Verfügbarkeit: ESG and Real Estate

ESG and Real Estate: a practical guide for the entire real estate and investment cycle

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Bibliographische Detailangaben
Hauptverfasser:	Veith, Thomas (VerfasserIn), Conrads, Christiane (VerfasserIn), Hackelberg, Florian (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Freiburg ; München ; Stuttgart Haufe Group 2022
Ausgabe:	1. Auflage
Schriftenreihe:	Haufe Fachbuch
Schlagworte:	Immobilienanlage Umweltbezogenes Management Immobilienwirtschaft Immobilienmanagement Corporate Governance Corporate Social Responsibility Nachhaltigkeit ESG Environmental Social Governance reals estate regulatory requirements European market urban development project Development renovation investement Immobilien Immobilien-Verwaltung
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	585 Seiten Illustrationen, Diagramme
ISBN:	9783648163481

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Datensatz im Suchindex

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adam_text	CONTENTS FOREWORD ................................................................................................................................ 15 FOREWORD BY THE EDITORS ....................................................................................................... 17 PART I ESG AND THE REAL ESTATE MARKET ................................................................................. 23 1 POLICY AND REGULATION IN THE AREA OF TENSION BETWEEN SHAPING THE ESG TRANSFORMATION AND GROWING REGULATORY PRESSURE ..................... 25 CHRISTIANE CONRADS 1.1 INTRODUCTION ............................................................................................................... 25 1.2 MILESTONES AT INTERNATIONAL, EUROPEAN AND NATIONAL LEVEL ...................................... 26 1.2.1 INTERNATIONAL FRAMEWORK FOR SOLVING THE CORE PROBLEMS OF GLOBAL CHANGE ........................................................................................ 26 1.2.2 ESG MEASURES AT EUROPEAN LEVEL ................................................................ 33 1.2.3 NATIONAL SUSTAINABILITY MEASURES .............................................................. 49 1.3 INCREASING IMPORTANCE OF SUSTAINABILITY IN SOCIETY: SCIENCE AND JURISPRUDENCE ..................................................................................................... 69 1.3.1 SOCIAL RETHINKING ........................................................................................ 69 1.3.2 THE ESTABLISHMENT OF SUSTAINABILITY SCIENCE ............................................ 71 1.3.3 CLIMATE AND ENVIRONMENTAL PROTECTION JURISPRUDENCE ............................ 72 1.4 SUMMARY AND OUTLOOK .............................................................................................. 74 2 MARKET TRENDS AND VALUE DRIVERS .............................................................................. 77 CHRISTOPHER JAGER AND MAREEN BENNING-LINNERT 2.1 INTRODUCTION ............................................................................................................... 77 2.2 MARKET-ORIENTED REALESTATE MANAGEMENT ............................................................... 79 2.2.1 EXOGENOUS PARAMETERS OF INFLUENCE ON A REVOLUTIONIZING FINANCIAL SYSTEM ........................................................................... 79 2.2.2 ESG-ORIENTED REAL ESTATE MANAGEMENT IN THE CONTEXT OF THE FINANCIAL REVOLUTION ............................................................................. 86 2.3 VALUABLE REAL ESTATE MANAGEMENT ............................................................................ 92 2.3.1 SIMPLIFIED RELATIONSHIP BETWEEN THE ASSETS OR CAPITAL, THE VALUE AND THE PURCHASE PRICE OF A COMPANY AND/OR A ENTERPRISE ... 92 2.3.2 STRATEGIC DIMENSION OF VALUE-BASED REALESTATE MANAGEMENT ............... 94 2.3.3 OPERATIONAL DIMENSION OF VALUE-BASED REALESTATE MANAGEMENT ......... 108 2.3.4 CONTROL-ORIENTED DIMENSION OFVALUE-BASED REAL ESTATE MANAGEMENT .. 135 2.4 OUTLOOK ..................................................................................................................... 138 5 CONTENTS 3 ESG IN THE INTERNATIONAL CONTEXT .............................................................................. 151 DR ELAINE WILKE AND CHRISTIANE CONRADS 3.1 INTRODUCTION ............................................................................................................... 151 3.2 ELEMENTS OF SUSTAINABLE INVESTMENT POLICY AND REGULATION ..................................... 153 3.2.1 DISCLOSUREOF ESG CRITERIA BY COMPANIES .................................................... 154 3.2.2 STEWARDSHIP CODES ..................................................................................... 156 3.2.3 ESG REQUIREMENTS FOR INVESTORS ................................................................. 158 3.2.4 TAXONOMY .................................................................................................... 158 3.2.5 NATIONAL STRATEGIES FOR SUSTAINABLE FINANCE ............................................... 160 3.3 IMPLEMENTATIONS OF ESG REGULATIONS IN SELECTED COUNTRIES .................................... 161 3.3.1 UNITED STATES ............................................................................................... 161 3.3.2 AUSTRALIA ........................................................................................................ 165 3.3.3 THE NETHERLANDS ......................................................................................... 169 3.3.4 UNITED KINGDOM ........................................................................................... 173 3.3.5 JAPAN ............................................................................................................ 176 3.3.6 CHINA ............................................................................................................ 179 3.4 SUMMARY AND OUTLOOK ............................................................................................... 182 4 CLIMATE RISKSAND BENCHMARKING ............................................................................. 185 DR DANIEL PIAZOLO 4.1 AMAZING MOMENTUM AMONG THE PUBLIC, GOVERNMENTS AND INVESTORS .................. 185 4.2 CLIMATE RISKS ............................................................................................................... 186 4.2.1 CAUSES OF CLIMATE RISKS ................................................................................ 186 4.2.2 PHYSICAL CLIMATE CHANGE RISKS ..................................................................... 188 4.2.3 TRANSITORY CLIMATE CHANGE RISKS ................................................................... 189 4.2.4 UNDERSTANDING RISK ...................................................................................... 194 4.3 BENCHMARKING ........................................................................................................... 195 4.3.1 CHALLENGES ................................................................................................... 196 4.3.2 NEW BUILDING ............................................................................................... 196 4.3.3 REDEVELOPMENT PROJECTS ............................................................................. 197 4.3.4 OPERATING REAL ESTATE .................................................................................. 199 4.3.5 STRANDED ASSETS ........................................................................................... 199 4.3.6 VALUE-AT-RISK APPROACH FOR ALL PROPERTIES .................................................... 201 4.3.7 RATINGS .......................................................................................................... 202 4.4 OUTLOOK ...................................................................................................................... 202 REFERENCES ............................................................................................................................. 202 5 DIGITIZATION AS A PREREQUISITE AND INSTRUMENT OF ESG TRANSFORMATION ................ 205 THOMAS VEITH, VOLKER WERGEN, FREDERIK WALBAUM AND FLORIAN HUBER 5.1 INTRODUCTION 205 5.2 STATE OF DIGITIZATION AND INCREASING PRESSURE TO ACT THROUGH POLITICS AND REGULATION 206 6 CONTENTS 5.3 OVERVIEW OF EXISTING INITIATIVES, SCORING AND RATINGS TO MEASURE SUSTAINABILITY .... 210 5.4 USE OF NEW TECHNOLOGIES FOR DATA MANAGEMENT AND TRANSPARENCY ON THE FINANCIAL MARKET ............................................................................... 215 5.4.1 COLLECTION OF ESG-RELEVANT REAL ESTATE DATA ............................................... 215 5.4.2 DATA AVAILABILITY AND PROCESSING ............................................................... 216 5.4.3 ESG AS A DRIVEROFTHE PROPTECH UNIVERSE .................................................. 218 5.5 THE TENSION BETWEEN DIGITALIZATION AND LEGAL REQUIREMENTS ................................. 219 5.5.1 FUNDAMENTAL RIGHTS RELEVANCE OF THE PROTECTION OF PERSONAL DATA .......... 220 5.5.2 SCOPE OF DATA PROTECTION LAW AND DEFINITIONS ........................................... 220 5.5.3 DUTIESOF THE RESPONSIBLE PERSON ............................................................... 221 5.5.4 THE METERING POINT OPERATION ACT ............................................................. 223 5.5.5 PROCESSING OF MEASUREMENT DATA WITHIN THE SCOPE OF APPLICATION OFTHEMSBG BY REAL ESTATE COMPANIES .................. 224 5.5.6 THE BUSINESS SECRETS PROTECTION ACT ......................................................... 226 5.5.7 CHALLENGES IN THE PROCESSING OF ESG-RELEVANT INVENTORY DATA ................. 228 5.6 THE DIGITAL ESG TRANSFORMATION IN CORPORATE MANAGEMENT .................................... 229 PART II ESG AND REGULATORY ENVIRONMENT ........................................................................... 237 6 IMPACT OF CLIMATE CHANGE ON THE REAL ESTATE INDUSTRY ........................................... 239 DR NICOLE ROTTMER, DR ANNE MICHAELS, FRITZ FROMAGEOT AND FRIEDERIKE SCHWARZ 6.1 TREND TOPIC CLIMATE IN THE REAL ESTATE INDUSTRY: WHAT S BEHIND IT? ......................... 239 6.2 CLIMATE RISKS AND THEIR IMPACT: THE DOUBLE MATERIALITY ......................................... 241 6.3 EMERGING RISK AND CLIMATE SCENARIO ANALYSIS ............................................................ 243 6.3.1 RISK FACTORS AND THEIR SCIENTIFIC BASIS ....................................................... 243 6.3.2 METHODOLOGICAL APPROACH: CLIMATE SCENARIO ANALYSIS .............................. 246 6.4 GENERATED RISK AND DECARBONIZATION TARGETS ........................................................... 250 6.5 EXAMPLEOF KEY FIGURE MANAGEMENT FOR CLIMATE RISKS ............................................. 252 6.6 OUTLOOK FOR CLIMATE RISK MANAGEMENT IN THE REAL ESTATE INDUSTRY ........................ 259 7 ESG CRITERIA MEASUREMENT TOOLS AND TAXONOMY .................................................... 261 SIMONE LAKENBRINK 7.1 GENERAL BACKGROUND .................................................................................................. 261 7.2 SUSTAINABLE BUILDING CERTIFICATES .............................................................................. 262 7.3 GREEN RATING-GRESB ................................................................................................ 267 7.4 EU DECARBONIZATION PATHWAY-CRREM .................................................................... 268 7 CONTENTS 8 SPECIAL FEATURES OF ENERGY LAW AND ECONOMICS IN THE CONTEXT OF ESG ............... 271 PETER MUSSAEUS, SOPHIA TRUONG AND THERESA STOLLMANN (WITH THE COLLABORATION OF CHRISTIAN DANIEL HEIN) 8.1 INTRODUCTION ............................................................................................................... 271 8.2 THE TRENDS IN THE ENERGY INDUSTRY AND THEIR IMPACT ON REAL ESTATE ......................... 272 8.2.1 ENERGY LAW: A BRIEF INTRODUCTION ............................................................... 273 8.2.2 DECARBONIZATION ......................................................................................... 274 8.2.3 DECENTRALIZATION ......................................................................................... 280 8.2.4 DIGITIZATION .................................................................................................. 298 8.3 CONCLUSION ................................................................................................................. 301 9 IMPACT INVESTING IN THE REAL ESTATE INDUSTRY .......................................................... 305 SEBASTIAN KREUTEL AND ANDREAS HOFSTATTER 9.1 INTRODUCTION ................................................................................................................ 305 9.2 IMPACT INVESTING IN INTERACTION WITH THE UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ....................................................................................... 306 9.3 DIFFERENTIATION OF SUSTAINABLE INVESTMENT FORMS ..................................................... 308 9.4 WHAT ARE IMPACT INVESTMENTS AND HOW ARE THEY MEASURED? .................................. 310 9.5 IMPLEMENTATION OF IMPACT INVESTMENTS IN PRACTICE ................................................. 312 9.6 SOCIAL IMPACT INVESTING AS A SPECIAL FORM OF IMPACT INVESTMENT ........................... 314 9.7 CONCLUSION AND OUTLOOK FOR REAL ESTATE IMPACT INVESTMENTS .................................. 316 10 ESG-TAX LAW REQUIREMENTS AND EFFECTS .................................................................. 317 DR LEILA MOMEN AND SVEN BEHRENDS 10.1 TAX AND ESG - RESPONSIBLE TAX POLICY ....................................................................... 318 10.1.1 FISCAL SUSTAINABILITY REPORTING .................................................................. 319 10.1.2 EXCURSUS ON PUBLIC COUNTRY BY COUNTRY REPORTING ................................. 322 10.1.3 APPLICATION OFTHEGRI TAX STANDARD IN THE REAL ESTATE INDUSTRY ............. 323 10.2 REAL ESTATE AND ENVIRONMENTAL TAXES, GOVERNMENT SUBSIDIES AND SUPPORT PROGRAMMES WITH A TAX REFERENCE .................................................. 323 10.2.1 INTERNATIONAL LEVEL: OECD/IMF TAX POLICY AND CLIMATE CHANGE REPORT ................................................................ 324 10.2.2 EUROPEAN LEVEL-DRAFT OF THE NEW GUIDELINES FOR CLIMATE, ENVIRONMENTAL AND ENERGY AID AND DECISION OF THE EUROPEAN CLIMATE CHANGE ACT ..................................................................................... 325 10.2.3 LEGISLATION IN GERMANY ............................................................................. 326 8 CONTENTS 11 ESG IN THE CONTEXT OF REAL ESTATE INSURANCE ........................................................... 333 OLIVER GOTZ, PATRICK PRUSS, HEIKE SCHMITZ AND SVETLANA THALLER-HONOLD 11.1 SUSTAINABILITY IN THE INSURANCE INDUSTRY .................................................................. 333 11.2 DEMAND FOR SUSTAINABLE INSURANCE PRODUCTS IN THE REAL ESTATE INDUSTRY ............... 335 11.2.1 PRIVATE CUSTOMERS ...................................................................................... 342 11.2.2 INDUSTRIAL AND COMMERCIAL CUSTOMERS ..................................................... 344 11.3 CHALLENGES IN THE DESIGN OFSUSTAINABLE PROPERTY INSURANCE ................................. 346 11.4 POSSIBLE SUSTAINABLE INSURANCE PRODUCTS FOR THE REAL ESTATE INDUSTRY .................. 349 11.4.1 PRODUCT STRUCTURE IN THE INSURANCE MARKET .............................................. 349 11.4.2 MARKET OFFER ............................................................................................... 350 11.5 THE PROPERTY INSURANCE OF THE FUTURE ...................................................................... 354 PART III ESG AND REALESTATE MANAGEMENT ......................................................................... 357 12 PRACTICAL EXPERIENCE IN THE DEVELOPMENT AND IMPLEMENTATION OF SUSTAINABILITY STRATEGIES ...................................................................................... 359 ROGER BAUMANN AND JENS MULLER 12.1 PRELIMINARY CONSIDERATIONS ....................................................................................... 359 12.2 PROBLEM ...................................................................................................................... 361 12.2.1 REAL ESTATE IN THE LIGHT OF CORPORATE STRATEGY ............................................ 361 12.2.2 DIFFERENT PRIORITIES AND POTENTIAL CONFLICTS OF INTEREST ............................... 363 12.2.3 DIFFERENT RISK DIMENSIONS ........................................................................... 364 12.2.4 LONG-LIVED ASSET VERSUS GRANULARITY OF DATA .............................................. 364 12.3 STRATEGY DEVELOPMENT .............................................................................................. 367 12.3.1 TRANSFERTO THE REAL ESTATE SEGMENT ........................................................... 367 12.3.2 INTERACTION OF REPORTING AND STANDARDS .................................................... 369 12.4 STRATEGY IMPLEMENTATION .......................................................................................... 371 12.4.1 PRACTICAL EXCURSUS: OPERATION OPTIMIZATION AND ENERGY CONTROLLING PROJECT (BOEC) ........................................................... 372 12.4.2 COSTS AND PROFITABILITY SET THE PACE ........................................................... 374 12.4.3 INTEGRATING DATA PLATFORM AND UNIFORM DATA LANGUAGE AS THE KEY .......... 375 12.4.4 DIGITAL TWIN AS NUCLEUS ................................................................................ 376 12.4.5 TRANSPARENCY AS THE HIGHEST PREMISE AND BENCHMARKING AS THE GOAL .................................................................................... 377 12.5 CLOSING WORDS-OR BECAUSE IT S JUST THE RIGHT THING TO DO ....................................... 377 13 ESG IN ASSET MANAGEMENT ....................................................................................... 381 JENS BOEHNLEIN 13.1 IN THE BEGINNING IS THE VISION .................................................................................. 381 13.1.1 INDIVIDUAL TARGET DEFINITION ........................................................................ 382 13.1.2 STRATEGY DEFINITION .................................................................................... 383 9 CONTENTS 13.2 FROM VISION TO IMPLEMENTATION ................................................................................ 384 13.2.1 REQUIREMENTS ............................................................................................... 384 13.2.2 RESPONSIBILITY .............................................................................................. 386 13.3 STAKEHOLDER INVOLVEMENT ........................................................................................... 388 13.3.1 SERVICE PROVIDER ........................................................................................... 388 13.3.2 TENANTS AND USERS ....................................................................................... 389 13.3.3 INVESTORS ...................................................................................................... 390 13.4 PRACTICAL IMPLEMENTATION ........................................................................................ 392 13.4.1 DATA FLOW ...................................................................................................... 393 13.4.2 PROFITABILITY CALCULATION .............................................................................. 394 13.4.3 PILOT PROJECTS ............................................................................................... 395 13.4.4 OUTLOOK ........................................................................................................ 396 13.5 VISION .......................................................................................................................... 397 14 ESG DUE DILIGENCE AS A VALUE DRIVER FOR REAL ESTATE ACQUISITION AND PORTFOLIO MANAGEMENT ......................................................................... 399 THOMAS VEITH, THORSTEN LOOSE AND ALEXIA TSITER 14.1 WHY ESG DUE DILIGENCE? ............................................................................................. 399 14.2 FOR WHOM DOES ESG DUE DILIGENCE MAKE SENSE? .................................................... 400 14.2.1 WHOCAN? ..................................................................................................... 401 14.2.2 WHO MUST? .................................................................................................. 401 14.3 AT WHAT STAGE IN THE TRANSACTION PROCESS SHOULD ESG DUE DILIGENCE BE CONDUCTED? .............................................................................. 402 14.4 WHAT IS ANALYZED IN ESG? ........................................................................................... 403 14.4.1 GENERAL ....................................................................................................... 403 14.4.2 ENVIRONMENTAL: WHAT ARE THE ENVIRONMENTAL FEATURES OF THE BUILDING? .......................................................................................... 404 14.4.3 SOCIAL: WHAT ARE THE SOCIAL FEATURES OF THE BUILDING? ............................... 405 14.4.4 GOVERNANCE: ARE STAKEHOLDERS BEHAVING PROPERLY? ................................. 405 14.5 OPPORTUNITIES/RISKS ..................................................................................................... 406 14.6 OUTLOOK ....................................................................................................................... 407 15 ESG INTEGRATION IN INVESTMENT MANAGEMENT ......................................................... 409 MARTIN BRUHL 15.1 SETTING THE SCENE ........................................................................................................ 409 15.1.1 THE NEW ESG IMPERATIVE ........................................................................... 409 15.1.2 MITIGATING SUSTAINABILITY RISKS THROUGH TRANSACTION MANAGEMENT ............ 410 15.1.3 SUSTAINABILITY FIRST ........................................................................................ 410 15.2 SUSTAINABILITY ASSESSMENT IN THE ACQUISITION PROCESS ............................................... 411 15.2.1 EVERYDAY PRACTICE ........................................................................................ 412 15.2.2 DEALINGWITH NEW TAXONOMY REQUIREMENTS ............................................... 413 15.2.3 MIND THE GAP ................................................................................................. 413 10 CONTENTS 15.2.4 BUILT BEFORE GREEN DAY, 1 JANUARY 2021 ................................................ 414 15.2.5 ALLOCATION OF CAPITAL TO SUSTAINABLE REFURBISHMENTS ............................... 415 15.2.6 ABOVE IT ALL HOVERS DO NO SIGNIFICANT HARM ............................................ 416 15.3 CONCLUSION AND OUTLOOK ............................................................................................ 416 16 ESG CRITERIA IN ESG REAL ESTATE FINANCE ................................................................... 419 DR.-LNG. ANJA HENRIKE KLEINKE 16.1 INTRODUCTION .............................................................................................................. 419 16.2 IMPORTANCE OF REAL ESTATE AND REAL ESTATE INVESTMENTS IN ACHIEVING THE CLIMATE GOALS OFTHEEU AND GERMANY .................................................. 420 16.3 SUSTAINABLE FINANCE AND ESG INTEGRATION ................................................................ 421 16.3.1 SUSTAINABLE FINANCE AS A CONTRIBUTION OF FINANCIAL MARKETS TO THE TRANSFORMATION OF SOCIAL, ENVIRONMENTAL AND ECONOMIC FACTORS ......................................................................... 421 16.3.2 INTEGRATION OF ESG CRITERIA FOR SUSTAINABILITY CLASSIFICATION .................... 423 16.4 SUSTAINABLE FINANCE STRATEGY AT ELL LEVEL AND ESG INTEGRATION ............................... 424 16.5 STATUS QUO ON ESG INTEGRATION: FROM VOLUNTARY COMMITMENT TO THE GOAL OF UNIFORM CLASSIFICATION STANDARDS FOR SUSTAINABILITY .......................... 425 16.6 SELECTION OFEXISTINGSELF-COMMITMENTSTANDARDS ON SUSTAINABILITY GOALS ........... 426 16.6.1 UN PRI-PRINCIPLES FOR RESPONSIBLE INVESTMENT ..................................... 426 16.6.2 AGENDA 2030:17 SUSTAINABLE DEVELOPMENT GOALS (SDGS) ...................... 427 16.7 GERMAN SUSTAINABLE FINANCE STRATEGY .................................................................... 429 16.7.1 STRUCTURE OFTHE GERMAN SUSTAINABLE FINANCE STRATEGY .......................... 429 16.7.2 FIELD OF ACTION: STRENGTHENING SUSTAINABLE FINANCE AT THE GLOBAL AND EUROPEAN LEVEL .................................................................................... 430 16.7.3 FIELD OF ACTION: IMPROVING TRANSPARENCY .................................................. 432 16.7.4 FIELD OFACTION: STRENGTHENING RISK MANAGEMENT AND SUPERVISION ........ 433 16.7.5 FIELD OF ACTION: IMPROVING AND IMPLEMENTING IMPACT ASSESSMENT METHODS .................................................................. 434 16.7.6 FIELD OF ACTION: FINANCING TRANSFORMATION ................................................ 435 16.7.7 FIELD OF ACTION: THE GERMAN FEDERAL GOVERNMENT IN CAPITAL MARKETS ....................................................................... 436 16.7.8 FIELD OF ACTION: STRENGTHENING INSTITUTIONS, GENERATING AND SHARING KNOWLEDGE ...................................................................... 437 16.7.9 FIELD OFACTION: CREATING EFFICIENT STRUCTURES FOR IMPLEMENTING THE SUSTAINABLE FINANCE STRATEGY .............................................. 439 16.8 SUMMARY AND OUTLOOK .............................................................................................. 440 11 CONTENTS 17 ESG IN REAL ESTATE VALUATION ...................................................................................... 443 DIRK KADEL, JOHANNES VON RICHTHOFEN AND DR FLORIAN HACKELBERG 17.1 INTRODUCTION ............................................................................................................... 443 17.2 VALUATION BASIS ............................................................................................................ 443 17.2.1 ASSESSMENT OCCASIONS ............................................................................... 443 17.2.2 VALUE AND PRICE .......................................................................................... 444 17.2.3 VALUE CONCEPTS AND VALUE DEFINITIONS ........................................................ 445 17.2.4 EVALUATION PROCESS ...................................................................................... 445 17.3 FRAMEWORK CONDITIONS AND REAL ESTATE VALUATION ORDINANCE ................................ 446 17.3.1 STANDARDIZED PROCEDURES ............................................................................ 446 17.3.2 BASIC PRINCIPLES FOR THE VALUATION OF LAND ................................................. 448 17.4 VALUATION OF BUILDINGS AND OUTDOOR FACILITIES .......................................................... 449 17.4.1 COMPARISON METHOD .................................................................................... 449 17.4.2 CAPITALIZED EARNINGS METHOD ..................................................................... 450 17.4.3 DEPRECIATED COST METHOD ........................................................................... 452 17.4.4 NON-STANDARDIZED METHODSAND DCF METHODS ........................................ 453 17.5 ESG IN REAL ESTATE VALUATION ........................................................................................ 455 17.5.1 CONSIDERATION OFTHEEU TAXONOMY IN THE REAL ESTATE INDUSTRY ................ 455 17.5.2 ESG IMPACT ON THE VALUE OF REAL ESTATE COMPANIES .................................. 458 17.5.3 IMPACTON PROPERTY VALUATION ..................................................................... 459 17.5.4 IMPACT ON GROSS INCOME .............................................................................. 460 17.5.5 OPERATING COSTS ........................................................................................... 462 17.5.6 USEFUL LIFE ..................................................................................................... 464 17.5.7 CAPITALIZATION RATE/PROPERTY RATE ................................................................ 464 17.5.8 INTERIM CONCLUSION ...................................................................................... 465 17.5.9 PROCEDURE FOR THE ADJUSTMENT OF THE INTEREST RATE .................................... 466 17.6 SUMMARY ..................................................................................................................... 467 18 IMPLEMENTATION OF ESG CRITERIA IN REAL ESTATE CONTRACTS ...................................... 471 CHRISTIANE CONRADS, MARIO LINDNER AND DR PHILIPP SCHOTT 18.1 INTRODUCTION ................................................................................................................ 471 18.2 GENERAL CONSIDERATIONS ............................................................................................. 471 18.2.1 LEGAL REQUIREMENTS ..................................................................................... 472 18.2.2 REGULATION OF COMMON UNDERSTANDING IN RELATION TO ESG ...................... 478 18.2.3 INCREASE TRANSPARENCY AND ENSURE REPORTING AND BENCHMARKING ......... 479 18.2.4 COMPLIANCE (SOCIAL AND GOVERNANCE CLAUSES) .......................................... 480 18.2.5 ADJUSTMENT OF CURRENT CONTRACTS TO CHANGED/HIGHER ESG REQUIREMENTS .... 481 18.3 SPECIAL FEATURES OF INDIVIDUAL CONTRACT TYPES ......................................................... 482 18.3.1 PURCHASE CONTRACTS ..................................................................................... 482 18.3.2 RENTAL AGREEMENTS ..................................................................................... 483 18.3.3 MANAGEMENT CONTRACTS (PROPERTY AND FACILITY MANAGEMENT) ................. 489 12 CONTENTS 18.4 RECOMMENDATIONS FOR THE DESIGN OF PROJECTS AND CONTRACT NEGOTIATIONS ............. 491 18.5 OUTLOOK ....................................................................................................................... 491 19 COMPLIANCE AND RISK MANAGEMENT ......................................................................... 493 NINA GIINTHER AND JAN GERD MOLLER 19.1 INTRODUCTION ................................................................................................................ 493 19.1.1 CLASSIFICATION .............................................................................................. 493 19.1.2 DEFINITION OF COMPLIANCE ........................................................................... 494 19.1.3 COMPLIANCE IN THE CONTEXT OF ESG ............................................................. 494 19.2 FRAMEWORKCONDITIONSFORSUSTAINABLECOMPLIANCE ................................................. 496 19.2.1 CREATION OF A SUSTAINABLE CORPORATE STRUCTURE (GOVERNANCE IN THE NARROW SENSE) ............................................................ 496 19.2.2 SUSTAINABLE COMPLIANCE ORGANIZATION ..................................................... 497 19.3 CONCLUSION ................................................................................................................. 506 PART IV ESG IN URBAN AND PROJECT DEVELOPMENT ................................................................ 509 20 ESG PROJECT DEVELOPMENT - PLANNING AND CONSTRUCTION PROCESSES ...................... 511 THOMAS OEBBECKE 20.1 INTRODUCTION ............................................................................................................... 511 20.2 A CLASSIFICATION ........................................................................................................... 511 20.3 SUSTAINABILITY: FROM THE INTRODUCTION OF THE TERM UNTIL TODAY ................................ 512 20.4 THE GREEN DEAL AS A DRIVING FORCE .......................................................................... 514 20.5 THE DOVETAILING WITH THE PROJECT DEVELOPMENT OF NEW CONSTRUCTION AND REFURBISHMENT ....................................................................................... 515 20.6 CERTIFICATION SYSTEMS AS GUIDES ................................................................................ 518 20.7 ENCOURAGE AND CHALLENGE ........................................................................................... 518 20.8 PLANNING MEASURES .................................................................................................... 522 20.9 CONCLUSION ................................................................................................................. 523 21 ESG AND PROPERTY DEVELOPMENT - LEGAL REQUIREMENTS FOR CONSTRUCTION AND PLANNING CONTRACTS .................................................................... 525 SABINE WIEDUWILT 21.1 INTRODUCTION ............................................................................................................... 525 21.2 PROPERTY DEVELOPMENT-LEGAL CLASSIFICATION OF CONTRACTS ...................................... 526 21.3 CONSTRUCTION PHASES .................................................................................................. 530 21.4 DEFINE TARGETS AND ALIGN WITH ESG STRATEGY EARLY ON ........................................... 530 21.5 SUSTAINABILITY REQUIREMENTS BEYOND EU TAXONOMY ................................................ 539 21.6 CERTIFICATION: CONTRACTS WITH CERTIFICATION BODY AND AUDITOR (DGNB) ...................... 540 21.7 PERFORMANCE DESCRIPTIONS IN CONSTRUCTION AND PLANNING CONTRACTS ....................... 542 21.8 DATA PREPARATION AND COLLECTION ............................................................................... 548 13 CONTENTS 21.9 BUILDING INFORMATION MODELLING (BIM) ..................................................................... 549 21.10 EXCURSUS: MONUMENT PROTECTION AND § 105 GERMAN BUILDING ENERGY ACT (GEG) ........................................................................................ 552 21.11 EXCURSUS: PHOTOVOLTAICS ........................................................................................... 554 21.12 MISCELLANEOUS ........................................................................................................... 556 21.13 SUMMARY AND OUTLOOK ............................................................................................ 556 22 SUSTAINABLE URBAN DEVELOPMENT .......................................................................... 559 CONSTANTIN ALEXANDER 22.1 HUMAN SETTLEMENTS .................................................................................................. 559 22.2 FROM FORESTRY INTO MORE AND MORE AREAS OF THE ECONOMY AND SOCIETY ............... 560 22.3 LONG-TERM AND HOLISTIC ............................................................................................. 560 22.4 EFFECTIVE AND EFFICIENT INTERVENTIONS ....................................................................... 562 22.5 MANY STAKEHOLDERS WITH HIGH DIVERSITY ................................................................... 563 22.6 MANY FACTORS FOR RESILIENCE ....................................................................................... 565 22.7 NOTHING SUCCEEDS WITHOUT POSITIVE EXTERNALITIES ................................................... 567 22.8 PLANNING AND DEVELOPMENT INTERTWINE ................................................................... 567 22.9 ANTI-FRAGILE, SUSTAINABLE SYSTEMS ARE GOOD FOR LIFE-AND FOR BUSINESS ................. 568 THE EDITORIAL TEAM .................................................................................................................. 571 THE AUTHORS ........................................................................................................................... 573 14
adam_txt	CONTENTS FOREWORD . 15 FOREWORD BY THE EDITORS . 17 PART I ESG AND THE REAL ESTATE MARKET . 23 1 POLICY AND REGULATION IN THE AREA OF TENSION BETWEEN SHAPING THE ESG TRANSFORMATION AND GROWING REGULATORY PRESSURE . 25 CHRISTIANE CONRADS 1.1 INTRODUCTION . 25 1.2 MILESTONES AT INTERNATIONAL, EUROPEAN AND NATIONAL LEVEL . 26 1.2.1 INTERNATIONAL FRAMEWORK FOR SOLVING THE CORE PROBLEMS OF GLOBAL CHANGE . 26 1.2.2 ESG MEASURES AT EUROPEAN LEVEL . 33 1.2.3 NATIONAL SUSTAINABILITY MEASURES . 49 1.3 INCREASING IMPORTANCE OF SUSTAINABILITY IN SOCIETY: SCIENCE AND JURISPRUDENCE . 69 1.3.1 SOCIAL RETHINKING . 69 1.3.2 THE ESTABLISHMENT OF SUSTAINABILITY SCIENCE . 71 1.3.3 CLIMATE AND ENVIRONMENTAL PROTECTION JURISPRUDENCE . 72 1.4 SUMMARY AND OUTLOOK . 74 2 MARKET TRENDS AND VALUE DRIVERS . 77 CHRISTOPHER JAGER AND MAREEN BENNING-LINNERT 2.1 INTRODUCTION . 77 2.2 MARKET-ORIENTED REALESTATE MANAGEMENT . 79 2.2.1 EXOGENOUS PARAMETERS OF INFLUENCE ON A REVOLUTIONIZING FINANCIAL SYSTEM . 79 2.2.2 ESG-ORIENTED REAL ESTATE MANAGEMENT IN THE CONTEXT OF THE FINANCIAL REVOLUTION . 86 2.3 VALUABLE REAL ESTATE MANAGEMENT . 92 2.3.1 SIMPLIFIED RELATIONSHIP BETWEEN THE ASSETS OR CAPITAL, THE VALUE AND THE PURCHASE PRICE OF A COMPANY AND/OR A ENTERPRISE . 92 2.3.2 STRATEGIC DIMENSION OF VALUE-BASED REALESTATE MANAGEMENT . 94 2.3.3 OPERATIONAL DIMENSION OF VALUE-BASED REALESTATE MANAGEMENT . 108 2.3.4 CONTROL-ORIENTED DIMENSION OFVALUE-BASED REAL ESTATE MANAGEMENT . 135 2.4 OUTLOOK . 138 5 CONTENTS 3 ESG IN THE INTERNATIONAL CONTEXT . 151 DR ELAINE WILKE AND CHRISTIANE CONRADS 3.1 INTRODUCTION . 151 3.2 ELEMENTS OF SUSTAINABLE INVESTMENT POLICY AND REGULATION . 153 3.2.1 DISCLOSUREOF ESG CRITERIA BY COMPANIES . 154 3.2.2 STEWARDSHIP CODES . 156 3.2.3 ESG REQUIREMENTS FOR INVESTORS . 158 3.2.4 TAXONOMY . 158 3.2.5 NATIONAL STRATEGIES FOR SUSTAINABLE FINANCE . 160 3.3 IMPLEMENTATIONS OF ESG REGULATIONS IN SELECTED COUNTRIES . 161 3.3.1 UNITED STATES . 161 3.3.2 AUSTRALIA . 165 3.3.3 THE NETHERLANDS . 169 3.3.4 UNITED KINGDOM . 173 3.3.5 JAPAN . 176 3.3.6 CHINA . 179 3.4 SUMMARY AND OUTLOOK . 182 4 CLIMATE RISKSAND BENCHMARKING . 185 DR DANIEL PIAZOLO 4.1 AMAZING MOMENTUM AMONG THE PUBLIC, GOVERNMENTS AND INVESTORS . 185 4.2 CLIMATE RISKS . 186 4.2.1 CAUSES OF CLIMATE RISKS . 186 4.2.2 PHYSICAL CLIMATE CHANGE RISKS . 188 4.2.3 TRANSITORY CLIMATE CHANGE RISKS . 189 4.2.4 UNDERSTANDING RISK . 194 4.3 BENCHMARKING . 195 4.3.1 CHALLENGES . 196 4.3.2 NEW BUILDING . 196 4.3.3 REDEVELOPMENT PROJECTS . 197 4.3.4 OPERATING REAL ESTATE . 199 4.3.5 STRANDED ASSETS . 199 4.3.6 VALUE-AT-RISK APPROACH FOR ALL PROPERTIES . 201 4.3.7 RATINGS . 202 4.4 OUTLOOK . 202 REFERENCES . 202 5 DIGITIZATION AS A PREREQUISITE AND INSTRUMENT OF ESG TRANSFORMATION . 205 THOMAS VEITH, VOLKER WERGEN, FREDERIK WALBAUM AND FLORIAN HUBER 5.1 INTRODUCTION 205 5.2 STATE OF DIGITIZATION AND INCREASING PRESSURE TO ACT THROUGH POLITICS AND REGULATION 206 6 CONTENTS 5.3 OVERVIEW OF EXISTING INITIATIVES, SCORING AND RATINGS TO MEASURE SUSTAINABILITY . 210 5.4 USE OF NEW TECHNOLOGIES FOR DATA MANAGEMENT AND TRANSPARENCY ON THE FINANCIAL MARKET . 215 5.4.1 COLLECTION OF ESG-RELEVANT REAL ESTATE DATA . 215 5.4.2 DATA AVAILABILITY AND PROCESSING . 216 5.4.3 ESG AS A DRIVEROFTHE PROPTECH UNIVERSE . 218 5.5 THE TENSION BETWEEN DIGITALIZATION AND LEGAL REQUIREMENTS . 219 5.5.1 FUNDAMENTAL RIGHTS RELEVANCE OF THE PROTECTION OF PERSONAL DATA . 220 5.5.2 SCOPE OF DATA PROTECTION LAW AND DEFINITIONS . 220 5.5.3 DUTIESOF THE RESPONSIBLE PERSON . 221 5.5.4 THE METERING POINT OPERATION ACT . 223 5.5.5 PROCESSING OF MEASUREMENT DATA WITHIN THE SCOPE OF APPLICATION OFTHEMSBG BY REAL ESTATE COMPANIES . 224 5.5.6 THE BUSINESS SECRETS PROTECTION ACT . 226 5.5.7 CHALLENGES IN THE PROCESSING OF ESG-RELEVANT INVENTORY DATA . 228 5.6 THE DIGITAL ESG TRANSFORMATION IN CORPORATE MANAGEMENT . 229 PART II ESG AND REGULATORY ENVIRONMENT . 237 6 IMPACT OF CLIMATE CHANGE ON THE REAL ESTATE INDUSTRY . 239 DR NICOLE ROTTMER, DR ANNE MICHAELS, FRITZ FROMAGEOT AND FRIEDERIKE SCHWARZ 6.1 TREND TOPIC CLIMATE IN THE REAL ESTATE INDUSTRY: WHAT ' S BEHIND IT? . 239 6.2 CLIMATE RISKS AND THEIR IMPACT: THE DOUBLE MATERIALITY . 241 6.3 EMERGING RISK AND CLIMATE SCENARIO ANALYSIS . 243 6.3.1 RISK FACTORS AND THEIR SCIENTIFIC BASIS . 243 6.3.2 METHODOLOGICAL APPROACH: CLIMATE SCENARIO ANALYSIS . 246 6.4 GENERATED RISK AND DECARBONIZATION TARGETS . 250 6.5 EXAMPLEOF KEY FIGURE MANAGEMENT FOR CLIMATE RISKS . 252 6.6 OUTLOOK FOR CLIMATE RISK MANAGEMENT IN THE REAL ESTATE INDUSTRY . 259 7 ESG CRITERIA MEASUREMENT TOOLS AND TAXONOMY . 261 SIMONE LAKENBRINK 7.1 GENERAL BACKGROUND . 261 7.2 SUSTAINABLE BUILDING CERTIFICATES . 262 7.3 GREEN RATING-GRESB . 267 7.4 EU DECARBONIZATION PATHWAY-CRREM . 268 7 CONTENTS 8 SPECIAL FEATURES OF ENERGY LAW AND ECONOMICS IN THE CONTEXT OF ESG . 271 PETER MUSSAEUS, SOPHIA TRUONG AND THERESA STOLLMANN (WITH THE COLLABORATION OF CHRISTIAN DANIEL HEIN) 8.1 INTRODUCTION . 271 8.2 THE TRENDS IN THE ENERGY INDUSTRY AND THEIR IMPACT ON REAL ESTATE . 272 8.2.1 ENERGY LAW: A BRIEF INTRODUCTION . 273 8.2.2 DECARBONIZATION . 274 8.2.3 DECENTRALIZATION . 280 8.2.4 DIGITIZATION . 298 8.3 CONCLUSION . 301 9 IMPACT INVESTING IN THE REAL ESTATE INDUSTRY . 305 SEBASTIAN KREUTEL AND ANDREAS HOFSTATTER 9.1 INTRODUCTION . 305 9.2 IMPACT INVESTING IN INTERACTION WITH THE UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) . 306 9.3 DIFFERENTIATION OF SUSTAINABLE INVESTMENT FORMS . 308 9.4 WHAT ARE IMPACT INVESTMENTS AND HOW ARE THEY MEASURED? . 310 9.5 IMPLEMENTATION OF IMPACT INVESTMENTS IN PRACTICE . 312 9.6 SOCIAL IMPACT INVESTING AS A SPECIAL FORM OF IMPACT INVESTMENT . 314 9.7 CONCLUSION AND OUTLOOK FOR REAL ESTATE IMPACT INVESTMENTS . 316 10 ESG-TAX LAW REQUIREMENTS AND EFFECTS . 317 DR LEILA MOMEN AND SVEN BEHRENDS 10.1 TAX AND ESG - RESPONSIBLE TAX POLICY . 318 10.1.1 FISCAL SUSTAINABILITY REPORTING . 319 10.1.2 EXCURSUS ON PUBLIC COUNTRY BY COUNTRY REPORTING . 322 10.1.3 APPLICATION OFTHEGRI TAX STANDARD IN THE REAL ESTATE INDUSTRY . 323 10.2 REAL ESTATE AND ENVIRONMENTAL TAXES, GOVERNMENT SUBSIDIES AND SUPPORT PROGRAMMES WITH A TAX REFERENCE . 323 10.2.1 INTERNATIONAL LEVEL: OECD/IMF TAX POLICY AND CLIMATE CHANGE REPORT . 324 10.2.2 EUROPEAN LEVEL-DRAFT OF THE NEW GUIDELINES FOR CLIMATE, ENVIRONMENTAL AND ENERGY AID AND DECISION OF THE EUROPEAN CLIMATE CHANGE ACT . 325 10.2.3 LEGISLATION IN GERMANY . 326 8 CONTENTS 11 ESG IN THE CONTEXT OF REAL ESTATE INSURANCE . 333 OLIVER GOTZ, PATRICK PRUSS, HEIKE SCHMITZ AND SVETLANA THALLER-HONOLD 11.1 SUSTAINABILITY IN THE INSURANCE INDUSTRY . 333 11.2 DEMAND FOR SUSTAINABLE INSURANCE PRODUCTS IN THE REAL ESTATE INDUSTRY . 335 11.2.1 PRIVATE CUSTOMERS . 342 11.2.2 INDUSTRIAL AND COMMERCIAL CUSTOMERS . 344 11.3 CHALLENGES IN THE DESIGN OFSUSTAINABLE PROPERTY INSURANCE . 346 11.4 POSSIBLE SUSTAINABLE INSURANCE PRODUCTS FOR THE REAL ESTATE INDUSTRY . 349 11.4.1 PRODUCT STRUCTURE IN THE INSURANCE MARKET . 349 11.4.2 MARKET OFFER . 350 11.5 THE PROPERTY INSURANCE OF THE FUTURE . 354 PART III ESG AND REALESTATE MANAGEMENT . 357 12 PRACTICAL EXPERIENCE IN THE DEVELOPMENT AND IMPLEMENTATION OF SUSTAINABILITY STRATEGIES . 359 ROGER BAUMANN AND JENS MULLER 12.1 PRELIMINARY CONSIDERATIONS . 359 12.2 PROBLEM . 361 12.2.1 REAL ESTATE IN THE LIGHT OF CORPORATE STRATEGY . 361 12.2.2 DIFFERENT PRIORITIES AND POTENTIAL CONFLICTS OF INTEREST . 363 12.2.3 DIFFERENT RISK DIMENSIONS . 364 12.2.4 LONG-LIVED ASSET VERSUS GRANULARITY OF DATA . 364 12.3 STRATEGY DEVELOPMENT . 367 12.3.1 TRANSFERTO THE REAL ESTATE SEGMENT . 367 12.3.2 INTERACTION OF REPORTING AND STANDARDS . 369 12.4 STRATEGY IMPLEMENTATION . 371 12.4.1 PRACTICAL EXCURSUS: OPERATION OPTIMIZATION AND ENERGY CONTROLLING PROJECT (BOEC) . 372 12.4.2 COSTS AND PROFITABILITY SET THE PACE . 374 12.4.3 INTEGRATING DATA PLATFORM AND UNIFORM DATA LANGUAGE AS THE KEY . 375 12.4.4 DIGITAL TWIN AS NUCLEUS . 376 12.4.5 TRANSPARENCY AS THE HIGHEST PREMISE AND BENCHMARKING AS THE GOAL . 377 12.5 CLOSING WORDS-OR BECAUSE IT ' S JUST THE RIGHT THING TO DO . 377 13 ESG IN ASSET MANAGEMENT . 381 JENS BOEHNLEIN 13.1 IN THE BEGINNING IS THE VISION . 381 13.1.1 INDIVIDUAL TARGET DEFINITION . 382 13.1.2 STRATEGY DEFINITION . 383 9 CONTENTS 13.2 FROM VISION TO IMPLEMENTATION . 384 13.2.1 REQUIREMENTS . 384 13.2.2 RESPONSIBILITY . 386 13.3 STAKEHOLDER INVOLVEMENT . 388 13.3.1 SERVICE PROVIDER . 388 13.3.2 TENANTS AND USERS . 389 13.3.3 INVESTORS . 390 13.4 PRACTICAL IMPLEMENTATION . 392 13.4.1 DATA FLOW . 393 13.4.2 PROFITABILITY CALCULATION . 394 13.4.3 PILOT PROJECTS . 395 13.4.4 OUTLOOK . 396 13.5 VISION . 397 14 ESG DUE DILIGENCE AS A VALUE DRIVER FOR REAL ESTATE ACQUISITION AND PORTFOLIO MANAGEMENT . 399 THOMAS VEITH, THORSTEN LOOSE AND ALEXIA TSITER 14.1 WHY ESG DUE DILIGENCE? . 399 14.2 FOR WHOM DOES ESG DUE DILIGENCE MAKE SENSE? . 400 14.2.1 WHOCAN? . 401 14.2.2 WHO MUST? . 401 14.3 AT WHAT STAGE IN THE TRANSACTION PROCESS SHOULD ESG DUE DILIGENCE BE CONDUCTED? . 402 14.4 WHAT IS ANALYZED IN ESG? . 403 14.4.1 GENERAL . 403 14.4.2 ENVIRONMENTAL: WHAT ARE THE ENVIRONMENTAL FEATURES OF THE BUILDING? . 404 14.4.3 SOCIAL: WHAT ARE THE SOCIAL FEATURES OF THE BUILDING? . 405 14.4.4 GOVERNANCE: ARE STAKEHOLDERS BEHAVING PROPERLY? . 405 14.5 OPPORTUNITIES/RISKS . 406 14.6 OUTLOOK . 407 15 ESG INTEGRATION IN INVESTMENT MANAGEMENT . 409 MARTIN BRUHL 15.1 SETTING THE SCENE . 409 15.1.1 THE NEW ESG IMPERATIVE . 409 15.1.2 MITIGATING SUSTAINABILITY RISKS THROUGH TRANSACTION MANAGEMENT . 410 15.1.3 SUSTAINABILITY FIRST . 410 15.2 SUSTAINABILITY ASSESSMENT IN THE ACQUISITION PROCESS . 411 15.2.1 EVERYDAY PRACTICE . 412 15.2.2 DEALINGWITH NEW TAXONOMY REQUIREMENTS . 413 15.2.3 MIND THE GAP . 413 10 CONTENTS 15.2.4 BUILT BEFORE GREEN DAY, 1 JANUARY 2021 . 414 15.2.5 ALLOCATION OF CAPITAL TO SUSTAINABLE REFURBISHMENTS . 415 15.2.6 ABOVE IT ALL HOVERS DO NO SIGNIFICANT HARM . 416 15.3 CONCLUSION AND OUTLOOK . 416 16 ESG CRITERIA IN ESG REAL ESTATE FINANCE . 419 DR.-LNG. ANJA HENRIKE KLEINKE 16.1 INTRODUCTION . 419 16.2 IMPORTANCE OF REAL ESTATE AND REAL ESTATE INVESTMENTS IN ACHIEVING THE CLIMATE GOALS OFTHEEU AND GERMANY . 420 16.3 SUSTAINABLE FINANCE AND ESG INTEGRATION . 421 16.3.1 SUSTAINABLE FINANCE AS A CONTRIBUTION OF FINANCIAL MARKETS TO THE TRANSFORMATION OF SOCIAL, ENVIRONMENTAL AND ECONOMIC FACTORS . 421 16.3.2 INTEGRATION OF ESG CRITERIA FOR SUSTAINABILITY CLASSIFICATION . 423 16.4 SUSTAINABLE FINANCE STRATEGY AT ELL LEVEL AND ESG INTEGRATION . 424 16.5 STATUS QUO ON ESG INTEGRATION: FROM VOLUNTARY COMMITMENT TO THE GOAL OF UNIFORM CLASSIFICATION STANDARDS FOR SUSTAINABILITY . 425 16.6 SELECTION OFEXISTINGSELF-COMMITMENTSTANDARDS ON SUSTAINABILITY GOALS . 426 16.6.1 UN PRI-PRINCIPLES FOR RESPONSIBLE INVESTMENT . 426 16.6.2 AGENDA 2030:17 SUSTAINABLE DEVELOPMENT GOALS (SDGS) . 427 16.7 GERMAN SUSTAINABLE FINANCE STRATEGY . 429 16.7.1 STRUCTURE OFTHE GERMAN SUSTAINABLE FINANCE STRATEGY . 429 16.7.2 FIELD OF ACTION: STRENGTHENING SUSTAINABLE FINANCE AT THE GLOBAL AND EUROPEAN LEVEL . 430 16.7.3 FIELD OF ACTION: IMPROVING TRANSPARENCY . 432 16.7.4 FIELD OFACTION: STRENGTHENING RISK MANAGEMENT AND SUPERVISION . 433 16.7.5 FIELD OF ACTION: IMPROVING AND IMPLEMENTING IMPACT ASSESSMENT METHODS . 434 16.7.6 FIELD OF ACTION: FINANCING TRANSFORMATION . 435 16.7.7 FIELD OF ACTION: THE GERMAN FEDERAL GOVERNMENT IN CAPITAL MARKETS . 436 16.7.8 FIELD OF ACTION: STRENGTHENING INSTITUTIONS, GENERATING AND SHARING KNOWLEDGE . 437 16.7.9 FIELD OFACTION: CREATING EFFICIENT STRUCTURES FOR IMPLEMENTING THE SUSTAINABLE FINANCE STRATEGY . 439 16.8 SUMMARY AND OUTLOOK . 440 11 CONTENTS 17 ESG IN REAL ESTATE VALUATION . 443 DIRK KADEL, JOHANNES VON RICHTHOFEN AND DR FLORIAN HACKELBERG 17.1 INTRODUCTION . 443 17.2 VALUATION BASIS . 443 17.2.1 ASSESSMENT OCCASIONS . 443 17.2.2 VALUE AND PRICE . 444 17.2.3 VALUE CONCEPTS AND VALUE DEFINITIONS . 445 17.2.4 EVALUATION PROCESS . 445 17.3 FRAMEWORK CONDITIONS AND REAL ESTATE VALUATION ORDINANCE . 446 17.3.1 STANDARDIZED PROCEDURES . 446 17.3.2 BASIC PRINCIPLES FOR THE VALUATION OF LAND . 448 17.4 VALUATION OF BUILDINGS AND OUTDOOR FACILITIES . 449 17.4.1 COMPARISON METHOD . 449 17.4.2 CAPITALIZED EARNINGS METHOD . 450 17.4.3 DEPRECIATED COST METHOD . 452 17.4.4 NON-STANDARDIZED METHODSAND DCF METHODS . 453 17.5 ESG IN REAL ESTATE VALUATION . 455 17.5.1 CONSIDERATION OFTHEEU TAXONOMY IN THE REAL ESTATE INDUSTRY . 455 17.5.2 ESG IMPACT ON THE VALUE OF REAL ESTATE COMPANIES . 458 17.5.3 IMPACTON PROPERTY VALUATION . 459 17.5.4 IMPACT ON GROSS INCOME . 460 17.5.5 OPERATING COSTS . 462 17.5.6 USEFUL LIFE . 464 17.5.7 CAPITALIZATION RATE/PROPERTY RATE . 464 17.5.8 INTERIM CONCLUSION . 465 17.5.9 PROCEDURE FOR THE ADJUSTMENT OF THE INTEREST RATE . 466 17.6 SUMMARY . 467 18 IMPLEMENTATION OF ESG CRITERIA IN REAL ESTATE CONTRACTS . 471 CHRISTIANE CONRADS, MARIO LINDNER AND DR PHILIPP SCHOTT 18.1 INTRODUCTION . 471 18.2 GENERAL CONSIDERATIONS . 471 18.2.1 LEGAL REQUIREMENTS . 472 18.2.2 REGULATION OF COMMON UNDERSTANDING IN RELATION TO ESG . 478 18.2.3 INCREASE TRANSPARENCY AND ENSURE REPORTING AND BENCHMARKING . 479 18.2.4 COMPLIANCE (SOCIAL AND GOVERNANCE CLAUSES) . 480 18.2.5 ADJUSTMENT OF CURRENT CONTRACTS TO CHANGED/HIGHER ESG REQUIREMENTS . 481 18.3 SPECIAL FEATURES OF INDIVIDUAL CONTRACT TYPES . 482 18.3.1 PURCHASE CONTRACTS . 482 18.3.2 RENTAL AGREEMENTS . 483 18.3.3 MANAGEMENT CONTRACTS (PROPERTY AND FACILITY MANAGEMENT) . 489 12 CONTENTS 18.4 RECOMMENDATIONS FOR THE DESIGN OF PROJECTS AND CONTRACT NEGOTIATIONS . 491 18.5 OUTLOOK . 491 19 COMPLIANCE AND RISK MANAGEMENT . 493 NINA GIINTHER AND JAN GERD MOLLER 19.1 INTRODUCTION . 493 19.1.1 CLASSIFICATION . 493 19.1.2 DEFINITION OF COMPLIANCE . 494 19.1.3 COMPLIANCE IN THE CONTEXT OF ESG . 494 19.2 FRAMEWORKCONDITIONSFORSUSTAINABLECOMPLIANCE . 496 19.2.1 CREATION OF A SUSTAINABLE CORPORATE STRUCTURE (GOVERNANCE IN THE NARROW SENSE) . 496 19.2.2 SUSTAINABLE COMPLIANCE ORGANIZATION . 497 19.3 CONCLUSION . 506 PART IV ESG IN URBAN AND PROJECT DEVELOPMENT . 509 20 ESG PROJECT DEVELOPMENT - PLANNING AND CONSTRUCTION PROCESSES . 511 THOMAS OEBBECKE 20.1 INTRODUCTION . 511 20.2 A CLASSIFICATION . 511 20.3 SUSTAINABILITY: FROM THE INTRODUCTION OF THE TERM UNTIL TODAY . 512 20.4 THE GREEN DEAL AS A DRIVING FORCE . 514 20.5 THE DOVETAILING WITH THE PROJECT DEVELOPMENT OF NEW CONSTRUCTION AND REFURBISHMENT . 515 20.6 CERTIFICATION SYSTEMS AS GUIDES . 518 20.7 ENCOURAGE AND CHALLENGE . 518 20.8 PLANNING MEASURES . 522 20.9 CONCLUSION . 523 21 ESG AND PROPERTY DEVELOPMENT - LEGAL REQUIREMENTS FOR CONSTRUCTION AND PLANNING CONTRACTS . 525 SABINE WIEDUWILT 21.1 INTRODUCTION . 525 21.2 PROPERTY DEVELOPMENT-LEGAL CLASSIFICATION OF CONTRACTS . 526 21.3 CONSTRUCTION PHASES . 530 21.4 DEFINE TARGETS AND ALIGN WITH ESG STRATEGY EARLY ON . 530 21.5 SUSTAINABILITY REQUIREMENTS BEYOND EU TAXONOMY . 539 21.6 CERTIFICATION: CONTRACTS WITH CERTIFICATION BODY AND AUDITOR (DGNB) . 540 21.7 PERFORMANCE DESCRIPTIONS IN CONSTRUCTION AND PLANNING CONTRACTS . 542 21.8 DATA PREPARATION AND COLLECTION . 548 13 CONTENTS 21.9 BUILDING INFORMATION MODELLING (BIM) . 549 21.10 EXCURSUS: MONUMENT PROTECTION AND § 105 GERMAN BUILDING ENERGY ACT (GEG) . 552 21.11 EXCURSUS: PHOTOVOLTAICS . 554 21.12 MISCELLANEOUS . 556 21.13 SUMMARY AND OUTLOOK . 556 22 SUSTAINABLE URBAN DEVELOPMENT . 559 CONSTANTIN ALEXANDER 22.1 HUMAN SETTLEMENTS . 559 22.2 FROM FORESTRY INTO MORE AND MORE AREAS OF THE ECONOMY AND SOCIETY . 560 22.3 LONG-TERM AND HOLISTIC . 560 22.4 EFFECTIVE AND EFFICIENT INTERVENTIONS . 562 22.5 MANY STAKEHOLDERS WITH HIGH DIVERSITY . 563 22.6 MANY FACTORS FOR RESILIENCE . 565 22.7 NOTHING SUCCEEDS WITHOUT POSITIVE EXTERNALITIES . 567 22.8 PLANNING AND DEVELOPMENT INTERTWINE . 567 22.9 ANTI-FRAGILE, SUSTAINABLE SYSTEMS ARE GOOD FOR LIFE-AND FOR BUSINESS . 568 THE EDITORIAL TEAM . 571 THE AUTHORS . 573 14
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author	Veith, Thomas Conrads, Christiane Hackelberg, Florian
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discipline	Wirtschaftswissenschaften
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edition	1. Auflage
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id	DE-604.BV048318691
illustrated	Illustrated
index_date	2024-07-03T20:11:21Z
indexdate	2024-07-10T09:35:09Z
institution	BVB
institution_GND	(DE-588)1065786050
isbn	9783648163481
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-033698099
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physical	585 Seiten Illustrationen, Diagramme
publishDate	2022
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publisher	Haufe Group
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series2	Haufe Fachbuch
spelling	Veith, Thomas Verfasser (DE-588)142733342 aut ESG and Real Estate a practical guide for the entire real estate and investment cycle Thomas Veith, Christiane Conrads, Florian Hackelberg (eds.) 1. Auflage Freiburg ; München ; Stuttgart Haufe Group 2022 585 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Haufe Fachbuch Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Umweltbezogenes Management (DE-588)4201709-9 gnd rswk-swf Immobilienwirtschaft (DE-588)4113997-5 gnd rswk-swf Immobilienmanagement (DE-588)4819387-2 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Corporate Social Responsibility (DE-588)7697760-2 gnd rswk-swf Nachhaltigkeit (DE-588)4326464-5 gnd rswk-swf ESG Environmental Social Governance reals estate regulatory requirements European market urban development project Development renovation investement Immobilien Immobilien-Verwaltung Immobilienwirtschaft (DE-588)4113997-5 s Immobilienmanagement (DE-588)4819387-2 s Immobilienanlage (DE-588)4120474-8 s Nachhaltigkeit (DE-588)4326464-5 s Umweltbezogenes Management (DE-588)4201709-9 s Corporate Social Responsibility (DE-588)7697760-2 s Corporate Governance (DE-588)4419850-4 s DE-604 Conrads, Christiane Verfasser aut Hackelberg, Florian Verfasser (DE-588)141531525 aut Haufe-Lexware GmbH & Co. KG (DE-588)1065786050 pbl Erscheint auch als Online-Ausgabe, PDF 978-3-648-16350-4 Erscheint auch als Online-Ausgabe, EPUB 978-3-648-16349-8 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033698099&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p vlb 20220512 DE-101 https://d-nb.info/provenance/plan#vlb
spellingShingle	Veith, Thomas Conrads, Christiane Hackelberg, Florian ESG and Real Estate a practical guide for the entire real estate and investment cycle Immobilienanlage (DE-588)4120474-8 gnd Umweltbezogenes Management (DE-588)4201709-9 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd Immobilienmanagement (DE-588)4819387-2 gnd Corporate Governance (DE-588)4419850-4 gnd Corporate Social Responsibility (DE-588)7697760-2 gnd Nachhaltigkeit (DE-588)4326464-5 gnd
subject_GND	(DE-588)4120474-8 (DE-588)4201709-9 (DE-588)4113997-5 (DE-588)4819387-2 (DE-588)4419850-4 (DE-588)7697760-2 (DE-588)4326464-5
title	ESG and Real Estate a practical guide for the entire real estate and investment cycle
title_auth	ESG and Real Estate a practical guide for the entire real estate and investment cycle
title_exact_search	ESG and Real Estate a practical guide for the entire real estate and investment cycle
title_exact_search_txtP	ESG and Real Estate a practical guide for the entire real estate and investment cycle
title_full	ESG and Real Estate a practical guide for the entire real estate and investment cycle Thomas Veith, Christiane Conrads, Florian Hackelberg (eds.)
title_fullStr	ESG and Real Estate a practical guide for the entire real estate and investment cycle Thomas Veith, Christiane Conrads, Florian Hackelberg (eds.)
title_full_unstemmed	ESG and Real Estate a practical guide for the entire real estate and investment cycle Thomas Veith, Christiane Conrads, Florian Hackelberg (eds.)
title_short	ESG and Real Estate
title_sort	esg and real estate a practical guide for the entire real estate and investment cycle
title_sub	a practical guide for the entire real estate and investment cycle
topic	Immobilienanlage (DE-588)4120474-8 gnd Umweltbezogenes Management (DE-588)4201709-9 gnd Immobilienwirtschaft (DE-588)4113997-5 gnd Immobilienmanagement (DE-588)4819387-2 gnd Corporate Governance (DE-588)4419850-4 gnd Corporate Social Responsibility (DE-588)7697760-2 gnd Nachhaltigkeit (DE-588)4326464-5 gnd
topic_facet	Immobilienanlage Umweltbezogenes Management Immobilienwirtschaft Immobilienmanagement Corporate Governance Corporate Social Responsibility Nachhaltigkeit
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033698099&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT veiththomas esgandrealestateapracticalguidefortheentirerealestateandinvestmentcycle AT conradschristiane esgandrealestateapracticalguidefortheentirerealestateandinvestmentcycle AT hackelbergflorian esgandrealestateapracticalguidefortheentirerealestateandinvestmentcycle AT haufelexwaregmbhcokg esgandrealestateapracticalguidefortheentirerealestateandinvestmentcycle

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