Post on 08-Mar-2016
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Corporate Responsibility Report 2009
It is our pleasure to offer this Corporate Responsibility Report to all external and internal stakeholders who are interested in our social, ethical and environmental performance.
We have made progress in the past few years. We are proud of our achievements so far. At the same time, we realise that a number of challenges still lie ahead. That is why we have defined additional and further-reaching objectives for 2010 and beyond. As a company with strong values, we want to involve our stakeholders closely in achieving these objectives to create better retail environments for future generations. Our first Corporate Responsibility Report on our activities in 2008 received positive feedback. This prompted us to report on our non-financial performance this year as well, rather than waiting until 2010.
We hope you will find this report interesting and challenging. We welcome any feedback you might have. Indeed, listening to our stakeholders is an integral part of our Corporate Responsibility Policy.
Dominic Brenninkmeyer Chairman
REDEVCO Board Members
balanceinBusiness
SustainableThe Challenge of a
FutureDisclaimer
This Redevco’s Corporate Responsibility Report is made for the purpose of informing our stakeholders and to give details of Redevco’s commitment and
performance in the area of corporate responsibility. Nothing in this document is intended to extend or amend Redevco’s existing obligations to its tenants,
shareholder or other stakeholders. All policies, procedures, guidelines, statements or anything similar that have been mentioned in this report, are intended
for Redevco’s internal purposes only, and under no circumstance should they be construed as creating any rights whatsoever to third parties. In assessing
compliance with any of the policies and guidelines, the standards applied are subjective and any decision in relation thereto remains within Redevco’s
discretion. Redevco does not accept liability for whatever consequences may result from its not adhering to these policies, procedures, guidelines and
statements at its discretion at any time and can, at its own discretion, decide to make available to third parties (details of ) policies, procedures, guidelines,
statements or anything similar that have been mentioned in this report.
This report refers, by hyperlinks or other means to information provided by third parties. The reasonableness, accuracy or completeness of such information
has not been verified by Redevco and links to other sites do not constitute Redevco’s approval or endorsement of such sites or their products or
advertisements. Redevco accepts no liability whatsoever in connection with any such information that has been or will be provided by third parties.
This brochure is printed on TOP10 Green Gloss paper 100% post-consumer FSC Recylced certified fibres and PCF (Process Chlorine Free).
Amsterdam, September 2010
Realized by:Mobile Generationwww.mobgen.com
Redevco B.V. Wibautstraat 224 1097 DN Amsterdam The Netherlands
P.O. Box 94277 1090 GG Amsterdam
T +31 (0) 20 599 6262 F +31 (0) 20 599 6263 E info@redevco.com
www.redevco.com
How to read this report:The scope of this report is our performance on Corporate Responsibility (CR) issues in 2009.
The report consists of four main chapters describing firstly Redevco’s business activities and CR priorities, secondly our approach, thirdly how Redevco is addressing CR issues, and finally how we engage with our key stakeholders.
On each issue we report what we set out to do in 2008 for the year 2009, and then describe what we achieved. We conclude the section with a statement from a stakeholder and list what we aim to do in 2010 and beyond.
In the annexes you will find details about the data collection methodology and a quality statement.
For more details of our Corporate Responsibility programme, please visit our website: www.redevco.com/cr
This report is also available for iPad, iPhone and iPod Touch.
balanceinBusiness
It is our pleasure to offer this Corporate Responsibility report to all external and internal stakeholders who are interested in our social, ethical and environmental performance.
We have made progress in the past few years. We are proud of our achievements so far. At the same time, we realise that a number of challenges still lie ahead. That is why we have defined additional and further-reaching objectives for 2010 and beyond. As a company with strong values, we want to involve our stakeholders closely in achieving these objectives to create better retail environments for future generations. Our first Corporate Responsibility report on our activities in 2008 received positive feedback. This prompted us to report on our non-financial performance this year as well, rather than waiting until 2010.
We hope you will find this report interesting and challenging. We welcome any feedback you might have. Indeed, listening to our stakeholders is an integral part of our Corporate Responsibility policy.
Dominic Brenninkmeyer Chairman
REDEVCO Board Members
Corporate Responsibility Report 2009
CHINA - WuhanWuhan Tiandi Riverview Plaza, strategic partnership with Shui On Land, kicked off BREEAM assessment
GERMANY - MainzC&A Eco-Store, BREEAM Certificate ‘Very Good’
BELGIUM - AntwerpMeir, redevelopment has started in 2010 (Listed Building)
UNITED KINGDOM - GlasgowPrinces Square, redevelopment has started in 2010 (Listed Building)
UNITED KINGDOM - London Connaught Place, BREEAM Certificate ‘Very Good’ and BREEAM Certificate Eco-Homes ‘Good’
SPAIN - Guadelajara Implementation of a water drainage system
THE NETHERLANDS - RotterdamThe HUF building, redeveloped in 2009 (Listed Building)
TURKEY - AnkaraGordion Shopping Center: BREEAM Certificate ‘Very Good’
TURKEY - EzurumEzurum Shopping Center: BREEAM Certificate ‘Very Good’
How to read this report:The scope of this report is our performance on Corporate Responsibility (CR) issues in 2009.
The report consists of four main chapters describing firstly Redevco’s business activities and CR priorities, secondly our approach, thirdly how Redevco is addressing CR issues, and finally how we engage with our key stakeholders.
On each issue we report what we set out to do in 2008 for the year 2009, and then describe what we achieved. We conclude the section with a statement from a stakeholder and list what we aim to do in 2010 and beyond.
In the annexes you will find details about the data collection methodology and a quality statement.
For more details of our Corporate Responsibility programme, please visit our website: www.redevco.com/cr
This report is also available for iPad, iPhone and iPod Touch.
balanceinBusiness
BUSINESS IN BALANCE 2
CONTENTS 3
ADDRESSING THE IMPACT OF OUR BUSINESS 4
OUR BUSINESS ACTIVITIES 6A YOUNG ORGANISATION WITH A RICH HISTORY 6
CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 8
OUR CORPORATE RESPONSIBILITY APPROACH 8CORPORATE RESPONSIBILITY ORGANISATION 8
REDEVCO’S CORPORATE RESPONSIBILITY MANAGEMENT FRAMEWORK 9
CORPORATE RESPONSIBILITY PRIORITIES 10CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 10
ENERGY USE AND CO2 EMISSIONS 12
WATER USE 20
LISTED BUILDINGS & PROTECTING CULTURAL HERITAGE 24
BUSINESS INTEGRITY 28
SUPPORTING LOCAL COMMUNITIES 30
EMERGING CORPORATE RESPONSIBILITY ISSUES 36
LISTENING TO AND LEARNING FROM OUR KEY STAKEHOLDERS
42
EMPLOYEES – BEING A RESPONSIBLE AND PREFERRED EMPLOYER 43
TENANTS – GREEN LEASES 45
SUPPLIERS – SOURCING RESPONSIBLY 49
SHAREHOLDER – CLOSE COOPERATION 49
SOCIETY AT LARGE – BEING A RESPONSIBLE CORPORATE CITIZEN 50
ANNEXES 52ABOUT THIS REPORT – DATA COVERAGE AND QUALITY 52
Global Reporting Initiative (GRI) Application Level Check
The Global Reporting Initiative (GRI) is a network-based organization who has developed international standards for sustainability reporting. There are three different levels (A, B and C), and these can be self-declared by a reporting organization, checked by a third party or checked by GRI.
The GRI 3 principles and recommendations were taken into account for the writing of this report. GRI has performed the Application Level Check to show to which extent the GRI guidelines have been utilized in the report. The check confirmed the self-declared B Level. The complete GRI indicators table can be found on the Redevco website www.redevco.com/cr
Man
dato
ryOp
tiona
l
2002 C C+ B B+ A A+ In Accordance
Repo
rt E
xter
nally
Ass
ured
Repo
rt E
xter
nally
Ass
ured
Repo
rt E
xter
nally
Ass
ured
SelfDeclared
ThirdParty
Cheked
CRIChecked
This is a selection of the sustainable properties in Redevco’s portfolio. These properties have been awarded with BREEAM certificates or have been redeveloped by Redevco in 2009.
Corporate Responsibility Report 2009
CHINA - WuhanWuhan Tiandi Riverview Plaza, strategic partnership with Shui On Land, kicked off BREEAM assessment
GERMANY - MainzC&A Eco-Store, BREEAM Certificate ‘Very Good’
BELGIUM - AntwerpMeir, redevelopment has started in 2010 (Listed Building)
UNITED KINGDOM - GlasgowPrinces Square, redevelopment has started in 2010 (Listed Building)
UNITED KINGDOM - London Connaught Place, BREEAM Certificate ‘Very Good’ and BREEAM Certificate Eco-Homes ‘Good’
SPAIN - Guadelajara Implementation of a water drainage system
THE NETHERLANDS - RotterdamThe HUF building, redeveloped in 2009 (Listed Building)
TURKEY - AnkaraGordion Shopping Center: BREEAM Certificate ‘Very Good’
TURKEY - EzurumEzurum Shopping Center: BREEAM Certificate ‘Very Good’
How to read this report:The scope of this report is our performance on Corporate Responsibility (CR) issues in 2009.
The report consists of four main chapters describing firstly Redevco’s business activities and CR priorities, secondly our approach, thirdly how Redevco is addressing CR issues, and finally how we engage with our key stakeholders.
On each issue we report what we set out to do in 2008 for the year 2009, and then describe what we achieved. We conclude the section with a statement from a stakeholder and list what we aim to do in 2010 and beyond.
In the annexes you will find details about the data collection methodology and a quality statement.
For more details of our Corporate Responsibility programme, please visit our website: www.redevco.com/cr
This report is also available for iPad, iPhone and iPod Touch.
balanceinBusiness
BUSINESS IN BALANCE 2
CONTENTS 3
ADDRESSING THE IMPACT OF OUR BUSINESS 4
OUR BUSINESS ACTIVITIES 6A YOUNG ORGANISATION WITH A RICH HISTORY 6
CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 8
OUR CORPORATE RESPONSIBILITY APPROACH 8CORPORATE RESPONSIBILITY ORGANISATION 8
REDEVCO’S CORPORATE RESPONSIBILITY MANAGEMENT FRAMEWORK 9
CORPORATE RESPONSIBILITY PRIORITIES 10CORPORATE RESPONSIBILITY ISSUES IN THE REAL ESTATE SECTOR 10
ENERGY USE AND CO2 EMISSIONS 12
WATER USE 20
LISTED BUILDINGS & PROTECTING CULTURAL HERITAGE 24
BUSINESS INTEGRITY 28
SUPPORTING LOCAL COMMUNITIES 30
EMERGING CORPORATE RESPONSIBILITY ISSUES 36
LISTENING TO AND LEARNING FROM OUR KEY STAKEHOLDERS
42
EMPLOYEES – BEING A RESPONSIBLE AND PREFERRED EMPLOYER 43
TENANTS – GREEN LEASES 45
SUPPLIERS – SOURCING RESPONSIBLY 49
SHAREHOLDER – CLOSE COOPERATION 49
SOCIETY AT LARGE – BEING A RESPONSIBLE CORPORATE CITIZEN 50
ANNEXES 52ABOUT THIS REPORT – DATA COVERAGE AND QUALITY 52
Global Reporting Initiative (GRI) Application Level Check
The Global Reporting Initiative (GRI) is a network-based organization who has developed international standards for sustainability reporting. There are three different levels (A, B and C), and these can be self-declared by a reporting organization, checked by a third party or checked by GRI.
The GRI 3 principles and recommendations were taken into account for the writing of this report. GRI has performed the Application Level Check to show to which extent the GRI guidelines have been utilized in the report. The check confirmed the self-declared B Level. The complete GRI indicators table can be found on the Redevco website www.redevco.com/cr
Man
dato
ryOp
tiona
l
2002 C C+ B B+ A A+ In Accordance
Repo
rt E
xter
nally
Ass
ured
Repo
rt E
xter
nally
Ass
ured
Repo
rt E
xter
nally
Ass
ured
SelfDeclared
ThirdParty
Cheked
CRIChecked
This is a selection of the sustainable properties in Redevco’s portfolio. These properties have been awarded with BREEAM certificates or have been redeveloped by Redevco in 2009.
5 Redevco Corporate Responsibility Report 20094 Redevco Corporate Responsibility Report 2009
impactthe
of our
Addressing
Business
The real estate business is constantly changing, and so is the economic, social and environmental landscape of companies active in this sector. This constant flux creates an extra challenge to us in upholding our core value, which is keeping business in balance with our surroundings. The importance of socially responsible entrepreneurship and integrity in business is summarised by our key principle, ‘Business in Balance’.
‘Business in Balance’ means strengthening the positive impact of our activities on society as a whole while reducing any negative effects. People and their surroundings are inseparably linked, in our view. So we do not just meet the minimum legal requirement. Our aspirations reach further; where possible we try to stay ahead of the regulations. As an international company we aim to have our projects conform to the most stringent laws and regulations, even in countries where the prescripts are less strict.
Listening and learningWe recognise that we cannot address the impact of our business on our own. We therefore seek close cooperation with our clients and partners. To engage our stakeholders we must ‘listen and learn’. That is why we are developing an elaborate reporting and communication framework for dialogue with external and internal parties. Engaging with tenants is a particularly important aspect of this.
Our achievementsWe are pleased to confirm that 2009 was a year of many successes. These were our key achievements:
• WeincreasedtheenergydatacoverageonRedevco’sinvestment portfolio from 28% to 66%.
• TwodevelopmentprojectsinTurkey-inErzurumandAnkara-wereawardedaBREEAM‘VeryGood’certificate. A development project in the United Kingdom,-inLondon–wasawardedtwoBREEAMcertificates,onerated‘Good’andonerated‘VeryGood’.
• Redevcoparticipatedinvariousfocusgroups,suchastheSustainabilityTaskforceoftheIVBN(DutchAssociation of Institutional Property Investors), the BoardandtheAdvisoryGroupoftheDutchGreenBuilding Council and the ICSC EU Public Affairs Committee.
• Around30ofouremployeescompletedaninternalBREEAMAwarenessTraining.
• RedevcoconductedaHaysurvey,whichyieldedanoverall good result.
5 Redevco Corporate Responsibility Report 20094 Redevco Corporate Responsibility Report 2009
Our challengesCorporateResponsibilityisanongoingprocess,andwecannotrestonourlaurels.Thereisstillalotofworktobedonebeforewe reach a satisfactory standard. Among the challenges facing us for the years to come are the following:
• OurbiggestchallengeremainsthatofintegratingCorporateResponsibilityintoourday-to-daybusiness.SeniormanagementacrossthecompanyarecommittedtoembeddingourCorporateResponsibilityprioritiesasacentralpartofdecision-making.Wewillbefocusinginthecomingyearsonformulatingclearobjectives,settingtargetsanddevelopingprocedures at the country level, in close cooperation with our local offices. They know best what is feasible and what is required.
• Thereisstillroomtoimprovedataqualityandcoverage.Oneoftheproblemswehavetosolveistheuncertaintythatarises when different sources report different data for the same asset.
• Wemustdeveloparesponsiblesourcingpolicybothatcorporateandlocalleveltoensurethatourpurchasingfullyconsiders environmental and social issues. We aim to review supplier contracts over the coming years.
• Developingandstructuringourstakeholderengagement,especiallyasregardsourtenants,isachallengingprocess,requiringastep-by-stepapproach.
In2010and2011wewillsettargetstofurtherintegrateourlong-termCorporateResponsibilityobjectiveswithourbusinessgoals.Aswellassettingtargets,raisingawarenessandprioritising,itisessentialtosetaCorporateResponsibilityagenda.Thismust include the topics affecting our company, and the ways in which we will deal with them.
As stated above, we cannot address the impact of our business on our own. That is why we seek cooperation and are making agreatefforttoengageourstakeholders.You,asareaderofthisreport,arelikelyoneofourstakeholders–atenant,supplier,employee or just a member of society interested in our activities. We would appreciate your engagement through feedback on our efforts to keep our business in balance. You can find the evaluation form on our website www.redevco.com/cr.
On behalf of the BoardJaap G. Blokhuis, CEO
7 Redevco Corporate Responsibility Report 20096 Redevco Corporate Responsibility Report 2009
Ourbusinessactivities
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
0
1
2
3
4
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Year
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Portfoliogrowthupto31.12.2009
A young organisation with a rich historyRedevcoisanindependent,internationalrealestatecompany managing and developing one of the largest retail portfolios in Europe. The portfolio was valued at € 7.2 billion at the end of 2009 and comprised over 750 properties at top locations in 19 countries. We have also started operating in Asia, where we are building up a retail portfolio in the larger metropolitan areas, with a focus on China. It is our ambition to develop Asia as our second home market.
ItisRedevco’sbusinesstooffertherighttypeofretailspaceto the market and to create sustainable retail solutions in urban environments that are inspiring and will appeal to futuregenerations.Ourmainfocusiscity-centreretail,butwe develop and invest in retail parks and shopping centres as well.
Investment and development
Redevco’sprincipalactivityismanaginganinvestmentportfolio of retail properties and developing new retail projects.Retailpropertiesaccountforaround90percentof our portfolio, which consists of prime retail properties on A1 locations in the centres of major cities. Our main tenants areC&A,Carrefour,Maxeda,Primark,LVMH(Sephora),H&M,GAP,Next,Metro,DinosolSupermercados,InditexandBirkart. See the figures below and www.redevco.com for further information.
Our investment activities involve the active and professional management of our assets with a view to optimising thereturnonourinvestment.Redevcopursuesalong-term strategy. Creating value for all our stakeholders, governments, consumers, tenants and shareholders is a central consideration in everything we do.
Project development has become an integral element of ourrealestateactivities.Ourmainfocusisonretail-relatedprojects that enable us to respond even more effectively to the needs of international clients. We develop real estate ourselves and in principle remain involved in our projects for many years. This enables us to make our knowledge and expertise available to our clients along the entire value chain.
All of our new development projects are assessed against international green building standards, so that we can be sure of best practice in sustainable design. In addition, we want to comply with or stay ahead of all legislation that relates to our activities.
7 Redevco Corporate Responsibility Report 20096 Redevco Corporate Responsibility Report 2009
Tenantandsectorspreadupto31.12.2009
REDEVCO BOARD
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Swed
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Italy
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Switz
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Chin
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Aust
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Slov
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Czec
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Pola
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Research Human Resources
Finance PR & CorporateCommunications
Tax Redevco Concepts & Sustainability
Legal Information Technology
MD
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Company structure
Redevcohasadecentralisedorganisationalstructurewith offices in the countries we operate in. The structure reflects the fact that market conditions vary from country to country and real estate is very much a local business. The activities in the different countries are supported at the strategiclevelbytheRedevcoHeadOfficeinAmsterdam,whichcoordinatesallRedevco’sinternationaloperations.
20%
20001999 2001 2002 2003 2004 2005 2006 2007 2008 2009
40%
60%
100%
80%
Retail (incl. Development) Offices Industrial OtherTotal (Cofra)
ITALY–Bari
9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009
Our business&Corporate Responsibility
priorities
activities
9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009
Our CorporateResponsibility approach
CorporateResponsibility working group
RedevcobelievesthatCorporateResponsibilitycanbestbe embedded in the organisation through the businesses rather than by appointing a separate director for Corporate Responsibility.Inourdecentralisedorganisationmostactivities are managed locally, although strategy on certain issues is determined at corporate level. Accordingly, we delegate the local management of our Corporate ResponsibilityactivitiestotheManagingDirectors.TheyaresupportedbytheCorporateResponsibilityWorkingGroup(WG),whichreportstotheBoard.Webelievethatthisapproach works best in the long run in fostering genuine commitmenttotheprinciplesofCorporateResponsibility.
ThefocusoftheRedevcoCorporateResponsibilityWGin2009wasongettingCorporateResponsibilityupandrunning in the organisation. Our main challenge is to integrateCorporateResponsibilityintodailybusinessoperations, a process that takes time. In the short term, the CorporateResponsibilityWGismakingintensiveeffortstoraise awareness, set targets, establish priorities, formulate proceduresandsupporttheBoardandManagingDirectorsinsettingtheagendaforCorporateResponsibility.
Targeted working groups
In2009theCorporateResponsibilityWGestablishedthefollowingtargetedandissue-specificworkinggroups: • GreenLeasesWG• CorporateGivingWG• StakeholderEngagementWG• GreenITWG
In2010newworkinggroupswillbeestablished(e.g.ResponsibleSourcingWG).Workinggroupsmaybedissolved once their specific task has been completed.
Redevcoʼs Corporate Responsibility Committee(3 people)
Data Handlers (9 people)
Director Human Resources
Head of PR & Corporate Communications
Manager Sustainability, Energy & Environment
Redevco Board (5 people)
Redevco Region (Managing Directors, 9 people)
Hierarchy Functional Cooperation
CorporateResponsibilityorganisation
9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009 9 Redevco Corporate Responsibility Report 20098 Redevco Corporate Responsibility Report 2009
Redevco’sCorporateResponsibilitymanagementframework Redevco’sCorporateResponsibilitymanagementframeworkaimsatacontinuousimprovementprocessfocusingonstrengthening the positive impact of our activities on society while reducing their negative effects. It should ensure that we stay ahead of existing and impending legal requirements.
ThroughaprocessofstakeholderengagementanddeskresearchRedevcoidentifiesCorporateResponsibilitypriorities(see‘CorporateResponsibilityissuesintherealestatesector’,page10/11).Ideally,objectivesandtargetsaredefinedforeachissue. Then data is gathered to measure our performance against predefined performance indicators and reported.
When new issues are introduced, we first track performance prior to setting targets and reporting. Supporting local communities and listed building & cultural heritage have been approached in this way.
ThechallengeistoalignlocallyandregionallyformulatedobjectiveswithHeadOfficeandviceversa.Wewanttosupportabottom-upapproachwithclearprinciplesandscopebysettinggeneraltargetsandobjectives,leavingroomforlocalinterpretation and implementation.
To increase robustness of the management framework it is important to increase our data quality and coverage. Through audits, internal at first and then by a third party, we will increase commitment and reliability, as well as the quality of our data. Moreinformationonthiscanbefoundintheannex.
Stakeholder engagement
To get into a dialogue with our stakeholders we must first develop a reporting and communication framework as explained in the section entitled ‘Listening to and learning from our key stakeholders’. This format will be the basis for clear and effective reporting for the coming years.
The development of a structured stakeholder dialogue has started and will be explored further in 2010. Engaging with tenantsasoneofourmainstakeholdergroupsisespeciallyimportanthere.Wewillstartthischallengingprocessinastep-by-step approach involving small pilots with tenants in 2010.
Corporate Responsibility issues Management process steps
Corp
orat
e Re
spon
sibi
lity
Key
Prin
cipl
es
Energy use and CO2 emissions
Water use
Listed buildings & cultural heritage
Business integrity
Supporting local communities
Emerging Corporate Responsibility issues
Objectives &
targets
Gathering data & measuring
Corporate Responsibilityperformance
indicators
Non conformities/corrective and
preventiveactions
Internalaudit
Annualreview &progressreporting
11 Redevco Corporate Responsibility Report 200910 Redevco Corporate Responsibility Report 2009
Responsibility Corporate
priorities
CorporateResponsibilityissuesintherealestatesector
Energy use and CO2emissions(page12to19)
ReducingenergydemandandCO2 emissions caused by human activity is a major challenge worldwide. For an international
realestateinvestoranddeveloperlikeRedevco,energyuseandtheassociatedCO2 emissions is a key environmental issue.
Buildingsaccountformorethan40%ofglobalenergydemandand30%oftheworld’scarbonemissions.Thisfacthasbeenrecognised by the European Commission, which has adopted a binding target that renewable energy should account for 20% of energy consumption by 2020. Other targets that have been adopted are a 20% increase in energy efficiency and a 20%reductioningreenhousegasemissions.Accordingly,theforthcomingEUEnergyPerformanceofBuildingsDirectivewillrequirethatallnewbuildingsmustbe‘nearlyzeroenergy’by2020.Sincethevastmajorityofexistingbuildingswillstillbe standing in 2020, the existing built environment is key to the success of the EU objective of reducing carbon emissions. Furthermore, climate change may affect the buildings we own, so we need to adapt them to more extreme weather patterns, more frequent flooding and so on.
Wateruse(page20to23)
Water scarcity and droughts affect many parts of Europe. Climate change and population growth are predicted to exacerbate water problems in many regions. The European Union has recognised the acuteness of water scarcity and drought challenges. The Commission is exploring ways in which the European Union can address these. A number of assumptions were made in theCommissionWorkProgramme2010,includingaDirectiveonWaterEfficiencyofBuildings.Thepotentialforwatersavingsin the EU is estimated at 40%. Binding rules could be envisaged to promote water savings in public and private buildings.
As part of this process the Commission is considering developing water efficiency labelling schemes for products such as taps andshowers,theinclusionofwater-savingstandardsinnationalbuildingregulationsandeffortstoencouragethere-useofgreywater(roofwater)toflushtoiletsorwatergardens.Asadeveloper,Redevcocanensurethatwater-efficientappliances,remote water metering and detection systems for major leaks are specified and installed in the buildings it develops. As a largeownerofretailproperties,Redevcocaninfluenceitsoccupierstousewatersparingly.
Listedbuildings&culturalheritage(page24to27)
AsofthisyearRedevcowillpayspecialattentiontothelistedandarchitecturallyprotectedbuildingsinitsportfolio,forseveralreasons.Redevco’smainfocusisoncity-centreretailandmanyofthesepropertiesarehistoricbuildingsinuniqueculturalenvironments.Ineconomictermsthesebuildingsrepresentavalueof€533million,whichismorethan7.5%ofRedevco’sinvestmentportfolio.Fromasocialperspective,thesebuildingshaveanarchitecturalsingularity,representthephysical survival of our past, and have cultural value. The challenge is to balance the protection of our inheritance from past generations with the environmental needs of today that will affect generations to come.
11 Redevco Corporate Responsibility Report 200910 Redevco Corporate Responsibility Report 2009
Businessintegrity(page28to29)
ForRedevcotheprincipleof‘BusinessinBalance’impliesdoingbusinessinanethicalmanner.Fromthestartofourcompanythis has been the keystone of our values, culture, business strategy and actions. Integrity is particularly relevant in our businesssector–realestate.Ouremphasisonethicalbehaviourandbusinessintegrityismanifestinouropennesstofeedback from external and internal stakeholders, in our treatment of these stakeholders and the environment with respect, and in our clear and honest communications.
Humanrights,intermsoflabourconditionsandgenderdiversity,areanotheraspectofbusinessintegritypolicy.Sofarwehaveaddressedthisissueimplicitly,withhumanrightsissuesbeingmanagedbyourHumanResourcesdepartment.Fromnow on we intend to make this topic more explicit, and will include it in the objectives for coming years.
Supportinglocalcommunities(page30to35)
Companies do not operate in a vacuum, but in an exchange with their surroundings, including local communities. Through theirbuildings,realestatecompaniescontributedirectlytothequalityofthelocalcommunityandviceversa.Redevcohasbeen involved in local communities by participating in committees and stimulating the sharing of knowledge and expertise that benefit the community at large and the sector in general.
In addition to benefitting society through our business activities, we support many educational, health and cultural projects, and projects to help the homeless. We believe that, with the resources at our disposal, we have a duty to actively contribute to improving the quality of local communities.
Ourcontributiontolocalcommunitiesisinlinewiththecurrentshiftfrompure‘giving’to‘makinganimpact’.Redevcowantsto make an impact that will create value for the community and have a positive effect on the company and its employees as well.
EmergingCorporateResponsibilityissues(page36to41)
EmergingCorporateResponsibilityissuesincludeotherenvironmentalissuesfortherealestatesectorderivedfrominternallyrecognisedgreenbuildingratingsystemssuchasBREEAM.Inadditiontowaterandenergy,aBREEAMassessmentincludesaspects like transport, waste, materials, health & wellbeing, management, land use & ecology, and pollution. Further information on these issues can be obtained at www.breeam.org.
Through stakeholder engagement we aim to keep track of emerging issues relevant for the real estate sector in general and Redevcoinparticular.
The following chapters describe in detail the type of action we have undertaken in response to each issue. They also set out our objectives for each issue for the coming years.
13 Redevco Corporate Responsibility Report 200912 Redevco Corporate Responsibility Report 2009
Energy useand CO2 emissions
The biggest opportunity to address our environmental impact lies in better management of energy use and CO2 emissions
of the building stock in our portfolio. We are committed to staying ahead of new legislative requirements on the energy performance of buildings. We realise that we cannot reduce energy consumption and CO
2 emissions in isolation, as to a large
extent we share our responsibility in this area with our tenants. Our tenants are accountable for the vast majority of energy use and CO
2 emissions in our investment portfolio.
We have also started to focus on activities we can influence directly, like the way we commute and travel for business, and the energyuseandcarbonfootprintoftheofficesoccupiedbyRedevcoitself.
Review the company car policy with a view to reducing the average carbon emissions per kilometre caused by Redevco’s car �eet
Analyse and review video conferencing pilot in Amsterdam, Istanbul and Hong Kong, and identify actions
Obtain Energy Performance Certi�cates for all EU properties by 2012
Develop climate change risk assessment for all assets
Explore opportunities to install more energy-e�cient equipment
Perform annual review of energy issues in Redevco’s Programme of Requirements for development of new shopping centres
What we set out to do in 2009 Status
Achieved
Achieved
Achieved
In progress
In progress
Not started
13 Redevco Corporate Responsibility Report 200912 Redevco Corporate Responsibility Report 2009
Reduce CO2 emission per employee by
in 2020.30%Investment portfolio: lower energy use and CO
2 emissions
ThetotalenergyconsumptionofbuildingsownedbyRedevcoisestimatedat1,046GWh,whiletheassociatedemissionsamount to 404,000 tonnes of CO
2e or 89 kg CO
2e/m2GLA.In2009thelike-for-likeenergyusageofRedevco’sinvestment
portfolio declined from 168 to 164 kWh/m2GLA.Thiscorrespondstoadeclineincarbonemissionsfrom81to80kg CO
2e/m2GLA.
In2011,Redevcowilldefinemedium-andlong-termtargetstowards2015and2020regardingenergyuseandCO2 emissions
intheinvestmentportfolio,witha3-yearaverage(2008–2010)asthebaseline.Inthemeantimewewillcontinuetoimplement measures yielding further improvements.
Redevco’s Investment Portolio
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ce
Industrial
0 50 100 150 200 250 300
2008 2009
2008 - Like-for-like 2009 - Like-for-like
Energy e�ciency(kWh/m2 )
Ass
et C
lass
Energy efficiency
For details on the methodology and parameters, see annex.
Carbon intensity(kgCO2e/m2)
2008 2009
2008 - Like-for-like 2009 - Like-for-like
Redevco’s Investment Portolio
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ce
Industrial
0 20 40 60 80 100 120
Carbon intensity
Ass
et C
lass
Energy useand CO2 emissions
15 Redevco Corporate Responsibility Report 200914 Redevco Corporate Responsibility Report 2009
Increasedon-siteenergygeneration
PromptedbypendingEUlegislation,overtimerealestatepropertieswillbecomeenergy-producingunitswithinadecentralisedenergynetwork.Inordertomonitorthistrendandassessitsownperformanceinthisarea,Redevcocollectsdataregardingon-siteenergygeneration.In2009thevolumeofenergygeneratedon-siteincreasedfrom1,368to7,495MWh.Someoftheassetsproducedenergyyear-round(e.g.Mainz),whileothersbeganproductioninthecourseof2009(includingAnkaraandErzurum).Energygeneratedon-siteisexpectedtoincreasefurtheroverthenextfewyears.Asof2010Redevcowillproactivelymanageon-sitegeneration,aimingtoincreasetheshareto10%oftotalenergyconsumptioninRedevco’sinvestmentportfolioby2020.In2008and2009thissharewas0.2%and0.7%respectively.Toachievethe2020target,on-siteenergygenerationfornewdevelopmentsmustbemaximisedtoaneconomicallyfeasiblelevel.ThiswasachievedintherecentlycompletedcentresinTurkeybyincorporatingtri-generationsystems,resultinginlowerCO
2
emissions than for any other shopping centre in Turkey.
In the Connaught Place development, the primary heating and cooling is provided by ground source heat pumps. An open loop system abstracts ground water from the subterranean aquifer. The water is used in the heating and cooling process and is then injected back into the aquifer.
Energygeneratedon-site
Energy generated on-site(MWh)
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
2008 2009
Renewable technologies(not requiring imports of
fossil fuels)
Low Carbon technologies(requiring imports)
Total generated on-site
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0%
2%
4%
6%
8%
10%
12%
Year
Shar
e En
ergy
Pro
duce
d O
n-si
te
Shareenergyproducedon-site
TURKEY-Ankara,absorptionchiller, generates cooling using waste heat –aspartofatri-generationsystem.
15 Redevco Corporate Responsibility Report 200914 Redevco Corporate Responsibility Report 2009
181 new energy performance certificates
AsrequiredbytheEUEnergyPerformanceofBuildingsDirective,RedevcohascontinuedtoobtainEnergyPerformanceCertificates(EPCs).In2009thenumberofEPCsitsecuredrosefrom79to260.Ofthese260certificates,179(69%)areratedA,BorC,orperformbetterthanreference.RedevcoisworkingtoobtainEPCsforallitspropertiesinEUcountriesby2012.Inaddition,Redevcoformulatedanewtargetfortheshareofgreenlabels(A,B,Corbetterthanreference).Itsaimistoincreasethisshareto80%(bynumberofrequiredcertificates)intheEUby2015.Tothisend,thenationalRedevcoorganisationswillbe invited to develop Environmental Improvement and Action Plans for properties performing worse than A, B or C.
WhenitwasamendingtheEnergyPerformanceofBuildingsDirective,theEUdecidednottoharmonisetheEPCs.However,theamendedDirectiveisexpectedtobeaccompaniedbyavoluntarycommonEUcertificationschemetobedevelopedby2011.Redevcosupportsthismoveasitwillmakeiteasiertocompareperformanceovercountries.
BREEAMPerformancenewdevelopmentsonenergy
In2009twoBREEAMcertificateswereawardedtocompleteddevelopmentsinTurkey.BothdevelopmentsachievedaBREEAM‘VeryGood’.TheGordionShoppingCenterinAnkaraandthecentreinErzurumscored72%and64%respectivelyforenergy.IntheUKthepropertyat1-3ConnaughtPlaceinLondonwasalsocertified‘VeryGood’byBREEAM,scoring33.33%onenergyuse.4ConnaughtPlaceEco-homeswasrated‘Good’byBREEAMwithascoreof29.2%.Thestudyencompassestheenvironmental, legal and economic aspects of different concepts and the aim is to reduce energy demand and associated carbon emissions. The preferred energy concept will be selected on the basis of this feasibility study.
Energy performance certificates 2008
C: 33%
F: 17%
G: 6%
B: 11%
A: 6%
E: 6%
D: 22%
A B C D E F G
Listed buildings - Energy Performance Certificates
Heating
Elec
tric
ity
3
0
19
0
0
0
1
0
38
Worse than reference
Equal to reference
Better than reference
Worse than reference
Equal to reference
Better than reference
Energy performance certificates 2009
C: 44%
F: 4%G: 4%
B: 8%
A: 7%
E: 8%
D: 26%
A B C D E F G
Listed buildings - Energy Performance Certificates
Heating
Elec
tric
ity
9
1
24
0
0
0
22
0
57
Worse than reference
Equal to reference
Better than reference
Worse than reference
Equal to reference
Better than reference
Energy useand CO2 emissions
17 Redevco Corporate Responsibility Report 200916 Redevco Corporate Responsibility Report 2009
BetterunderstandingofperformanceofRedevco-occupiedoffices
TheextrapolatedenergyuseatRedevco-occupiedofficesrosefrom1,191,063kWhin2008to1,761,612kWhin2009.Theincrease is due to the mall management offices in the new shopping centres in Turkey and the offices in China and India (whichwereoccupiedforafullyearthisyear).In2009theenergyefficiencyofRedevco-occupiedofficeswas183kWh/m2 and the associated carbon intensity 76 kgCO
2e/m2.GivenourexpansioninregionswithanationalenergymixyieldinghigherCO
2
emissions it will be a challenge to reduce the CO2emissionsforRedevco-occupiedoffices.Aswemostlyrentourofficesfrom
thirdparties,weunderstandhowimportantitisthatthelandlordiswillingtocooperate.WeplantoconductaGreenITscanandexploreenergy-savingmeasuresrelatingtoallIT.Inaddition,RedevcoHeadOfficewillreviewitslightingsystem.
0%
5%
10%
15%
20%
25%
30%
Air - Domestic
Air - Short-haul
Air - Long-haul(business
class)
Business Travel Rail
Owned/lease cars
(excl. commuter
travel)
Private car / motorcycle
Owned/lease cars
(commuting only)
Walk/cycle Public transport
2008 2009
Businessandcommutertravel(%)Business & commuter travel: we travelled more but more sustainably
In2009,Redevcoemployeestravelled31,012kilometresperemployee(2008:30,791km).Figure“BusinessandCommuterTravel(%)”providesabreakdownofthetotaldistance travelled per mode of transport. The share of public transport and walking/cycling in the total distance travelled increased from 11% to 16%. EmissionsfromcarsownedandleasedbyRedevcodeclinedfrom171grams/kmto169grams/km.Redevcoreformulated its company car policy with the aim of further reducing carbon emissions associated with its car fleet. Whereas employees were formerly encouraged to lease moreenergy-efficientcarsbyawardingahigherbudgetforcars with an A, B or C energy label, they are now allowed to lease only cars in these categories. Since energy labels forcarsarenotusedinallthecountrieswhereRedevcohas a foothold, the company car policy will be reviewed in2010tofacilitateaninternationalroll-outthatwillcapthe emission rate of new company cars. It is proposed that this cap be subject to an annual depreciation factor for subsequentyears.Duetothelengthofleasecontracts,itwill be possible to measure the effect of a stricter car policy only after a few years.
GERMANY-Mainz,C&AEco-Store
17 Redevco Corporate Responsibility Report 200916 Redevco Corporate Responsibility Report 2009
Total Averted and O�set
Total Corporate Emissions After O setting
Averted Emissions through purchasing at green tari�
Purchased Voluntary Emission Rights (VERs)
Aversion and O�setting
0
1.933.000
- 4.724 - 344
0
2.041.000
2.041.0001.933.000
Total Corporate Emissions Before O setting
Energy Use occupied o ces
O ce Energy Use
28% 36%732.139531.038
100%1.928.276 100%2.040.656
Total Emissions Commuter Travel
Commuter Travel
Private car/motor cycle
Owned/lease car (excl. business travel and other)
Walk/cycle
Public transport
3%
8%
0%
2%
13%
3%
10%
0%
2%
16%
61.168
152.109
0
34.969
248.247 328.763
68.217
209.836
0
50.710
Business Travel
Air - Domestic
Air - Short-haul
Total Emissions Business Travel
Air - Long-haul (business class)
Business Travel Air - subtotal
Business Travel Rail
Owned/lease cars (excl. commuter travel)
55.805 3%
13%
19%
36%
1%
23%
60%
1%
19%
48%
4%
9%
15%
28%
257.846
375.131
688.782
15.907
444.302
1.148.991
76.107
183.874
313.522
573.502
12.315
393.936
979.753
CO2 emission account 2008
kgCO2e kgCO2e
2009% %
Redevcoaspirestobecarbonneutral Since2006Redevco’spolicyhasbeentovoluntarilyoffsettheresidualcarbonemissionsrelatingtocorporateactivitiesbypurchasingvoluntaryemissionrights(VERs).In2010RedevcousedtheGoldStandardVERsitacquiredtooffsetitscorporateemissionsin2009foraprojectinvolvingtheinstallationofalandfillgas(LFG)collectionsystemandanelectricitygenera-toratalandfillsiteneartheTurkishcapitalofAnkara.Thesitereceivesapproximately3,500tonnesofmunicipalsolidwasteeverydayfromaround3.6millioninhabitantsintheAnkaraGreaterMunicipality,includingwastefromtheGordionShop-ping Center. Prior to the project’s realisation, the landfill site was emitting huge quantities of methane gas directly into the atmosphere.Withinthescopeoftheproject,anLFGcollectionsystemwasinstalledandthegasrecoveredisnowusedtofuelseveral electricity generators at the site. Emission reductions are achieved through the combustion of the methane that is col-lected and displacement of grid electricity produced by fossil fuel based plants.
GERMANY-Mainz,C&AEco-Store
Energy useand CO2 emissions
19 Redevco Corporate Responsibility Report 200918 Redevco Corporate Responsibility Report 2009
Video-conferencingfacilitiesinstalledat5locations
Afterasuccessfulpilotprojectin2009,weacquiredvideo-conferencingfacilitiesforourofficesinAmsterdam,IstanbulandHongKong.Avideo-conferencingsystemwasinstalledinthenewlyopenedshoppingcentresinAnkaraandErzurum.InVienna,DüsseldorfandZug,wehaveaccesstoCOFRAHoldingAG’svideo-conferencingsystem.Asaresult,businesstravelbyair(short-haulandlong-haul)declinedby25%.However,werealisethatalowerlevelofbusinessactivitymayalsohavecontributed to this reduction.
“Statement from a key stakeholder Prom of the Year Award, Mainz
All of the projects exemplify originality and functionality as well as particularly high energy efficiency. One of the aims of our competition is to sensitise developers and architects to the issue of energy efficiency. We will award ‘Prom of the Year’ to owners and architects who develop ecologically innovative yet economically viable solutions intheareaofenergy-efficientcommercialrealestate.
Dr. Knut Zschiedrich RWEEnergy’sHeadofSales
“Case studyFRANCE:businessandcommutertravel
In France fewer business flights took place. Areductionofapproximately30%wasachieved for national flights and 70% for international flights compared to 2008. Forcommutesoflessthan3hoursperdaya reduction of 70% was achieved. Less use was made of taxis and car rentalsthroughthevoluntaryuseofVélib–aself-servicebicyclesubscriptionscheme–forbusinessappointments. RedevcoFranceusesabicyclecourierserviceandhassetupaPriuscarpool for internal needs.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Year
kgCO
2 e
mis
sion
s pe
r em
ploy
ee
Energy use redevco o�ces Lease cars Air travel Other
30% reduction
CO2 emission account
Reducedcarbonemissionsperemployee Asof2009Redevcointroducedanewperformanceindicator to monitor carbon emissions related to energy use ofofficesoccupiedbyRedevco,companylease/ownedcarsand air travel. In 2009 the CO
2 emissions per employee were
6,917kg.Ourtargetistocutthisby30%in2020.Werealisethat this will be a challenge, especially if we open more offices in countries with high emission factors like in China.
19 Redevco Corporate Responsibility Report 200918 Redevco Corporate Responsibility Report 2009
Objective/targets/actions By When
Reduce CO2 emissions per employee by 30%, aiming at 4,842 kgCO2/employee 2020
Obtain Energy Performance Certi�cates for all EU properties 2012
Increase share of on-site energy production to 10% of total energy consumption in Redevco’s portfolio
2020
O�set our residual carbon emissions Annually
Develop climate change risk assessment for all assets 2012
Calculate 3-year average of energy e�ciency and carbon intensity for the investment portfolio and formulate a 2020 target per asset class by country
2011
Reporting our energy consumption and working with our tenants - the actual consumers of the energy - to achieve carbon savings and e�ciencies where possible
2010
Conclude study on low- and zero-carbon technology systems for the Wuhan Tiandi Riverview Plaza, China
2010
Conduct annual commuting survey among employees Annually
Review company car policy with a view to reducing average carbon emissions per km from Redevco’s car �eet
2010
Explore feasibility of extending video-conference facilities e.g. Spain 2010
Explore opportunities to install more energy-e�cient equipment e.g. review lighting system at Redevco Head O�ce
2010
Redevco’s Corporate IT Department will carry out a Green IT scan. Equipment will be examined to identify ways of reducing the environmental impact and cutting costs
2010
SpainReduce air travel and increase travel by train
Starting 2010
UKConduct feasibility study to reduce environmental impact of Redevco UK o�ce
2010
GermanySpeci�c measures to save energy and raise awareness among colleagues are being implemented in the Redevco o�ce
2010/2011
UKImprove standing of Redevco UK in the Carbon Reduction Commitment (CRC) league table, to be set up in April 2010
Annually
Increase the share of green certi�cates (A, B, C or better than reference) to 80% (by number of required certi�cates) in EU countries 2015
21 Redevco Corporate Responsibility Report 200920 Redevco Corporate Responsibility Report 2009
useWater
Water is often undervalued. Fresh water is frequently wasted even though it is becoming an increasingly scarce global resource.Duetoclimatechange,moreandmorecountriesmayplacetemporarylimitsonwateruseinordertopreventoveruseduringdryseasons.Afterenergyproductionandagriculture,water-usingproductsinbuildingsareamongthemostimportantusesofwaterintermsoftotalwaterabstraction.However,itisimportanttonotethatwateruseinbuildingsappears to vary widely across Europe as the water source, living conditions, and water supply systems differ a lot between countries.Water-usingproductsinretailpropertiesincludetoilets,urinals,taps,washingmachines,dishwashers,icemakers,carwashes,pressurewashers,coolingsystemsandvariousoutdoorwater-usingproducts.
In order to identify the opportunities and risks associated with water, our company is committed to monitoring and improving its water footprint. We not only use water directly, but are also an indirect user since the efficiency of our buildings affects the volume of water used by the occupants of properties in our investment portfolio. The challenge is to increase waterefficiencyandaddressproblemsassociatedwithincreasedwaterrun-offduetomoreextremeweatherpatterns,notonly when developing new buildings, but in the properties in portfolio as well.
0.21Water e�ciency improved in 2009
m3/m2
What we set out to do in 2009 Status
Annual Review on water issues in Redevco’s Programme of Requirements for development of new shopping centres
Achieved
21 Redevco Corporate Responsibility Report 200920 Redevco Corporate Responsibility Report 2009
Improved water efficiency
In 2009 water efficiency improved from 0.22 m3/m2 to 0.21 m3/m2onalike-for-likebasis.Theextrapolatedwaterconsumptionisestimatedat1,135,613m3 compared with 880,814 m3in2008.Giventhehigherdatacoverage(seeannexes), it is expected that the extrapolated figure for 2009 is more accurate.
Wateruseandthedistributionofwater-usingproductsincommercial buildings depends on the principal activities anduseofthebuilding(e.g.restaurant,laundry,carwash,supermarket, shopping centre). As a consequence, water efficiency may differ between asset classes, as the graph illustrates. Supermarkets and commercial offices are good examplestoillustratewater-usedisparitiesincommercialbuildings. Supermarkets rely heavily on cooling towers for refrigeration and air conditioning, and thus these represent the major water needs of this sector. Although office buildings also rely heavily on cooling towers, water consumption in restrooms contributes to a greater proportion of water use in this type of building.
When data over three years is available, we will calculate a three-yearaveragein2011andformulatea2020targetperassetclassbycountry.RedevcowillliaisewithanexpertNGOaimingtopilotawaterfootprintmethodologyforbuildings in 2010 and 2011.
Water e�ciency(m3/m2)
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45
2008 2009
2008 - Like-for-like 2009 - Like-for-like
Redevco’s Investment Portolio
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ce
Industrial
Water efficiency
Ass
et C
lass
useWater
23 Redevco Corporate Responsibility Report 200922 Redevco Corporate Responsibility Report 2009
BREEAMperformanceofnewdevelopmentsonwater
ThetwodevelopmentprojectsinAnkaraandErzurumthatwereawardedaBREEAMcertificateachievedascoreof66.67%onthecriterionofwateruse.InbothshoppingcentresthefollowingsixBREEAM-relatedmeasuresweretakenbeforetheassessment:
• Toiletswerefittedwith6/3Ldualflushcisternstominimisetheconsumptionofpotablewater.Dualflushtoiletsgivetheuser the choice of pressing a small or a large button depending on how much water is required to clear the toilet bowl. ResearchhasprovedthatonlyoneoutoffivevisitstotheWCwarrantsafullflush.
• Watermeterswithapulsedoutputwereinstalledonthemainsuppliestoeachbuilding,andsub-meterstotenancyareaswereinstalled.PulsedwatermetersallowustomonitorthewateruseofabuildingthroughtheBuildingManagementSystem and contribute to efficient water data collation.
• Amajorleakdetectionsystemwasinstalled.Thissystemraisesthealarmintheeventofunusuallyhighconsumption,sothat we can take action to repair the water leak.
• Proximitydetectionshut-offwasfittedinthewatersupplytoallurinalsandtoilets.Thisdevicepreventswaterwastebyshutting off the water supply when no activity is detected.
• Rainwateriscollectedandusedforirrigation.Usingrainwaterisanexcellentwaytosavewaterwhenmaintaininggardensand lawns.
These measures resulted in the final design score of 66.67%.
1-3ConnaughtPlacescored66.67%onwateruseandBREEAMEcoHomesat4ConnaughtPlacescored33.33%.
Case studySPAIN
In2008RedevcodecidedtoundertakeasignificantredevelopmentofapropertyinGuadalajarainSpain.Duetodifficultieswiththebuildingcontractor,theexpenditureoverrantheinitialbudget.Nevertheless,Redevcodecided to increase expenditure by approximately 2% to improve the water drainage system in order to ensure compliance with corporate values.
23 Redevco Corporate Responsibility Report 200922 Redevco Corporate Responsibility Report 2009
Our objectives and targets for 2010 and beyond
Become a regular partner of the Water Footprint Network
Liaise with Water Footprint Network on water e�ciency in the built environment and pilot a water footprint analysis for an existing building
Calculate a three-year average per asset class by country and formulate a 2020 target
GermanySpecic measures to save water and to raise awareness among colleagues are being implemented in the Redevco o�ce
2010
2010/2011
2010
2010/2011
By When
““
Statement from a key stakeholder The interest in the concept of the water footprint and the accompanying methods and tools is overwhelming. We are pleased to welcomeRedevcoasaregularpartneroftheWaterFootprintNetworkandlookforwardtocooperatingwithRedevcoin2010andbeyond. The application of the water footprint methodology to existing buildings and new developments is a new area for us too. We hope to use the partnership to explore the water footprint of buildings and assess whether current performance indicators on water use in buildings are appropriate.
Prof.dr.ir. Arjen Y. Hoekstra ProfessorinMultidisciplinaryWater Management-UniversityofTwente &ScientificDirector-WaterFootprintNetwork
The Water Footprint Network The basis for the water footprint concept and methodologywaslaidbyProfessorArjenHoekstraatUNESCO-IHEandfurtherdevelopedattheUniversityofTwenteintheNetherlands.Theconceptandmethods have been firmly established in scientific literature.Todate,dozensofinstitutionsandthousands of individuals have expressed interest in further developing and/or applying the water footprint methodology. The interest focuses on questionssuchas:HowcanIimplementproperwaterfootprint accounting in the context of my country or organisation?Howcanweidentifytheplaceswherewaterfootprintshavethegreatestimpact?Howcanthose impacts be reduced and possibly offset? A big gap has grown between the demand for support in application and implementation and the capacity to supply this support. There is also a need to bring together on a structural basis developers of methods and tools and institutions that seek to apply these. In order to coordinate efforts to further develop and disseminate knowledge on water footprint concepts, methods and tools, a number of institutions have establishedaWaterFootprintNetwork.Thenetworkis unique in that it brings together partners from diverseorigins-knowledgeinstitutions,non-governmental sector, private sector, government agenciesandUN.Source: www.waterfootprint.org
25 Redevco Corporate Responsibility Report 200924 Redevco Corporate Responsibility Report 2009
cultural heritagebuildingsListed
&
Protecting cultural heritageAs a responsible investor we are aware that historic buildings are often unique and irreplaceable relics of the past, and that the responsibility for preserving them lies with the current generation. This heritage is an important aspect of the character and appearance of our towns, and adds to the quality of our lives. We recognise this and it inspires us to further improve environmental performance together with our tenants, and at the same time to protect the historical value of our buildings.RedevcoownsthirtybuildingsthroughoutEuropeinhistoricareasorcitycentreswhicharelistedasbuildingsofculturalsignificance.Thebuildingsrepresentatotalvalueofaround€533million,i.e.morethan7.5%ofRedevco’sinvestmentportfolio. Understandably, these buildings are often well protected from substantial alterations, which make it a challenge to meet our environmental commitments. As part of our ‘Business in Balance’ principle, we seek a balance between the protection of our cultural history and the environmental needs of today.
Finding the right balance
Besides the environmental issues, a number of other aspects play a role in the use, preservation and restoration of these heritage buildings, such as the historic construction materials; the public interest; users; interior elements; construction regulations and environmental taxes. Other forces at play are the maintenance needs, the municipality, the interests of the owners, and changing demands in terms of the environment, convenience and facilities. The goal is to strike a balance between the various interests to ensure that future generations too can experience, use and appreciate these unique historic buildings.
Our progress against 2009 objectives and targets
AsculturalheritageisanewissueinourCorporateResponsibilityreport,wedidnotsetany objectives for 2009 that can be reviewed. Objectives and targets will be formulated in 2010. In formulating our cultural heritage policy we will adhere to the following basic principles:
listed buildings
Redevco owns30
25 Redevco Corporate Responsibility Report 200924 Redevco Corporate Responsibility Report 2009
cultural heritagebuildings
Carbon intensity(kgCO2/m2)
Redevco’s Listed Buildings
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ces
Industrial
0 20 40 60 80 100 120
2008 2009
2008 - Like-for-like 2009 - Like-for-like
not applicable
not available
Water efficiency
Water e�ciency(m3/m2)
Redevco’s Listed Buildings
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ces
Industrial not applicable
not available
not available
0.0 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80
2008 2009
2008 - Like-for-like 2009 - Like-for-like
Ass
et C
lass
Ass
et C
lass
Energy e�ciency(kWh/m2)
Redevco’s Listed Buildings
Retail Shopping Centre
Retail High Street
Retail Box/Park/Supermarket
O�ces
Industrial not applicable
not available
0 50 100 150 200 250 300
2008 2009
2008 - Like-for-like 2009 - Like-for-likeEnergy efficiency
Ass
et C
lass
Carbon intensity
Ass
et C
lass
ListedBuildings-EnergyPerformance Certificates
• Whenbuildingnewshoppingcentreswewillassesswhether a site is known to or likely to contain archaeological remains.
• Whenimportantremainsarepresentonoursites,wewill see to it that our project design avoids unnecessary damage or disturbance.
• Tounderstandlocalopinionwewillinvolvecommunityrepresentatives in the design process.
• Wewillretain,asfaraspossible,significantfeaturesin the exterior or interior of buildings, particularly the façades.
While these basic principles are being laid down and worked out in concrete prescriptions and protocols, we will ensure that the restoration or refurbishing of our listed buildings helps preserve cultural heritage.
Current performance
The graphs on the right and below on energy efficiency, carbon intensity, water efficiency and energy performance certificates of our listed buildings show that their environmental performance lags our average portfolio performance. This means that in the coming years we must make an extra effort to bring our historic buildings up to the energy efficiency standards of our overall portfolio. Connaught Place in the UK, a listed building, set the example byreceivingaBREEAM‘VeryGood’certificate in 2009 and aBREEAMEcoHomes‘Good’in2010.InCentralEuropediscussions with monument protection agencies took place in Lublin regarding preservation of the pedestrianzone,andin Toruń regarding the planned purchase of a historic retail building dating back to the 15th century.
Heating2009
Elec
tric
ity
0
0
1
0
0
0
0
0
3
Worse than reference
Equal to reference
Better than reference
Worse than reference
Equal to reference
Better than reference
CF
G
E
D
A B C D E F G
Listed buildings - Energy Performance Certificates
27 Redevco Corporate Responsibility Report 200926 Redevco Corporate Responsibility Report 2009
cultural heritagebuildingsListed
&
27 Redevco Corporate Responsibility Report 200926 Redevco Corporate Responsibility Report 2009
Statement from a key stakeholder
It was quite a challenge to create a sustainable environment behindthe1950ssingle-glass-and-steelfaçadeoftheHUFbuildinginRotterdam.Wesucceededbyusingauniquekindofultra-thindoubleglazingespeciallydesignedforrenovation projects and by reintroducing a remake of the original awnings.
Robert Bakker DevelopmentManagerRedevcoNetherlands
“ “Case studyUNITEDKINGDOM-Glasgow,PrincesSquare
The original buildings of what is now Princes Square Shopping Centre were built in blonde sandstone to a design bythecelebratedGlasgowarchitectJohnBaird,andwerecompletedinthemid-1800s.Originallyahotel,convertedinto business chambers and for commercial usage, the buildingshavebeenGradeBlistedsince1970.Duringthe1980s Princes Square was redeveloped into a covered indoor shoppingcentrebytheadditionofaglazedpitchedroof.The addition of continuous balconies on the first, second and third floors created a galleried atrium space around which shopunitswereforgedfromwithintheretainedVictoriansandstone buildings, preserving the original façades. Over the coming years, starting in 2010, the look and feel of the building will be refreshed without impacting its architectural and historic integrity.
HistoricbuildingsinSpain,PortugalandItalyAround30%oftheRedevcoportfolioinSpain,PortugalandItalyarelistedashistoricbuildings.IncitieslikeMadrid,Barcelona,PalmadeMallorca,Lisbon,PortoandBariwedevotetimeandresourcestopreservingthesebuildings.Belowaresome examples of recent interventions:
• AtRuaSantaCatarina,Porto,Portugal,werestoredthesculpturesthatcrownthebeautifulPalladiumbuilding.• AtRuaSantaCatarina,Porto,Portugalweengageaspecialisttocarryoutperiodicmaintenanceontheclockinthe
building. • AtRuaAugusta,Lisbon,Portugalwehavemanagedtocombinecommercialusewiththeexhibitionofarchaeological
remains.• AtCondedePeñalver-Goya,Madrid,Spainwehaveconductedperiodiccleaningandrestorationofthefaçade.
We believe that keeping these properties in good condition not only contributes to preserving their value, it also preserves the city centres where they are located. In this way we serve our goal of preserving our cultural heritage. We should not forget that the properties themselves have a rich history, having been able to adapt to different customer needs through the centuries.
27 Redevco Corporate Responsibility Report 200926 Redevco Corporate Responsibility Report 2009 27 Redevco Corporate Responsibility Report 200926 Redevco Corporate Responsibility Report 2009
Case studyTHENETHERLANDS- Rotterdam,HUFBuilding
RedevcoNetherlandsacquiredtheHUFBuildingin2007.Thebuildingwasdesignedin1953byarchitectsVandenBroek&Bakemaandcomprises 1,250 m2ofretailspaceand1,300m2ofofficespace.TheHufbuildingiswidelyrecognisedasoneofRotterdam’sfinestmonuments.Afteryearsofneglect,itwasaquiredbyRedevcoandrestoredtoitsformer glory. The upper floors have been redeveloped to provide modern office space, while retaining the distinctive postwar architecture. The characteristic glass facade has been preserved, along with the striking detailsofthesteelsections.Goodclimatecontrolhasbeenensuredbyreintroducing a remake of the original awnings. Work on renovating the entire building commenced in 2008 and was completed in 2009.
Case studyBELGIUM-Antwerp,Meir
One of the many titles bestowed on Antwerp in the 16th century was ‘triomfelycke coopstad’, meaning ‘triumphant shopping city’. Today, shoppersarestillwildaboutAntwerp’spedestrianzones,historicdwellingsandbustlingshoppingcentres.Meiristhemainshoppingstreet.Itispedestrian-onlyandlinedwith18thand19thcenturyfaçades.RedevcoownstwoadjacentlistedbuildingsonMeir,whichhousetheInnodepartmentstore.Meir82wasbuiltin1901fortheTietzdepartmentstore,renownedforitsstrawhats.Themarvellousneo-classicistfaçadeistoppedbythreeglassdomes.Meir84wasbuiltin1903fortheMoysonelectricalstore.Thebuildinghasasplendidneo-classicistfaçadedecoratedwithseveral statues. The roof is topped with a golden statue of the goddess Electra.Redevcowillcommenceacompleterenovationofthefaçadesandroofs in 2010. By the end of 2011 the building will shine again as in its early years.
Objectives/Targets/Actions By When
Central Europe Redevelop the Lublin property while preserving the historic pedestrian zone
GermanyCarry out robust renovation of a gallery in the side wing of the Hansakontor, a listed building in Dortmund. Measures must be implemented in strict compliance with conservation practices and regulations
2010/2011
2011
Central EuropeIncrease share of assets that are protected buildings and are under development to 15% 2015
29 Redevco Corporate Responsibility Report 200928 Redevco Corporate Responsibility Report 2009
BusinessIntegrity
Redevco’sBusinessIntegrityPolicystemsfromourshareholder’sCodeofConduct.Wehavenotyetinitiatedareviewofourcorevaluesandbusinessprinciples,sincewewishtoconductthatreviewtogetherwithourshareholder,COFRAHoldingAG.
employees all signed the BusinessIntegrity policy at the
beginning of 2009
283
What we set out to do in 2009 Status
Review our core values and business principles
Review supplier contracts with reference to the Business Integrity Policy and other relevant Corporate Responsibility issues
Conduct annual review of business integrity issues in Redevco’s Programme of Requirements for development of new shopping centres Achieved
Notstarted
Notstarted
The evaluation of the contracts with suppliers has not yet commenced, but remains an objective for the coming years. The processwillstartin2010aspartoftheResponsibleSourcingproject.
Redevco’s283employeesallsignedtheBusinessIntegrityPolicyatthebeginningof2009, thereby reaffirming their commitment to the policy. Implementing this policy inday-to-daybusinessdecisionsremainsaprofoundchallenge.Aspartofthispolicy,RedevcoNetherlandsdiscussesethicsanddilemmasatsessionseveryTuesday morning with staff.
29 Redevco Corporate Responsibility Report 200928 Redevco Corporate Responsibility Report 2009
BusinessIntegrity
“ “
Objectives/Targets/Actions
Develop a Maturity Programme to track progress with implementation
Develop a format for keeping the Business Integrity Policy alive. A special working group – the Ethical Committee – will be appointed to address the issue of implementation and to come up with practical tools
Review overall business principles in cooperation with COFRA Holding AG. Each business line will be responsible for highlighting issues relevant for their area
By When
2010
Starting2010
Starting2010
Statement from a key stakeholder Business Integrity – incidents
InthelastfewyearsRedevcohasimplementedtheBusinessIntegrity Policy, nominated a Compliance Officer and introduced a Whistleblower Policy. Only a limited number of incidents were reported and these have been dealt with. The fact that we are still a small organisation in terms of fulltime employees may help a lot. Like in a village where the social control mechanism is quite strong, it would be difficult to misbehave without anybody noticing.
Arjen Laan FormerHumanResourcesDirectorRedevcoHeadOffice
Valuesandethics
In2010RedevcoandCOFRAHoldingAGwilljointlydevelopaformatforkeepingtheBusinessIntegrityPolicyalive.Aspecialworking group will be appointed to address the issue of implementation and to come up with practical tools.
Measuresplannedfor2010includedevelopingoverallbusinessprinciplesforCOFRAHoldingAGasagroup.Eachbusinesslinewillberesponsibleforhighlightingthoseissuesrelevantfortheirarea.InadditionwewilldevelopaMaturityProgrammeto track progress with implementation.
EmployeesplayingtheCOFRAintegritygame.
31 Redevco Corporate Responsibility Report 200930 Redevco Corporate Responsibility Report 2009
localcommunities
Supporting
COFRAHoldingAGhasalongtraditionofsupportinglocalcommunities,whichincludescorporategiving.Redevco’spolicyisbasedontheCOFRApolicyoncommunitiesanddonations,andhasevolvedgraduallyovertheyears.Thebasicprincipleof‘actingasaresponsiblelocalcitizentowardslocalcommunities’hasbeeninterpretedinvariouswaysandconsequentlytherange of groups that have received donations is diverse.
non-pro�t organisations received a form of grant
24
What we set out to do in 2009 Status
Review corporate donations policy and identify clear targets and objectives related to Redevco’s core business
Engage with local Green Building Councils
Continue engagement with working groups and expert panels
Achieved
Achieved
Inprogress
InadditiontothebudgetspentbyCOFRA–whichispartlyfundedbyRedevco–wemadedonationsin2008of€292,063.In2009Redevcodonatedatotalof€251,000togoodcauses.Thatsumdoesnotincludethehoursofvoluntaryworkperformedduring the social events described below. The amount is lower than in 2008 because we received fewer requests for donations.
31 Redevco Corporate Responsibility Report 200930 Redevco Corporate Responsibility Report 2009
Makinganimpact
In 2009 we expressed a desire to identify alternative ways of engaging with the community. The donations we made had lost theirimpactasthefocuswastoobroad.ItwasdecidedtoreviewtheCorporateGivingpolicyandidentifyclearobjectivesrelatedtoRedevco’scorebusiness,aswellastargets,focus,budget,output,proceduresandinstruments.
ThereviewconcludedthatourCorporateGivingprogrammeshouldaddvaluetosocietyingeneral,ouremployeesandRedevcoasawhole.In2010weaimtodevelopobjectiveswhichinclude:
• helpingthelessprivilegedand‘givingbacktosociety’withinthecommunitieswhereRedevcoisactive;• motivatingandinvolvingstaff,stimulatingteambuilding;• actingasaresponsiblecorporatecitizen. We plan to set targets on the number of employees involved, the budget and the impact a project should aim for.
BasedontheoutputofinterviewswithseveralboardmembersandManagingDirectors,aworkshopwasplannedatwhichthe participants developed policy, described the beneficiaries and identified the expected input and output, including the useofdifferentinstruments.TheresultswerepresentedduringtheRedevcoSocialEvent2010.ThemeetingalsodefinedaGuidingPrincipledescribingingeneralwhatweaimforandwhatinvestmentinthelocalcommunityorprojectwithanNGOshould entail: ‘Invest in the living environment, for example housing, education and the natural urban environment of the less privileged within the communities where Redevco is active.’
Statement from a key stakeholder Redevco’s donation enabled us at Direkthilfe Roma to finance two projects in 2009:
1) WewereabletofundspatreatmentforMartinaMateova,aseverelyhandicapped13-year-oldgirl.Martinahasspasticparaplegiaandcanonlyliedown,sitorkneel.GiventhepoliticalandregionalsituationoftheRomainSlovakia,hermotherhasnowayofearningmoneyherselftopayforthistreatment.Herfatherdiedtwoyearsago.Withjust€290amonth to survive on, mother and daughter live in a garage of about 12 m2.Redevco’ssponsorshiphelpedtonotonlystopthe girl’s condition from deteriorating, but also substantially alleviated the symptoms.
2) Asin2008,RedevcoalsosupportedourgherkinprojectineasternSlovakia.ThisprojectaimstocreatejobsfortheRomapeopleintheregion,helpingthemtohelpthemselves.Redevco’sdonationwenttowardsfinancingseeds,jarsandvariousingredients.WeorganisetheworklocallyandsellthefinishedproductsinAustria.WithRedevco’ssupport,thisprojectencourages the people in this region to take responsibility for themselves through their own labour.
WewouldliketoofferRedevcooursincerethanksforitssupport.
Heinz Kumpf Direkthilfe:Roma
“ “
localcommunities
Supporting
33 Redevco Corporate Responsibility Report 200932 Redevco Corporate Responsibility Report 2009
Case studyTURKEY: Women’s Club
RedevcoTurkeylaunchedaWomen’sClubinDecember2009tocoincidewiththeopeningoftheGordionShopping Center. The objective of this club is to empower women and give them a sense of being part of the local community. It is a platform for members to embrace opportunities such as invitations to exclusive product launches,freelessonsinareassuchaspainting,craftsandcooking,butabovealltobeapartoftheGordioncommunity.TheGordionWomen’sCluboffersthelocalwomenofAnkaraaforumtoexpressthemselves.Inthis way, we have created a safe environment that fosters social bonds among consumers. It is free of charge andmembersreceivesubstantialdiscountsonvariousproductsattheGordion.TheclubisauniqueconceptinTurkey.
33 Redevco Corporate Responsibility Report 200932 Redevco Corporate Responsibility Report 2009
Country Institution Short description
Central Europe Austrian Sustainable Building Council–ÖGNI
Became founding member
TheNetherlands DutchGreenBuildingCouncil DiscussioninBREEAMIn-Useworkinggroup
NRW–DutchCouncilforShopping Centres Frontrunners in the retail on sustainability-initiativeofIVBN,DGBC,NRW,Nevap,Neprom,VastgoedmanagementNederland,andAgentschap.nl
RedevcoisamemberoftheContracts&SustainabilityworkinggroupwithintheSustainabilityTaskforce.RedevcoshareditsGreenLeaseformatwiththeworkinggroup
MunicipalauthorityofLeidschendam
Discussingthesustainabilityambitionsofthemunicipalityandother issues
Sweden Working group of Landlords (www.trettongruppen.se)
ThisworkinggroupissettingupBREEAMinSweden
United Kingdom MemberoftheBritishCouncilofShopping Centres
RedevcoisontheorganisingCommittee
Spain SpanishBREEAMCouncil(www.breeam.es)
In2009RedevcoSpainbecameafoundingmemberoftheSpanishBREEAMCouncil
MunicipalauthorityofChiclana Discussionwithmunicipalandrailwayauthoritiesonbuildinganeco car park in relation to redevelopment project
Germany BREEAM ColleaguesattendingtheBREEAMassessortraining
GermanSustainabilityBuildingCouncil(DGNB)
Founding member
Scientists/universities Contactbecauseofthe‘PromdesJahres’awardorseveralpublications
France CNCC–FrenchbranchofICSC PermanentmembershipofcommissionssetupabytheCNCC:SustainableDevelopmentCommissionandTechnicalCommission
SeineRivoli:cleanbuildingsitecharter
This charter was about noise and traffic regulation to protect the neighbourhood; applied by most contractors working with Redevco
BREEAMmeetings AttendanceofmeetingsorganisedbyBREEAM
Turkey TurkishGreenBuildingCouncilTGBCconferences
SomeemployeesattendedaconferenceoftheTurkishGreenBuilding Council
Engagement and participation
WeaddressedCorporateResponsibilityinconsultationwithpeersandlobbygroupsthroughourcontinuedparticipationinvarious committees, working groups and similar.
The following table gives examples of local engagement.
localcommunities
Supporting
35 Redevco Corporate Responsibility Report 200934 Redevco Corporate Responsibility Report 2009
Overview of corporate giving projects in 2009 Country Institution Short description
Central Europe/Poland
NunsofWarsaw The Polish team spent a day doing voluntary work in an orphanage managed by the nuns of Warsaw
DirekthilfeRoma DonationforatrucktobringusedgoodsfromAustriatotheRoma-peopleinSoutheasternSlovakiaandbringcucumbersbacktoAustriatoselltoAustrianconsumers.DonationsforamotorrepairofthetruckinNovember2009
ArcheNoah Renovatingnewhomeoffoundationforunderprivilegedchildren
Orphanage Helpandsponsorshiptoenablethechildrenoftheorphanagetogo on a summer vacation
TheNetherlands Paint a Future Donationandexhibition,OfficeRedevcoNetherlands
ZinnigeZaken Social event
Belgium HetDolfijntje(Alped’Huez) EUcolleaguesclimbedtheAlped’Huez(bybikeandonfoot)toraise money for a swimming pool for disabled children
DeEglantier Sponsoring of clinic for therapeutic day care for children
Turkey RotaryIstanbul Supporting nursery centre for disabled children
HeadOffice IMCweekendschool Weekend school for international students
NCPG Horseridingforhandicappedchildren
HabitatforHumanity Building houses in South Africa
St.DeOpkikker Colouring book for hospitalised children
FoundationEndiga(Alped’Huez) EUcolleaguesclimbedtheAlped’Huez(bybikeandbyfoot)andraised money for a school renovation project in Uganda
CORfoundation Helpinglessprivilegedchildren
TerredesHommes Project in Indonesia
Cordaid Project in Bangladesh
Cordaan Renovationofoldcanalboatforusebyclientsofcareorganisationin Amsterdam
Germany Clinic Bad Sassendorf Spending a day with children with mental disorders
Spain Cycling tour CyclingwithdisabledpeopleinMadrid,incooperationwithFundaciónDeporteyDesafio
Fundación Apsuria Donationtocoverrunningcosts
India SukhdhamOldAgeHome Improve living conditions
United Kingdom OasisVenturePlaygroundinLondon
RebuildinganadventureplaygroundinLondon
Sweden TheMunicipalityofVarmdo (nearStockholm)
TakingdisabledchildrenoutforthedayintheNordics
35 Redevco Corporate Responsibility Report 200934 Redevco Corporate Responsibility Report 2009
Statement from a key stakeholder Dutch Green Building Council
AsthefrontrunnerinEuropeonsustainabilityinretailrealestate,Redevcoissteppingupthepaceofthesectorasawholeonsustainability.Redevcoistheinitiatorofseveralcouncils,includingtheDutchGreenBuildingCouncil(DGBC).RedevcocontinuestocontributestronglytotheDGBC,withitsCOOactingaschairmanandseveralotheremployeesparticipatinginadvisorybodies.Redevcohelpsthecouncil’sworktowardspermanentchangeinthefieldofsustainabilitybytakingambitious but realistic steps to embed sustainability in business processes.
Stefan van Uffelen DirectoroftheDutchGreenBuildingCouncil
“ “
Our buildings and the local community
VarioussocialandethicalissueswereaddressedduringthedevelopmentandlaunchoftheGordionShoppingCenterin Turkey. For instance, an educational programme for children was launched on how to deal with waste. See ‘Emerging CorporateResponsibilityissues’fordetailspage40. IntheGordionandErzurumshoppingcentresthereisaroomavailableduringprayertime.Between20to40peoplemakeuse of this room during the day.
Our objectives and targets for 2010 and beyond By When
Evaluate the Corporate Giving policy, develop procedures and implement policy
TurkeyRoll-out the environmental awareness programme for children in 2010
2010
2010
37 Redevco Corporate Responsibility Report 200936 Redevco Corporate Responsibility Report 2009
In addition to energy use, CO2emissionsandwateruse,Redevco’sactivitieshaveanimpactonwiderenvironmentalissues,
includingtransport,materials&waste,landuse&ecology,pollution,health&wellbeing,andmanagement.Furtherinforma-tion on the background of these issues, and effective measures to minimise the impact, can be obtained at www.breeam.org.
Redevcoiscommittedtominimisingthisnegativeenvironmentalimpact.Althoughthird-partycertificationisnotalwayspreferred, it is a means of achieving this. For new development projects with a construction spend larger than € 10 million RedevcorequiresaBREEAMassessmenttobecarriedout,aimingforatleasta‘VeryGood’rating.Furthermore,weaimtoensure that our management systems are compliant with ISO 14001 standards.
We have no permanent programme to manage and measure the performance of the existing investmentportfolioandourcorporateofficesintermsofemergingCorporateResponsibilityissues.Nevertheless,anumberofcasestudieswillillustratetheeffortwemakeinthisregard.OncetheBREEAMinUseschemeislaunchedfortheEuropeanmarket,wewill consider using this system to monitor the performance of our investment portfolio on these issues. This prompted us to become a founding member of the InternationalSustainabilityAlliance(see‘Societyatlarge’,page50).
Redevco Netherlands was awarded an
ISO 14001certi�cate
CorporateResponsibility
Emerging
Issues
What we set out to do in 2009 Status
Complete development projects (> EUR 10 million): 100% BREEAM assessed and at least rated Very Good
Start ISO 14001 certi�cation procedure for 100%-owned shopping centres
Annual Review on environmental issues in Redevco’s Programme of Requirements for development of new shopping centres
Not achieved
Achieved
In progress
37 Redevco Corporate Responsibility Report 200936 Redevco Corporate Responsibility Report 2009
FourBREEAMcertificatesawarded
In2009RedevcocompletedtwonewshoppingcentresinTurkey,oneinAnkaraandoneinErzurum.Bothprojectswerecertified‘VeryGood’undertheBREEAMcriteria,makingthemthefirstBREEAM-certifiedbuildingsinTurkey.Both projects served as pilot projects for the development oftheBREEAMEuropeRetailscheme.Redevcocompletedits development at Connaught Place, London, which was awardedaBREEAM‘VeryGood’in2009;thedevelopmentalsoreceivedaBREEAMEcoHomes‘Good’atthebeginningof 2010.
Towardstheendof2009ajointventureinvolvingRedevcoandShuionLandinChinabeganworkingwithBREGlobaltoformulatesuitablecriteriafortheBREEAMassessmentoftheWuhanTiandiRiverviewPlaza.Theaimistomeethighstandardsofsustainability,usingBREEAMtobenchmarkand improve performance. The construction of the retail complex is expected to commence in the fourth quarter of 2010,withcompletionscheduledfor2013.TheassessmentwillbecarriedoutunderBREEAMInternationalBespoke2008(seewww.breeam.org/internationalfordetails),which is involved in developing specific criteria tailored to localconditionsandstandardswithinanoverallBREEAMframework.Thetargetistosecurearatingof‘VeryGood’forthis development.
Environmental management system certified under ISO 14001
In2009,RedevcoNetherlandsimplementedathird-partyaudited environmental management system. Thanks to these efforts we were awarded the ISO 14001 certificate on 13January2010,applicabletoallofRedevcoNetherlands’businessactivities.ThismakesRedevcooneofthefirstcompaniesintherealestatebusinessintheNetherlandsto operate an environmental management system that conforms to the ISO 14001 standard.
InSpain,fourshoppingcentres–Glories,LaVaguada,LosArcosandParquesur–wereawardedanISO14001in2008and2009.Weareco-owneroftheseshoppingcentresandRedevcohadnodirectinvolvementinthiscertificationprocess.RedevcoaimstoapplyforISO14001certificationforallits100%-ownedshoppingcentresin2011.
39 Redevco Corporate Responsibility Report 200938 Redevco Corporate Responsibility Report 2009
CorporateResponsibility
Emerging
Issues
39 Redevco Corporate Responsibility Report 200938 Redevco Corporate Responsibility Report 2009
Case studyFRANCE:Internalenvironmentalmanagement
France has various environmental measures in place to reduce negative impact and increase positive impact. Some examples are the use of water fountains instead of individual water bottles; use of recyclable plastic cups, FSCcopypaper(producedfromrecyclablematerialand with recyclable packaging), FSC pencils, refillable ballpoint pens made of recycled plastic bottles, and recycledpost-itrefillsboughtfromaCAT(Centred’Aidepar le Travail), employing handicapped people; fruit basketsboughtfrom‘FermedeGally’,whoseprofitsgo to cancer research; recycling of toner cartridges byaspecialisedcompany(CONIBI);recyclingofusedbatteries; turning off office lights at noon break or at the endoftheworkingday;double-sidedandblack&whiteprinting whenever possible.
FRANCE:Vitrificationofasbestos
Instead of being buried, asbestos removed from the C&A storeinMaineMontparnassewasdestroyedcompletelythrough vitrification in a factory in the Bordeaux region.
39 Redevco Corporate Responsibility Report 200938 Redevco Corporate Responsibility Report 2009 39 Redevco Corporate Responsibility Report 200938 Redevco Corporate Responsibility Report 2009
Turkey, Ankara:GordionShoppingCenter
Turkey,Erzurum:ErzurumShoppingCenter
BREEAMVeryGood.
ABREEAMassessmentwascarriedoutandacertificate awarded based on the following performance:
Management 46.67%Health&Wellbeing 63.64%Energy 72.00%Transport 100.00%Water 66.67%Materials&Waste 33.33%Land Use & Ecology 50.00%Pollution 47.06%
BREEAMVeryGood.
ABREEAMassessmentwascarriedoutandacertificate awarded based on the following performance:
Management 50.00%Health&Wellbeing 81.82%Energy 64.00%Transport 66.67%Water 66.67%Materials&Waste 33.33%LandUse&Ecology 33.33%Pollution 62.50%
United Kingdom, London: 1-3ConnaughtPlace
BREEAMOffices
BREEAMVeryGood.
ABREEAMassessmentwascarriedout and a certificate awarded based on the following performance:
Management 88.89%Health&Wellbeing 61.54%Energy 33.33%Transport 66.67%Water 66.67%Materials&Waste 58.33%Land Use & Ecology 40.00%Pollution 40.00%
United Kingdom, London: 4 Connaught Place
BREEAMEcoHomes
BREEAMGood.
ABREEAMassessmentwascarriedout and a certificate awarded based on the following performance:
Management 80.00%Health&Wellbeing 25.00%Energy 29.20% Transport 87.50%Water 33.33%Materials&Waste 51.60%Land Use & Ecology 66.70%Pollution 45.50%
CorporateResponsibility
Emerging
Issues
41 Redevco Corporate Responsibility Report 200940 Redevco Corporate Responsibility Report 2009
Case studyTURKEY: Waste
DuringthedevelopmentoftheGordionShoppingCenterinAnkaraRedevcodiscoveredthatthelocalmunicipalityhadverylittleawarenessofwasteandscarcelyanystrategyforwastemanagement.Redevcohasformedajointventurewith a private company to manage the different waste streams, which allows plastic, cardboard and metals to be separated and recycled.
Linkedtothisproject,Gordionhasstartedaspecialeducationalprogrammeforchildren.TheprogrammeiscalledYESIL, which means ‘green’. The objective is to teach children in a playful manner about recycling of waste and what you can do with waste.
41 Redevco Corporate Responsibility Report 200940 Redevco Corporate Responsibility Report 2009
By When
2011
2013
2010
2010
2010
2011
2010
2010
Annually
Objectives/Targets/Actions
Obtain ISO 14001 certi�cation for all 100%-owned shopping centres and Head O�ce
Germany Conceptualise all new projects as green buildings from the outset Dual green building certi�cation – BREEAM and DGNB standard – for Alexanderplatz in Berlin
ChinaObtain BREEAM ‘Very Good’ rating for the Wuhan Tiandi Riverview Plaza development
SpainApply for BREEAM certi�cation for Chiclana redevelopment project in Cadiz
Central Europe – PolandImplement sustainability in the Lublin redevelopment
UK Secure planning permission for redevelopment of George House, Glasgow rated BREEAM ’Excellent’
Central Europe – AustriaIdentify possible sustainability measures in planned refurbishment of Generali Centre in Vienna
SpainUpgrade maintenance standards for some of our less well maintained assets through monitoring, i.e. implement an external audit system for the whole portfolio
Identify emerging corporate responsibility issues through di�erent forms of stakeholder engagement
Statement from a key stakeholder Gordion Shopping Center Ankara - waste partner
Recyclingandcollectingwasteisimportant.Recyclingonetonneofpapersaves17pinetreesand54,000litresofwater.Recyclingonealuminiumcanmeansacomputercanberunfor3morehours.
Shopping centres are among the top packaging waste producers. Each day, thousands of visitors buy products, eat, and produce waste–mostlycomposedofrecyclables.Itisimportanttocollectthispackagingwasteeffectivelytopreservenaturalresourcesand extend the operational lifetime of landfills.
GordionAVMisafrontrunnerinitsenvironmentalapproach.Unlikemanyshoppingcentres,itrecyclesinstrictcompliancewithlegal requirements. Since October 2009, packaging waste has been collected separately and picked up by a licensed packaging waste collection and sorting facility, ITC. To increase the effectiveness of its current packaging waste management activities, GordionAVMwillcontinuetosupportthecollectionofrecyclablesthroughouttheshoppingcentreandincreasethequalityof these activities by training shopping centre staff, both in the offices and working at strategic points that produce the most packagingwaste(e.g.foodcourts).
Suna Ercan Trade&PRManagerITCInvestTrading&ConsultingAG
“
“
to and
from ourlearning
Listening
key stakeholders
43 Redevco Corporate Responsibility Report 200942 Redevco Corporate Responsibility Report 2009
We aim to provide information to our key stakeholders frequently, at their request and proactively. We are currently defining a policy for regular, direct communication with our stakeholders on corporate strategy issues. As well as our corporate website, we intend to use tools like an electronic newsletter and an annual meeting to engage with key stakeholders such as our tenants.
The main result in 2009 in terms of establishing a structure for dialogue was that we started to identify our stakeholders, our respective impact, and the various issues relevant for them. This process will continue in 2010 and beyond. In this section we will report on the progress we made in five main stakeholder categories:
• Employees• Tenants• Suppliers• Shareholder• Societyatlarge,includinggovernments,tradeassociations,NGOsandcommunitygroups
We have added an evaluation form to the report last year and we have recieved many reactions about our report. The conclusionsfromthesecanbesummarisedasfollows:RedevcodidwelltopublishaCorporateResponsibilityreport.Themany informal reactions led to the decision to publish annually instead of biannually. We are grateful to those who provided us with feedback, which has encouraged us to continue in the direction we are heading. As we want to listen to and learn from our key stakeholders, we welcome any comments or feedback on this year’s report. Please visit our website to fill in the evaluation form, www.redevco.com/cr
We recognise the importance and added value of establishing partnerships with stakeholders to discuss Corporate Responsibilityissuesthataffectboththemandusintheshortandlongterm.
What we set out to do in 2009 Status
Establish a permanent system of internal and external communication on Corporate Responsibility, including internal reporting, external reporting, newsletters, intranet and website
Establish structure for dialogue with and feedback from stakeholders Inprogress
Inprogress
Objectives / targets / actions By When
Work in alignment with the AA1000 principles Starting in 2010
Structure engagement at corporate level aligning local structures 2011
2010/2012Identify new forms of engagement with stakeholders
43 Redevco Corporate Responsibility Report 200942 Redevco Corporate Responsibility Report 2009
Employees–beingaresponsibleandpreferredemployer
What we set out to do in 2009 Status
Conduct employee engagement survey once every two years (next in 2010)
Conduct annual commuter survey
Organise in-company BREEAM training
Achieved
Achieved
Achieved
TheoverarchingprinciplebehindtheHRpolicyisthatitenablesRedevcotoachieveitsgrowthstrategybyhavingtherightleadersandprofessionalsintherightplace,withtherightskills,attherighttime.ThisimpliesthatallHR-relatedissues–culture, organisational structure, remuneration, secondary benefits, succession planning and training & career opportunities –shouldbegearedtothesizeofthebusinessandtheprincipleofsubsidiarity(1).ThekeyprinciplesoftheHRpolicyare:
• Continuousimprovementofallemployees.• Responsibilityofallemployeesfortheirownpersonaldevelopment.Redevcofacilitatesthisdevelopmentwithdueregard
to the interests of the individual and the business.
TheManagingDirectorshavetheirownresponsibilityforshapingHRpolicyinlinewiththeestablishedHRframeworkandprinciples. In view of the significant geographical spread of the company’s activities, practices vary greatly but within a solid framework.
1 The principle that a central authority should have a subsidiary function, performing only those tasks that cannot be performed effectively at a more
immediate or local level.
# of employees
Redevco employees
# of FTEs
# of women in headcounts
% of women
305
300
128
43%
280
275
134
48%
2008 2009
104,23
29,386,28
54,31
79,2
age 0-20
age 21-30
age 31-40
age 41-50
age 51-60
age>60
unknown
Keyfigures2008/2009asof31-12-2009
Statement from a key stakeholder The challenge of managing climate change and reducing carbon emissions lies in the fact that the objectives can be achieved only through the combined efforts of tenants and landlords. The first accomplishment has been to increase the availability of data from the majority of our tenants. This has raised awareness among tenants and landlords.
Dirk van Belleghem HeadofBuildingandMaintenanceRedevcoBelgium
“
“
to and
from ourlearning
Listening
key stakeholders
45 Redevco Corporate Responsibility Report 200944 Redevco Corporate Responsibility Report 2009
HayEngagementSurvey
Atthebeginningof2009RedevcoparticipatedintheHayEngagementSurveyconductedthroughoutCOFRAHoldingAG.Thissurveyisheldevery18monthsinordertoobtainaclearpictureofthemajorstrategicHRissuesandtoreconcilethecompany’sstrategywiththeresults.HayissuedinvitationstotakepartinthesurveytoallofRedevco’s283employees.Ofthem250responded,givingaresponserateof88%.TheHaysurveyisnormallyonlyconductedatseniormanagementlevel,butRedevcochosetoengageallofitsemployeesinthesurvey.
Theoutcomeofthesurveywasgenerallypositive,withrelativelyhighscoresonQualityandCustomerFocus(85%favourable),ClearandPromisingDirection(80%favourable),RespectandRecognition(79%favourable).Furthermore,87%ofrespondentsindicatedthattheyareproudtoworkforRedevco.
AreasinwhichimprovementisneededareDevelopmentOpportunities(8%unfavourable),Pay&Benefits(13%unfavourable)andTraining(15%unfavourable).Theresultsdifferedfromonecountrytoanother,sospecificactionplanshavebeen drawn up at local level. On the issue of training, one of the conclusions from the survey was that there is a specific need for new employees to receive proper training. In Central Europe a programme is being developed to familiarise newcomers withtheinternalsystemsandprocedures.InGermanythetotaltrainingbudgethasbeenincreased,asithasinSpain,whereagreementsweremadeduringtheyear-endinterviewsonthetrainingcoursestobefollowedinthecomingyear.
Ingeneralourprofessionaldevelopmentstrategyisbasedon1.horizontalgrowthbyassigninggreaterresponsibilities,2.vertical growth through regional and professional exchanges, i.e. giving individuals the opportunity to gain experience in internationalworkinggroupsengagedinareassuchasFinance,MallManagementorlargetransnationalacquisitions,and3.acceptance of the fact that people will leave.
Managementreviewsystem
In 2009 we strengthened the planning and coordination of the placement of potentials, especially financial professionals, in otherbusinessunitswithinCOFRAHoldingAG.Sincetheplacementslast1-2years,weexpecttoseethefirstresultsin2010.The total number of these transfers will, however, remain limited.
Aspartofthisprocessweintroducedadigitalgroup-widemanagementreviewsystemforthe45keypositionswithinRedevcoin2009.Thisperformancemanagementsystemratesindividualsoneightdifferentcompetencies:innovation,visionary leadership, strategic planning, market orientation, business understanding, achieving business results, getting the best out of others, and personal influence.
Statement from a key stakeholder TheHayEngagementSurveyprovideduswithavery clear insight into the internal dynamics of the organisation and the key issues that we face. The structured feedback allowed us to identify and address these key issues and thus eventually improve morale and performance. This included improving the training for new employees, focusing more on coaching and ensuring challenging work was found for all employees.
Mark Siezen FormerManagingDirectorRedevcoNetherlands
“ “
45 Redevco Corporate Responsibility Report 200944 Redevco Corporate Responsibility Report 2009
Our objectives and targets for 2010 and beyond
Repeat Hay Survey
Identify ways to engage directly and indirectly with employees onCorporate Responsibility
Address Corporate Responsibility issues during general meetings and secure the involvement of employees in every discipline
GermanySend one employee to train as DGNB consultant
By When
2010
2010
2010
2011
Training and awareness
Every employee has the opportunity to take training courses relevant to their position. In 2009 around 80% ofemployeesreceivedtraining.Around30employeesparticipatedintheBREEAMtraining,wheretheylearnedto support the business in securing certificates and implementing the management systems needed to meet thecriteriafortheBREEAMcertificate.
The total budget for training was € 591,000, compared with € 614,000 in 2008. This figure excludes all internal training, suchastheRedevcoBusinessSchool,BREEAMtraining,introductiondays,coursesatINSEADandAshridgeandother corporate courses. These are partly organised in cooperationwithCOFRAHoldingAG.
ThroughCOFRAHoldingAG,Redevcoparticipatesintwomajor training programmes for potentials. The first is at Ashridge University in the UK for employees who are being groomed for a senior management role. Five employees participated in the programme in 2009 and were promoted to a senior management role after completing the programme.
ThesecondprogrammeisaMiniMBAProgrammeatINSEADinFontainebleauinFranceforemployeesaged25-30.Afteraninitialassessment,fiveRedevcoemployeeswereselectedforthistwo-yearprogramme.
H1N1response
InApril2009,anewstrainofinfluenzaA(H1N1)viruswasfoundtobespreadingamonghumans.Redevco’sprimeobjective in its response was to protect the health and safety of its employees and stakeholders. The secondary objective was to ensure business continuity.
Redevcotookthefollowingactions:
• RedevcosetupanInfluenzaCrisisTeamconsistingoftheCFO,CEO,Financedirector,HRdirector,PRmanagerand IT manager.
• AllManagingDirectorsreceivedanInfluenzaPandemicContingency Plan to be implemented and adapted at local level.
• Allemployeeswererequestedtofamiliarisethemselveswith that document.
• Allemployeeswereaskedtotakeresponsibilityfortheir own health and, if in doubt, to contact their family doctor for advice.
• SpecialitemsontheInfluenzaPandemicContingencyPlanandareferencetotheWHOwebsite http://www.who.int/csr/disease/swineflu/frequently_asked_questionswerepublishedontheRedevcointranet.
In 2009 no employee fell sick or was diagnosed with symptomsoftheH1N1virus.
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47 Redevco Corporate Responsibility Report 200946 Redevco Corporate Responsibility Report 2009
Tenants–GreenLeases
Redevcoengageswithitstenantsatcorporate,countryandindividualbuildinglevel.Establishingsoundcooperativebusi-nessrelationswiththisstakeholdergroupisakeyareaofRedevco’sCorporateResponsibilitypolicy.Wesharewiththemtheresponsibility to improve the environmental performance of the properties they rent. WorkinggrouponGreenLeases In2009aworkinggrouponGreenLeaseswassetuptodefineRedevco’sambitioninthisareaandexploretheconceptofGreenLeases.TheworkinggroupischairedbyRedevco’sCFO.WiththeintroductionoftheGreenLeaseconcept,weintendtoformpartnershipswithretailerstoimproveperformanceonatleastthetwokeyenvironmentalissues-energyuse/CO
2 emis-
sionsandwater.In2010theworkinggroupwillorganisetalkswithexpertsinthesefieldsandinterviewallRedevcoregionsonthesetopics.TheworkinggroupwillcontactsomekeytenantstoexchangeviewsanddiscussGreenLeases.
GreencovenantintheNetherlands
In2009RedevcoNetherlandsdevelopedagreencovenantaimingtoshareenvironmentaldatawithtenantsandsetsharedtargetstoimprovetheenvironmentalperformanceofspecificbuildings.Bytheendof2009thefirsttenant,GameMania,hadsigned.In2010RedevcoNetherlandswillcontinuetoapproachitstenantstosigngreencovenants. Sharing data with tenants is key AhugeflowofdataisneededtocalculatetheenvironmentalperformanceofanassetforCorporateResponsibilityreporting. DatacoverageonenergyuseandCO
2 emissions for the buildings we let to our tenants increased in 2009 compared with 2008,
thankstothewillingnessofmanytenantstosharethisinformationwithRedevco(seeannex‘Dataqualityandcoverage’,page52).
What we set out to do in 2009 Status
Identify Corporate Responsibility issues in existing lease contracts In progress
What is a Green Lease? Theterm‘GreenLease’hasnofixedmeaning.Itiscommonlyusedtocoveranyinitiativestakenbylandlordortenantregardingtheenvironmentalperformance(ortheuse)ofaproperty.Itcanrangefromanon-bindingtoalegallybind-ingdocument.Itcancoveronlyaclauseaboutdata-sharingonenergyorsetsharedtargetsandpenaltieswhenthesearenotmet.AGreenLeasecouldtaketheformofageneralagreementbetweenalandlordandatenantcoveringanumber of properties in a certain country or region. It could also be entered into with respect to a specific building. GreenLeaseclausescouldbeincludedintraditionalleaseagreements(uponclosingorrenewal)orinaseparate document.AGreenLeaseisnotastand-alonetopic,butameanstoachieveourCorporateResponsibilityobjectiveswithin a sound cooperative relationship with our tenants.
47 Redevco Corporate Responsibility Report 200946 Redevco Corporate Responsibility Report 2009
The response from our tenants was quite diverse. Only one or two retailers did not want to share information with us, for various reasons. Others even provided us with information about properties they do not rent from us. Some asked us to sign a separate confidentiality agreement to ensure we would not disclose their individual information.The more organisations thatstarttoreportonCorporateResponsibility,themoredataneedstobeexchangedbetweenallstakeholdersoneachasset.ThoughRedevcohasalotofinformationaboutitsproperties,itoftenhasnoaccesstoenvironmentaldatathatrelates directly to areas let to tenants. Conversely, we have information that tenants need to report on their environmental performance.Redevcobelievesitisimportanttocombinetheseflowsofinformationtodevelopalong-termprogrammeaimedatraisingtheenvironmentalperformanceofitsportfoliotoalevelthatisfuture-proof.ThiswasonereasonwhyRedevcobecameafoundingmemberoftheInternationalSustainabilityAlliance.Thepropertyenvironmentaldatabasecreated by the ISA will enable its members to upload and exchange environmental data for multiple purposes, such as internal/external reporting, benchmarking and certification.
EngagingwithC&AinGermany
InGermanythesuccessoftheC&AEco-StoreinMainzisbeingusedasanincentivetosustainablyenhancetheenergyefficiencyoftheentireportfolio.Onemilestoneplannedistoreduceannualenergyconsumption(heatingandelectricity)foreverypropertyintheportfoliotolessthan235kWh/(m²a)by2015–asavingofupto35%forsomebuildings.ThistargetisbasedontheGermanEnergyPerformanceCertificateandreflectsthereferenceforRetailBuildings.Topursuethisambitiousgoal, we have formed a joint task force with our main tenant, C&A, to formulate and implement specific strategies and measurestoimprovetheenergystatusofbuildingswithabove-averageenergyconsumption.In2010RedevcoGermanywillcontinueitstaskforcewithC&AGermany.
InothercountriesRedevcoalsoengagedonenvironmentalissueswithitstenants:
Region/Country Tenant Topics discussed
Spain C&A,Dinosol,Eroski,H&MandBarclays
Energy, CO2 , water consumption
Central Europe/ Austria
C&A DiscussionswithC&AregardingGreenBuilding
TheNetherlands GameMania,AdoBike,VDM,Finace,Praxis,Mexx,ThePhoneHouse,VanHaren,H&MandDouglas
Signingofgreencovenants.DiscussingGreenLeases/energy
Select retailer group Redevcogaveaninternalsustainabilitypresentation
France All tenants A national enquiry was sent to collect carbon performance data
Turkey All tenants Tri-generationsystemwasdiscussed:itsbenefits,whatitis,howitworks and its positive environmental impact
Redevco becomes a founding member of the International Sustainability Alliance TheInternationalSustainabilityAlliance(ISA)isanewinitiativebytheBRETrust,supportedbyBREGlobal,thatbringstogether a global network of real estate developers, owners, occupiers and investors dedicated to achieving a more sustainablybuiltenvironmentbydrivingglobalcarbonreductioncommitments.BREGlobalisownedbytheBRETrust,anot-for-profitcharitableinstitution.ISAwillhelpmemberscreateamoresustainablybuiltenvironmentandimprovereturn on investment by creating the world’s largest and most comprehensive property environmental database. ISA is gathering data on members’ portfolios to help create the world’s largest sustainability database. This will enable an organisation to assess its impact on the environment at individual building and portfolio level, thereby identifying whichpropertiesareperformingatoptimallevelandwhicharesub-optimal,sothatappropriatestrategiescanbecreated.ThedatabaseincludesKeyPerformanceIndicators(KPIs)andconsistentmetricsthatcrossnationalboundaries.ItwillenableREDEVCOtoproduceaccurateandverifiableCorporateResponsibilityreporting.Source:www.internationalsustainabilityalliance.org
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49 Redevco Corporate Responsibility Report 200948 Redevco Corporate Responsibility Report 2009
By When
2010
2010
2010/2011
2010
2010
2010
2010
2010
2011
Our objectives and targets for 2010 and beyond
Meet experts in the �eld of green leases
Organise meetings with our main tenants in order to exchange views and ideas on improving the environmental performance of their stores and discuss green leases
Review and analyse structure of tenant engagement at country level
Central Europe - AustriaPlan discussions with Unibail-Rodamco and C&A on sustainability refurbishment of SCS shopping centre
Central Europe - AustriaContinue to discuss green building in Graz with C&A
GermanyContinue green building working group and engage with several external companies (suppliers)
NetherlandsContinue working with tenants on discussing and agreeing on green covenant to collect data on environmental performance
United KingdomWork with our tenants - the actual consumers of the energy - to achieve carbon savings and e�ciencies where possible
SpainDiscuss with tenants adding a non-binding ‘green annex’ to standard leases
“
“
Statement from a key stakeholder C&AandRedevcohavealongassociationasbusinesspartners, and given that increasing focus on sustainability requires even closer partnerships for success, our cooperation has grown closer in recent years. This includes, for example, the sharing of important data, which will helpbothC&AandRedevcotobeabletomeasureenvironmental performance within the building and real estate area, with efficient asset management an important partofouroverallCSRstartegy.WeseethisrelationshipthereforeasdeliveringawinforbothC&A,Redevcoinsupport of our commitment to sustainability.
Phil Chamberlain HeadofSustainableBusiness DevelopmentC&A
49 Redevco Corporate Responsibility Report 200948 Redevco Corporate Responsibility Report 2009
Suppliers–sourcingresponsibly
As a real estate investor and developer we rely on the services and products delivered by our supply base. It is important to have a responsible sourcing policy in place at a corporate and local level to ensure that purchasing fully considers environmental and social issues.
The review of supplier contracts will remain an objective for the coming years. We will make a distinction between suppliers of office equipment and suppliers for development projects, contractors, etc.
SincetheimpactofsuppliersvariesdependingontheirrelationshipwithRedevcoandtheCorporateResponsibilityissuesconcerned, a complete list of the different groups of suppliers will be drawn up, with a focus on the suppliers who have the greatest impact.
What we set out to do in 2009 Status
Identify possibilities for including Corporate Responsibility issues and speci�c Business Integrity issues in supplier contracts
Inprogress
Our objectives and targets for 2010 and beyond By When
Establish Responsible Sourcing Working Group 2010
Review supplier contracts 2010/2011
The NetherlandsPut into practice the green clause included in the contract with Fortrus, a maintenance management partner of Redevco Netherlands
2010/2011
2010Responsible Sourcing Working GroupSelect top 10 purchasing categories and develop responsible sourcing criteria for each category
Shareholder–closecooperationRedevco’svaluesandbusinessprinciplescorrespondwiththoseofourshareholderCOFRAHoldingAG.In2009COFRAappointedaChairmanforCorporateResponsibilitytocoordinatethegroup’sCorporateResponsibilityactivities.TheChairmanworkswiththevariousprofessionalcommunitieswithinthegroup,includingtheHRcommunityandenvironmental professionals, to encourage attention to business ethics and carbon emissions.
In2009twomainthemeswereidentifiedasrelevantforallbusinesseswithintheCOFRAgroup,includingRedevco.Theyare(1)creatinguniformstandardsofethicalbehaviourinthedifferentCodesofConductand(2)theissueofcarbonemissions.
In2009variousmeetingswereheldwithCOFRA.Allthebusinessunits,includingRedevco,attendedaCOFRAworkshoponstrategicriskmanagementassociatedwithCorporateResponsibility.Thepurposewastoidentifythemostrelevantissuesfor the different business units. The topics that were identified were fraud, corruption, business integrity and environmental issuessuchascarbonemissions.AllthesetopicsarealreadyonRedevco’sCorporateResponsibilityagenda.
GlobalCorporateResponsibilityCommittee
MembersoftheCorporateResponsibilityWorkingGroupalsositonCOFRA’sGlobalCorporateResponsibilityCommittee.ThisfacilitatestheexchangeofbestpracticeandtheconsistencyofCorporateResponsibilityplansandtheirimplementationacrossallCOFRAdivisions.TheteammeetsfourtimesayeartodiscusstheirlocaldivisionCorporateResponsibilityperformance.
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51 Redevco Corporate Responsibility Report 200950 Redevco Corporate Responsibility Report 2009
What Institution
Speaker presenting on‘RetailVastgoed:verandering in denkpatronen. Hetzaltochechtanders moeten...’/ ‘Corporate Responsibility.Hightimeforchange’
- NRWannuallyconferenceintheNetherlands
- SeminarorganisedbyRetailBouwManagement(RBM)intheNetherlands
- WinkellocatiemarktintheNetherlands
- ExpoRealinGermany
- RealestatedebateintheNetherlands
Varioussustainability topics
ICSC Congress in Spain
Two lectures on sustainability in real estate
AmsterdamSchoolofRealEstate
Varioustopicse.g. recycling real estate
ICSCInternationalAdvisoryCommitteeMeetinginUSA
At corporate level we engaged with various institutes and initiatives.
Societyatlarge–beingaresponsiblecorporatecitizen
We continued our membership of national and European shopping centre councils, in which we addressed and actively soughtsolutionsforCorporateResponsibilityissuesinconsultationwithpeersandlobbygroups.Wewillexpandourmembership of national green building councils in the countries where they exist.
Status
Achieved
Achieved
Inprogress
What we set out to do in 2009
Continue to engage in working groups and expert panels
Identify other forms of engagement with the community
Engage with local green building councils
51 Redevco Corporate Responsibility Report 200950 Redevco Corporate Responsibility Report 2009
Thefollowingtablegivesexamplesoflocalengagementingeneral–notonlyrelatedtoCorporateResponsibility.
Region/Country Institution Short description
Central Europe RICSgroup–professionalbody for qualifications and standards in land, property and construction
Active participation in discussions on business integrity
VereinzurFörderungderQualitätinderÖsterreichischenImmobilienwirtschaft
Participation in the foundation that promotes quality in the Austrian real estate business
TheNetherlands IVBN–AssociationofInstitutionalInvestors–Sustainability Task Force
- Discussionsonintegrity,sustainabilityandemployeedevelopment
- Ethicaldilemmaworkshop
Provada RedevcoNLwasmoderatorforforumonsustainability
United Kingdom MemberoftheBritishPropertyFederation
Investment Property Forum
France CNCC–FrenchbranchofICSC Permanent membership of commissions: member of the SustainableDevelopmentCommissionandoftheTechnicalCommission
GreenLeaseconferenceinSeptember 2009 organised by law firm Salans
Attendance
Our objectives and targets for 2010 and beyond By When
GermanyHold a presentation at Cleantech conference in Munich
GermanyUse trade fairs such as Expo Real and conference like ICSC, to interact with various stakeholders
2010
2010
Central EuropeBecome founding member of Qualitätsverein 2010
Statement from a key stakeholder Engagement.Thatwastheword,whichimmediatelycametomindasIreadtheRedevcoCorporateResponsibilityReportfor2008.Thereportclearlyconveystheveryimportanthuman measure. A company with a close team of employees, worldwide. Employees who accepttheirresponsibility,dedicatedandethical.Forme,thismakesRedevcoanexampleofacompanysettingthetoneintermsofCorporateResponsibility.Notbecauseitissexyor because it is a hype, but from within. I would advise everybody to take notice of the CorporateResponsibilityReport,andlearnfromit.
Linda Kruit ManagingDirectorNRW (DutchCouncilofShoppingCentres)
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53 Redevco Corporate Responsibility Report 200952 Redevco Corporate Responsibility Report 2009
and qualityData coverage About this report -Annexes
ThisannualreportcoverstheperiodJanuary1,2009throughDecember31,2009.Whereweincludeeventswhichoccurredafterthisperiod,wequotethedate.TheCorporateResponsibilityWorkingGroupexercisedoversightontheproductionofthereport.TheinformationcontainedinthisreportwasprovidedbylocaldatahandlersappointedbytheManagingDirectors.ThereportwasreviewedandapprovedbytheManagingDirectorsandtheBoard.ThisisthesecondreportonourperformanceintheareaofCorporateResponsibilityandthereforeourfirstopportunityto provide a full progress update on the first year since we published our first report in October 2009.
Redevcoʼs Investment Portfolio
Energy Use & CO2 Emissions
- Industrial
- Offices
- Retail Box/Park/Supermarket
28%
27%
26%
3%
66%
34%
78%
70%
2008 2009
90%
90%
90%
90%
2013
2013
2013
2013
- Retail High Street
- Retail Shopping Centre
58%
40%
82%
66%
90%
90%
2013
2013
- Company owned/leased cars
- Commuter survey (response rate)
100%
60%
100%
74%
100%
95% 2010
Redevco Occupied Offices
Development projects
51%
n.a.
78%
100%
90%
100%
2011
Redevco Occupied Offices
Development projects
9%
n.a.
25%
100%
90%
100%
2011
Business & Commuter travel
- Air travel 100% 100% 100%
- Offices
- Retail Box/Park/Supermarket
41%
7%
66%
74%
90%
90% 2013
2013
- Retail High Street
- Retail Shopping Centre
55%
29%
82%
49%
90%
90% 2013
2013
2013
Redevcoʼs Investment Portfolio
- Industrial 34% 36% 90%
Target By when
28% 66% 90% 2013
Water Use
- Offices
- Retail Box/Park/Supermarket
n.a.
n.a.
64%
100%
100%
100% 2010
2010
- Retail High Street
- Retail Shopping Centre
n.a.
n.a.
72%
0%
100%
100% 2010
2010
n.a.
Redevcoʼs Listed Buildings
- Industrial n.a. n.a. n.a.
n.a. 68% 90% 2013
Listed Buildings & Cultural Heritage
Development projects n.a. 100%
Other Environmental Issues
EnvironmentalData
DataCoverage
53 Redevco Corporate Responsibility Report 200952 Redevco Corporate Responsibility Report 2009
InvestmentportfolioandRedevcooccupiedofficesEnvironmentaldataforbuildings,includingRedevco’sinvestmentportfolioandRedevcoOccupiedOffices,wereprocessed,checkedandcomparedwithdatafor2008bytheUK-basedBuildingResearchEstablishment(BRE).Wealsoaskedthatorganisationforanexternalevaluationofthequalityandcoverageofthedata.SinceBREwasinvolvedinthedatacollectionprocess,itsreviewshouldnotbeinterpretedasanindependent verification or assurance statement.
Besides collecting detailed environmental data for our existing investment portfolio, we are also undertaking the major task of improving the reliabilityandaccuracyofthedatathatwerecollected.Forthispurpose,wehavejoinedtheInternationalSustainabilityAlliance(ISA),throughwhich we will closely monitor and benchmark our performance against peers.
Toensureconsistencyinthelongterm,wehavesignedathree-yearcontractwithBREtoevaluatethecompleteenvironmentalfootprintofallbuildingsowned,managedoroccupiedbyRedevco.
As most of our offices are rented from third parties, we are dependent on the cooperation of our landlords. In some countries, the collection of environmental data for 2009 was complicated by the fact that information could not be provided until October 2010.
Like-for-likedata Like-for-likedataonenergyuse&CO
2 emissions encompass 140 properties. Properties with an annual change of more than approximately 40%
areexcludedinthelike-for-likeanalysis.Thatisthecasewith38properties.Thelike-for-likewaterdatasetencompasses142propertieswithanannualchangeoflessthanapproximately40%.Byapplyingthisrule,46propertieswereexcludedfromthelike-for-likeanalysis.Thisisaclearpoint of attention for coming years to ensure the data is reliable and accurate.
Business & Commuter Travel We repeated our employee survey to calculate the commuter data in 2009. The response rate rose from 60% in 2008 to 74%, which also improves the accuracy of the estimated emissions related to commuter travel. The commuter survey was translated into more languages than in 2008 (Turkish,French,DutchandGerman),whichmayhavecontributedtothehigherresponserate.
Theenvironmentalfootprintleftbybusinessandcommutertravelwascalculatedin-house.Thedataforbusinesstravelwereprovidedbylocaltravel agencies. Consequently, the data do not include journeys that were not booked through travel agencies, i.e. all business journeys by taxi and private car and some train journeys. It is assumed that the vast majority of the business journeys in the calculations were booked through travel agencies.
Asoftwaretool,developedbyRedevco’sITdepartment,wasusedtocollatedataoncommutertravelandtocalculatetheassociatedemissions.Tocalculatethecarbonemissionsrelatedtobusinessandcommutertravel,theUK-basedDefra2008conversionfactorshavebeenused.Theemissions per employee are based on 295 employees. The number of employees is ten fewer than in 2008.
Developmentprojects Following our policy, the environmental performance of our new developments exceeding 10 million Euros in construction cost spent, is included.ForthesedevelopmentsweaimtosecureaBREEAMcertificatewitha‘VeryGood’rating.ABREEAMassessmentiscarriedoutbyanindependentthird-partyassessor.TheBREEAMratingisbasedontheperformanceforeachofthenineassessmentareas–Energy,Water,Trans-port,Management,Health&Wellbeing,LandUse&Ecology,Pollution,MaterialsandWaste.In2009RedevcocompletedtwonewdevelopmentprojectsandbothwereawardedaBREEAMcertificatewithaVeryGoodrating.AdevelopmentprojectintheUnitedKingdom,-inLondon–wasawardedtwoBREEAMcertificates,onerated‘Good’andonerated‘VeryGood’. The performance of these projects is disclosed in sections ‘Energy Use & CO
2 emissions’, ‘Water Use’ and ‘Other Environmental Issues’.
TotalGHGEmissionsbyweightandscope TheGHGProtocoldefinesdirectandindirectemissionsasfollows:DirectGHGemissionsareemissionsfromsourcesthatareownedorcontrolledbythereportingentity.IndirectGHGemissionsareemissionsthatareaconsequenceoftheactivitiesofthereportingentity,butoccuratsourcesownedorcontrolledbyanotherentity.TheGHGProtocolfurthercategorizesthesedirectandindirectemissionsintothreebroadscopes:
• Scope1:AlldirectGHGemissions.• Scope2:IndirectGHGemissionsfromconsumptionofpurchasedelectricity,heatorsteam.• Scope3:Otherindirectemissions,suchastheextractionandproductionofpurchasedmaterialsandfuels,transport-relatedactivitiesin
vehiclesnotownedorcontrolledbythereportingentity,electricity-relatedactivities(e.g.T&Dlosses)notcoveredinScope2,outsourcedactivities, waste disposal, etc.
54 Redevco Corporate Responsibility Report 2009
By When
2010
2010
2013
2011
2010
Our objectives and targets for 2010 and beyond
Redevco wants to increase the availability of Corporate Responsibility data on all issues see table on enviromental data
Prepare and conduct internal audits
Prepare and conduct third party audit
Achieve GRI application level B+
Collating data by means of the ISA environmental data base of investment portfolio and Redevco occupied o�ces
Totalenergyusebyfuelsource(kWh)ForRedevco’sInvestmentPortfolioandofficesoccupiedbyRedevco,theenergyusebyfuelsource(kWh)wascalculatedbyBRE.Theamountsarenotextrapolatedandrelateto66%(byGLA)ofRedevco’sInvestmentportfolioand78%ofRedevcoOccupiedOffices.Theenergyuserelatedtobusiness&commuter travel is not recorded.
Electricity
Gas
668.471
Investment portfolio
(kWh)
479.968.016479.299.545
432.665 191.949.324191.516.659
29.837 13.701.16213.671.325
169.260 42.985.37542.816.115
Redevco occupied
offices(kWh)
Total energy use
by fuel source (kWh)
Fuel oil
District heating
District cooling 11.100 1.979.2841.968.184
Social dataThe basic figures on the number of employees, data on FTEs, the number of women employed and the age distribution of the workforce, training, corporategiving,valuesandengagementwithstakeholders,etc.weresuppliedbytheHRDepartmentatHeadOfficelevel.TheManagingDirectorsprovideddataoncorporategiving,localcommunitiesandengagementwithstakeholdersthroughthelocaloffices.Thereferencedateis31December2009.TheresultsoftheHaysurveywereprocessedbytheHayCompany,withFebruary2009asthereferencedate.
Redevco’s investment portfolio
Energy use Redevco occupied oces
- Energy use Redevco oces in Redevco owned properties –/–
Business travel
120
237
426
(237)
Scope 1 Scope 2
403,499
- Air
- Company owned/leased cars 394
574
- Company owned/leased cars
- Public transport
210
51
- Rail
Commuter travel
12
- Private cars 68
Scope 3GHG emissions by weight (tCO2e) and scope (1, 2 and 3)
404,204426724
55Redevco Corporate Responsibility Report 2009
The objectives regarding data coverage and quality of this report are the same as those of last year. The intention was to continue gathering data about assets over which we have direct and indirect control and influence, to establish a structure to improve the quality of internal reporting and to increase the accuracy and completeness of the data provided . We find that the quality and robustness of the data collection process needs to improve further to give us a clearer picture of the environmental performance of our portfolio and allow us to set detailed targets and drive continuous improvement.
QualitystatementbyBREonaselectionofenvironmentaldataBREwasaskedtogatherthedataonenergyandwaterconsumptionforassetsownedandoccupiedbyRedevcoin2009andtoanalysethelevelof carbon emissions, energy and water efficiency by validating and assessing the quality of the data.
Thedata-collectionprocesswasdividedintodifferentstages.Inordertoensurethatallrelevantassetswereincludedintheanalysis,informationfromthecompany’sownPropertyManagementSystemswasusedtoidentifyallassetsownedandoccupiedbyRedevcoduringthereportingperiod. Assets that were only partly owned/occupied were identified so that the consumption data could be adjusted accordingly.
The assets’ energy and water consumption data, as well as other relevant environmental information, were then collected. The emphasis was on the design of the data collection methodology, primarily with a view to identifying the types of energy sources used by assets, to allow for the identificationoffullversuspartialdataavailability.Validationwasperformedtoidentifypotentialmistakesduringdataentryandassetallocationbycheckingthedataenteredagainstthepreviousyear’sreportedconsumptionandagainsttheassetarea,toidentifyinconsistenciesand“rough”data. Any such data found was either cleaned or rejected from the analysis as unreliable. This process is believed to have substantially increased the quality of the data for the analysis.
Once the environmental information was collected and validated, its completeness was assessed. Assets for which no data on water consumption were available were identified and excluded from the water performance analysis. Similarly, assets for which there were no reports or only partial reports on consumption were also excluded from the energy analysis.
Theseproceduresledtotheinclusionof57%(bynumber)ofallRedevco-ownedassetsintheenergyanalysisand61%(bynumber)inthewateranalysis;63%(bynumber)ofallRedevco-occupiedassetswereincludedintheenergyanalysisand37%(bynumber)inthewateranalysis.
Fortheevaluationofscopeemissions,theanalysisusedthe“CategorizingGHGEmissionsAssociatedwithLeasedAssets-AppendixFtotheGHGProtocolCorporateAccountingandReportingStandard–RevisedEditionJune2006,Version1.0”.Scopes1and2includedsomeupstreamemissionsfromfuelusewhicharenormallyassignedtoScope3becausethecarbon-emissionfactorsusedincludedupstreamemissionswhichcould not be separated out.
Relevantandup-to-dateemissionfactorshavebeenappliedtothedatasupplied.TheelectricityemissionfactorsusedarebasedonEcoInvent2007 emission factors for national electricity grids. For countries not covered in the EcoInvent database, the following assumptions were made:
• India’selectricityemissionfactorisequivalenttoChina’s• HongKong’selectricityemissionfactorisequivalenttoChina’s• Turkey’selectricityemissionfactorisequivalenttoGreece’s Lessons learned and recommendations Dataforoneandthesameassetweresometimescollectedfromdifferentsources(forexample,Redevco’spropertymanagementsystemandinformation provided by tenants). In some instances, discrepancies were discovered between the data reported from the different sources for the sameasset,particularlyasregardsassetclassification(type)andreportedareas.Thishasintroducedadegreeofuncertaintyinanalyseswherethesedataareinvolved.Toaddressthisprobleminfuture,furthervalidationwillbeintroducedtocross-referencethesediscrepanciesastheyoccur, and data agreed and cleaned between the different sources.
In a few instances, the analysis appeared to suggest that the reported asset areas might not correspond with the areas for the reported energy and water consumption. The two might in fact have differed even within an asset. This could have been a result of breaking down the data collection into different stages, one for the information about the asset and another for the environmental information. We believe that these issueswereidentifiedinmostcases(becausetheresultsintermsofefficiencybyareawereeithertoohighortoolow)andsuspectcaseswereexcluded from the analyses.
To overcome this problem, we propose collecting additional items of data as follows in future: in addition to the asset area, which needs to be knowntoassessthefullareaoftheportfolio,whencollectingtheenvironmentaldataemphasisshouldbeplacedonincludingthe“areaofenergyconsumption”and/or“areacoveredbythewaterconsumption”.Itisnotclearwhetherdataprovidersunderstoodthatthesecouldbedifferent and therefore energy and water consumption need to correspond to a specific area, which may be different from the total asset area. Thisisnotbelievedtohavebeenawidespreadproblem,sincedatawereproducedatdifferentlevels(forthetotalassetandperindividualleasewithin assets), but introducing additional clarity may make the data collection and validation process easier for all parties.
BREGlobal
Corporate Responsibility Report 2009
It is our pleasure to offer this Corporate Responsibility Report to all external and internal stakeholders who are interested in our social, ethical and environmental performance.
We have made progress in the past few years. We are proud of our achievements so far. At the same time, we realise that a number of challenges still lie ahead. That is why we have defined additional and further-reaching objectives for 2010 and beyond. As a company with strong values, we want to involve our stakeholders closely in achieving these objectives to create better retail environments for future generations. Our first Corporate Responsibility Report on our activities in 2008 received positive feedback. This prompted us to report on our non-financial performance this year as well, rather than waiting until 2010.
We hope you will find this report interesting and challenging. We welcome any feedback you might have. Indeed, listening to our stakeholders is an integral part of our Corporate Responsibility Policy.
Dominic Brenninkmeyer Chairman
REDEVCO Board Members
balanceinBusiness
SustainableThe Challenge of a
FutureDisclaimer
This Redevco’s Corporate Responsibility Report is made for the purpose of informing our stakeholders and to give details of Redevco’s commitment and
performance in the area of corporate responsibility. Nothing in this document is intended to extend or amend Redevco’s existing obligations to its tenants,
shareholder or other stakeholders. All policies, procedures, guidelines, statements or anything similar that have been mentioned in this report, are intended
for Redevco’s internal purposes only, and under no circumstance should they be construed as creating any rights whatsoever to third parties. In assessing
compliance with any of the policies and guidelines, the standards applied are subjective and any decision in relation thereto remains within Redevco’s
discretion. Redevco does not accept liability for whatever consequences may result from its not adhering to these policies, procedures, guidelines and
statements at its discretion at any time and can, at its own discretion, decide to make available to third parties (details of ) policies, procedures, guidelines,
statements or anything similar that have been mentioned in this report.
This report refers, by hyperlinks or other means to information provided by third parties. The reasonableness, accuracy or completeness of such information
has not been verified by Redevco and links to other sites do not constitute Redevco’s approval or endorsement of such sites or their products or
advertisements. Redevco accepts no liability whatsoever in connection with any such information that has been or will be provided by third parties.
This brochure is printed on TOP10 Green Gloss paper 100% post-consumer FSC Recycled certified fibres and PCF (Process Chlorine Free).
Amsterdam, September 2010
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