We are also introducing procedures to evaluate asset sustainability performance post-acquisition and setting ambitious targets to achieve best-in-class environmental and social performance across our portfolios by 2030.ġ0 Chiswell Street, London, EC1 was acquired for the RLPPF in January 2020. We strive to ensure that the assets we invest in will fit the needs of occupiers and investors, now and in the future. RLPF also achieved a 3* rating and improved its score from 69/100 in 2020 to 75/100 in 2021 and was ranked 17th place out of 79 within its peer group. RLPPF achieved a 3* rating and improved its ranking from 11th place out of 59 funds in 2020 to 7th place out of 79 in 2021 within its peer group. RLUKREF achieved a 4* rating and was ranked 5th place out of 79 funds within its peer group. ![]() Our three property funds submitted data to GRESB in 2021 and performed very well. Environmental, social and governance (ESG) performance is assessed against seven sustainability aspects, including information on performance indicators, such as energy, carbon emissions, water and waste. GRESB is a global benchmark rating system for the real estate industry. Global Real Estate Sustainability Benchmark (GRESB) The TCFD framework helps RLAM put climate at the forefront of our investment thinking and decision-making. The TCFD was created by the Financial Stability Board to encourage company disclosure of material climate-related risks and opportunities. Task-force on Climate-related Financial Disclosures (TCFD) RLAM has committed to achieving net zero carbon by 2030 for its directly managed assets and developments and 2040 for its indirectly managed assets. We have enhanced our capacity for responsible decision-making and transparency by developing our Net Zero Carbon pathway, implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and submitting our funds for external benchmarking through the Global Real Estate Sustainability Benchmark (GRESB).
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