- Renewable energy powering EUR 14bn of residential and commercial real estate
- Reduces CO2 emissions by 26,000 tonnes each year
- Tenants and owners benefit from total energy cost savings of around EUR 1m
PATRIZIA Immobilien AG announces that its entire real estate portfolio in Germany — residential and commercial assets with a volume of EUR 14 billion — has been converted to run on renewable energy sources. This initiative, which is part of PATRIZIA’s strategy to create a climate-neutral real estate portfolio, is expected to reduce environmentally harmful CO2 emissions by 26,000 tonnes and lower energy costs by around EUR 1 million each year.
“We are proud to be able to make an active contribution to climate protection,” says Jörg Müller, Head of Steering Service Provider at PATRIZIA. “As a result, tenants will benefit from significantly lower operating costs while the owners will profit from the improved efficiency of these properties.”
Over the last six months, some 1,300 electricity and 240 natural gas meters were analysed across approximately 700 residential and commercial properties, in cooperation with the responsible property management companies. The new energy supply contracts will significantly reduce energy costs and help to streamline the work processes between all involved parties. PATRIZIA was supported on this project by operating costs experts, Westbridge Advisory.
“We have been able to take a substantial step towards a climate-neutral real estate portfolio with the active management of our energy supply contracts in Germany,” explains Dr Marcelo Cajias, Associate Director Sustainability at PATRIZIA.
PATRIZIA’s sustainability strategy aims to integrate social and environmental criteria into the stakeholder dialogue and value creation of real estate in order to meet international regulations and to ensure the portfolio is well positioned for the future.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth around EUR 21 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.