Tishman Speyer European Core Fund (TSEC) receives five-star GRESB rating
The Tishman Speyer European Core Fund (TSEC) has achieved a five-star rating in the 2020 Global Real Estate Sustainability Benchmark (GRESB).
The five-star rating is the highest rating awarded by GRESB, in recognition of TSEC’s sustainability initiatives across its European portfolio of centrally located properties.
Bernard Penaud, Head of Europe for Tishman Speyer, says: “As we continue to focus our strategy on targeting best-in-class assets in active European gateway cities, we’re also committed to making sustainability a guiding principle of everything we do, working to create a sustainable future for all the communities we operate in. In terms of office space, we believe a ‘quality first’ approach will be all the more important when the world moves into a post-Covid-19 era.”
TSEC was set up with the strategic aim of providing institutional investors with income-oriented returns from office-led investments across the major European gateway cities including Frankfurt, Berlin and London. The Fund was ranked as the best performing office-led vehicle on a three-year basis to Q3 2020 in the MSCI Pan-European Property Funds Index (PEPFI), which includes both diversified and sector- specific funds. TSEC achieved a total return of 7.7 per cent p.a. during the three-year period ending Q3 2020, ranking it second out of 14 participating funds. This compares to the diversified funds’ average performance of 4.4 per cent over the same period. The TSEC portfolio was 96 per cent leased as of Q3 2020 with total assets of cEUR1.0 billion.