VIA OUTLETS ACHIEVES TOP 5-STAR ESG RATING FOR FOURTH CONSECUTIVE YEAR IN 2023 GRESB BENCHMARK REPORT
AMSTERDAM, 1 October 2023 – VIA Outlets, Continental Europe’s fastest-expanding owner-operator of premium fashion outlets by gross lettable area (GLA) over the past decade, has achieved the highest 5-star rating in GRESB’s 2023 Real Estate Sustainability Benchmark Report for the fourth consecutive year, placing the company 7th in the “Europe, Shopping Center” category and 11th in the “Retail Europe” classification.
VIA Outlets’ overall GRESB Score of 92 out of 100, a one-point improvement on 2022, surpasses both the peer average (82) and GRESB average (75). A maximum Management Score of 30 out of 30 puts VIA Outlets first in that category out of more than 1,000 other organisations. VIA Outlets scored top marks this year across multiple areas, including Leadership, Policies, Reporting, Risk Management, Stakeholder Engagement, Risk Assessment, Data Monitoring & Review, and Brand Partners & Communities.
Geert Paemen, Group Sustainability Director, said: “Securing a GRESB 5-star rating once again demonstrates VIA Outlets’ determination to reach our 2050 Net Zero Target and be a good global corporate citizen. Each of our 11 European fashion outlets is working on a 2030 investment plan to ensure we achieve our intermediary targets on all relevant issues, including additional data collection on scopes of emissions, studies and databases on sustainable materials, on-site renewable energy projects, alternative business models for heating and cooling, and mobility action plans. Energy intensity targets are also part of our employees’ annual objectives, further strengthening our efforts towards our sustainability targets.”
GRESB provides validated environmental, social and governance performance data, and peer benchmarks of retail assets for investors and managers to improve business intelligence, industry engagement and decision-making. The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of retail asset investments and are aligned with international reporting frameworks, goals and emerging regulations. The resulting benchmark scores are based on a rigorous, consistent methodology so investors and managers can evaluate the ESG performance of a given fund.
In June 2023, VIA Outlets received a Level 2 ESG Rating by global ratings firm Fitch, the second-highest achievable. Fitch rated the progress VIA Outlets is making in its portfolio and value chain-wide ‘Beyond Sustainable’ strategy, which is based on the four pillars of Sustainable Buildings; Resilient Communities; Conscious Consumers; and Engaged Stakeholders. As part of the strategy, VIA Outlets aims to reduce the energy intensity of its outlet centres by 50% and achieve a 55% absolute greenhouse gas emission reduction by 2030. Advances in VIA Outlets’ on-site renewable energy programme are central to the goal, with photovoltaic installations already in place in its fashion outlets in Oslo, Seville, Lisbon, Porto and Mallorca, with new additions to be in place in Prague, Zweibrucken and Landquart by Q1 2024.
Other achievements over the past year include: - Introduction of a more robust governance structure around all ESG-related matters with the creation of an ESG committee. - Improvements to its BREEAM In-Use sustainability certification scores for the three VIA Outlets centres that recertified in 2022. - Attaining a portfolio-wide ISO 14001 benchmark certification for the company’s environmental management system, with all assets undergoing biodiversity surveys, and regular internal and external energy, water and waste audits. - Inclusion of green lease clauses, which include requirements on fit-outs and environmental data sharing, in more than 60% of leases with brand partners. - Development of a robust supplier selection and screening process that evaluates their environmental performance, labour practises, and adherence to ethical and legal standards to improve VIA Outlets’ supplier relationships. - Delivering a Community Engagement Strategy to ensure VIA Outlets maximises the socio-economic value of its activities with local communities.
Otto Ambagtsheer, CEO of VIA Outlets, added: “Achieving a GRESB Benchmark 5-star rating for the fourth year running is a testament to the progress we are making on our short- and long-term sustainability targets. Over the past year we have made concerted efforts to collaborate with brand partners on sustainability issues such as resource consumption, shop-fits, renewable energy consumption, waste management and the sustainable characteristics of the products sold in our fashion outlets. “And we continue to work closely with our brand partners’ strategic- and operational-level teams on our initiatives to ensure our destinations become even more sustainable.”