Case Studies

Energy Performance Certificates (EPCs)

PRUPIM has taken a proactive stance in relation to the Energy Performance of Buildings Directive, by seeking to meet the requirements for Energy Performance Certificates (EPCs) ahead of time, to guarantee that our client funds can continue to transact unhindered.

The regulations stipulate that EPCs will be phased in and initiated by transactions (sales, lettings and purchases) occurring on or after 1 April 2008. In view of this, in 2007, we felt it would be prudent and more cost effective to implement some of the underlying work in advance of the deadline. We entered into an innovative agreement with Royal and Sun Alliance and Charterhouse Energy in October 2007 scoping out a work programme to ensure readiness for the April launch date. The work involved includes data gathering, production of up to date floor plans, the provision of energy log books and production of Display Energy Certificates (formerly known as Operational Ratings).

The work commenced in January 2008, so we will report on it in full in our 2008 Sustainability Report. We intend to use the information and learning generated by this exercise to help us to reduce the energy consumption and CO₂ footprint of our managed portfolio. We also intend to explore ways in which the EPCs can be linked to building operational energy profiles with the intention of protecting asset worth and value.

Note: EPCs compare the energy performance of individual buildings against a notional asset rating based on building design. EPCs also provide a picture of energy uses within the building, together with an action plan that can be used to improve the building’s energy performance in practice.

Waste and Recycling at Shopping Centres

In 2006, our actual recycling rate across Shopping Centres was 28%. Recognising the need to focus our efforts on achieving the ambitious 40% recycling rate target by the end of 2008 (and in light of a fall in the total recycling rate at the end of 2007 to 26%) we appointed futur as our principal waste contractor for all Shopping Centres in December 2007.

PRUPIM took this opportunity to develop an innovative agreement which provides futur with a financial incentive to increase the amount of waste recycled from the centres. We have set ourselves a target of recycling 40% of waste from Shopping Centres by the end of 2008.

We look forward to working with futur to achieve this, whose contract includes a number of new initiatives such as the training of shopping centre staff, the procurement of recycling equipment, the introduction of new waste management policies and procedures and the commissioning of regular waste audits for reporting to centre managers.

We are optimistic that these changes will result in greater efficiency and reduced costs whilst regular, more detailed reporting at each site will enable us to identify and apply good practices across our managed portfolio.

We will report on this initiative in full in our 2008 Sustainability Report.