The stock of Embassy Office Parks REIT, also India’s first listed REIT, has been awarded a 5-star rating by Global ESG Benchmark for Real Assets (GRESB), the global ESG standard for real estate and infrastructure investments, for its entire 42.8 million square feet (msf) operational and development portfolio, the company said on October 18.
GRESB has also named Embassy REIT as a Sector Leader for office development in Asia for its sustainability leadership, it said in a statement.
"We are proud to report that our industry-leading ESG program has once again been recognised by GRESB, the global standard in ESG benchmarking,” said Vikaash Khdloya, chief executive officer (CEO), Embassy REIT.
"In only our second year of participation, we received the highest rating of 5 stars for both our operational and development portfolio. ESG remains a key pillar of our strategy to deliver long-term value to all our stakeholders,” he said.
The aggregate GRESB score for the development and standing Investment portfolios of Embassy REIT was 96 percent and 87 percent, respectively. "This score reflects the best-in-class corporate governance standards that the REIT has established and upheld," the company said.
Embassy REIT has developed a three-year framework for its 19 ESG projects spanning three pillars — a resilient planet, revitalized communities, and responsible business — following its 2040 net-zero promise.
Last year, Embassy REIT was been awarded a 4-star rating in the 2021 Real Estate Assessment by GRESB.
GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets.
India's first publicly listed Real Estate Investment Trust, Embassy REIT, has established its presence in office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). Embassy REIT owns and manages a 42.8 msf portfolio of eight infrastructure-like office parks and four city center office buildings while working with over 200 companies in the world.