RESPONSIBLE INVESTMENT
Our main goal is to provide our investors with long term financial returns benefits, and by definition, this means a sustainable approach to investment.
We believe that ESG factors should be at the core of our investment strategy as it has become both a compliance and financial imperative but is also simply the right approach to take.
We recognise that we have responsibilities that cut across our entire supply chain, our stakeholders, and the local communities in which we invest. For that reason, ESG factors have been imbedded in our everyday operations.
Beyond our own policies and strategy, we are also fully committed to the UN Global Compact and the Paris Agreement, the use of science-based targets (SBTi) and signatories to the Principle for Responsible Investment.
A DECADE OF SUSTAINABILITY
2025 marks 10 years of sustainability reporting and improvement across the whole of Curlew.
SUSTAINABILITY FRAMEWORK
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At Curlew, our sustainability strategy is guided by our Senior Management and is embedded throughout our governance structures, operational practices, asset management processes, and stakeholder relationships. This comprehensive approach
ensures that sustainability is a core consideration in every facet of our business. Rooted in our core values and operational procedures, we empower the appropriate teams to lead their respective sustainability initiatives and deliver improvements across the business, its funds, and our assets, in alignment with our Environmental Management System (EMS).
Central to our sustainability efforts is our quarterly Sustainability Committee, which oversees and manages key ESG issues. The committee is responsible for reviewing and updating sustainability policies, assessing ESG benchmark performance, setting and evaluating ESG targets, contributing to the annual report, and managing investor sustainability requests.
Additionally, they review and evaluate the appointments of key service providers, contractors, and suppliers to ensure that sustainability standards are upheld across all areas of our operations.
OUR ESG GOVERNANCE STRUCTURE
SUSTAINABLE PROCESS
RISK MANAGEMENT
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Our ESG Risk Framework has been developed to identify, assess and tackle potentially negative effects on our assets, our investments, our employees or our tenants. This framework applies to all of our investments and comprises the following elements:
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Annual CRREM analysis
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Annual WRI Aqueduct assessment
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Physical Climate Risk Assessment (Moody’s ESG tool)
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Annual Tenant’s Satisfaction Report
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Annual Employee Satisfaction Report
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Supply Chain ESG Assessment
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Annual GRESB assessment
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Local Communities
STEWARDSHIP
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As part of our journey to become a truly sustainable company, it important that we take into consideration the impact of our supply chain and the influence we may have on our service providers, our tenants and our clients. This is why, whenever we can, we will use our influence to help improve all our stakeholders along their own sustainability journey.
2030 STRATEGY
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In 2024, we have updated our materiality assessment. The results have helped in refining our new 2030 strategy around 3 key strategic priorities and 12 key performance indicators:
All these indicators have a list of sub-indicators that help us measure our performance against our targets and is reported annually in our Sustainability Report.
OUR MAIN GOALS FOR 2030:
NET ZERO
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Reaching Net Zero Operation by 2030
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Account for embodied emissions for all new development from 2025
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Offset 100% of residual emissions
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Use 100% renewable electricity by 2025
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Incorporate WELL standards in our Specs
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Develop an ESG training program for all employees
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Develop & Implement Health & Wellbeing requirements in procurement
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Monitor and improve Health & Safety & Health & Wellbeing indicators for employees and tenants
HEALTH & WELLBEING
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Complete ESG Risk mapping
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Fully integrate Climate Change risks into investment decision
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All funds to be 4 star rated on GRESB
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Curlew to be A rated with PRI
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Report on TCFD indicators
SUSTAINABLE INVESTMENT
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TRANSPARENCY & REPORTING
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As we are responsible for our investors’ capital, we aim to be as transparent as possible in our operations. In the same way we set up standards for our service providers, we applied the same requirements to ourselves so that our investors can be confident in the way we are managing their investment.
To that effect, we:
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Make all our sustainability policies publicly available through this website
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Produce quarterly financial and sustainability update report to our investors
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Submit all our funds to GRESB
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Publish a public Sustainability Report based on the GRI Standard CORE option
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Produce an annual GHG inventory (part of our Sustainability Report)
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Report on the Principle for Responsible Investment (PRI)
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Publish a Communication on progress (COP) to the UN Global Compact
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Report against Sustainable Development Goals
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Use science-based targets (SBT) to set our KPIs
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Have integrated TCFD recommendations into our reporting
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POLICIES
POLICIES
The real estate industry has a tremendous environmental and social impact and has a clear role to play in the mitigation of environmental issues in a global context.
Our policies are designed to provide a set of tools and practices that will help us stay in line with and exceed where possible the industry’s Environmental, Social & Governance (ESG) best practices, its investors’ requirements and relevant legal requirements.
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We have developed policies and procedures to follow while conducting operations:
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Corporate Social Responsibility Policy
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Fraud Policy
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Environmental Policy
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A Senior Leadership Statement
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Sustainable Real Estate Investment Policy (SREIP)
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Anti Bribery & Corruption Policy
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Curlew Business Code of Conduct
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Equality & Diversity Policy
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Anti modern slavery & human trafficking statement
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Stakeholder Policy
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Service Providers Policy and Code of Conduct
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Whistle-blower Policy
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Health & Safety Policy
We believe that Environmental, Social and Governance (ESG) matters are essential for long-term value creation. Our ESG due diligence process allows us to integrate these issues in our investment strategy and to invest responsibly.
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Curlew aims to offer superior investment returns to its investors while upholding the highest standards of integrity and acting in a way that enhances the reputation of the industry.
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In keeping with our core values, we consider that investment in or from companies involved in the following industries/sectors are not in the best interest of Curlew or its stakeholders:
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Armaments
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Nuclear industry
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Tobacco
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Pornography
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Prostitution
Investment in these sectors will therefore be prohibited to Curlew, its subsidiaries and we will not engage with Service Providers involved within these industries.
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PERFORMANCE & KPIs
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ENERGY
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Since February 2021, we have switched our electricity procurement to 100% renewable energy. All our assets are now being supplied with electricity that only comes from solar, wind or hydro sources and can be matched to Renewable Energy Guarantee of Origin (REGO) certificates.
As part of our Energy strategy, we aim to be producing 10% of all our electricity consumption on-site by 2030.
PERFORMANCE
Overall, the portfolio achieved a 5% year-on-year reduction in energy consumption, largely driven by CST2’s strong performance. In 2024 alone, CST2 recorded a 13% decrease, primarily due to The Refinery’s significant efficiency gains following the
implementation of Prefect Irus.
The increase in absolute energy consumption within the Aviva portfolio is attributed to Potterrow returning to operation. The 81% increase in absolute energy consumption compared to our 2019 base year is offset by a 102% increase in total floor area over the same period, indicating a 18% improvement in energy efficiency.
Energy intensity, measured in kWh/m², also improved - showing a 3% year-on-year decrease, an 18% reduction compared to our 2019 base year, and an 11% decrease
relative to our 2014 performance. Notably, CST2’s energy intensity is now 24% lower than our 2014 benchmark and 30% lower than the 2019 base year, reflecting improved building design and construction standards.
WATER
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Our portfolio is comprised of either new developments or properties recently refurbished to the highest standards, and they are generally very efficient in terms of water consumption.
Nevertheless, we are doing our utmost to reduce our buildings consumption. During the period, we have installed smart water-meters in all our sites to ensure that we accurately report our water consumption. These smart meters come equipped with alarms and leak detection systems
Where data was found to be either inaccurate or missing, we used an average water consumption per bed weighted over the past 5 years. This represents about 10% of the total water consumption data.
WASTE
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In 2024, our assets produced 1753 tonnes of general waste sent to energy recovery) and 2079 tonnes of recycled waste which amount to 1.1 tonnes / occupied bed per annum.
We have now implemented a new system to measure the waste produced in our buildings. A survey is conducted to effectively monitor the waste over a 6-week period, we then extrapolate an annual waste figure. The survey also helps us to improve the waste facilities in our buildings by having the correct types and number of bins in each building.
We also provide ongoing tenant education about correct waste and recycling disposal through our “Tenant’s sustainability Guide” and on-site signage. Most of our cluster flats and studios are equipped with recycling bins to facilitate disposal.
Across our portfolio, our average waste diversion rate is approximately 54%. Although better than the UK’s average, we are doing our best to improve our diversion rate. We are, however, still very dependent on local council recycling policies. All general waste that is collected from our assets, is taken to local energy recovery facilities, which diverts from landfill.
GHG INVENTORY
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To measure our performance and manage our 2030 Net Zero target, we produce an annual GHG inventory. (Full inventory available on our Sustainability Report).
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We have changed our Base Year to 2019 when we set up our Net Zero Targets in line with SBTi.
