CORESTATE to Convert €17 Billion German Real Estate Portfolio to Green Energy
Real estate investment company CORESTATE Capital announced today that it plans to convert its entire portfolio in Germany to green energy over the next few months. At €17 billion, the company’s German assets makes up over 60% of the firm’s €28 billion portfolio. CORESTATE anticipates the move will save 104,000 tons of CO2 emissions by the end of 2024.
Lars Schnidrig, CEO of CORESTATE Capital Group, said:
“CORESTATE made a commitment very early on to define quantifiable ESG objectives and to be measured by the results. The conversion of our portfolio to a CO2-neutral energy supply in conjunction with digital access to real-time data represents an important step with which we are further expanding our pioneering ESG role and making a positive contribution.”
Today’s announcement marks another milestone in the company’s increasing use of green energy in its investment portfolio. CORESTATE has already converted its € 3.5 billion commercial real estate portfolio to green electricity, and has digitalized its entire metering point operations.
The company stated that the operating costs company Westbridge Advisory GmbH was commissioned to restructure and sustainably optimize CORESTATE’s German real estate portfolio. The portfolio can now be monitored continuously across the board and in real time, and optimization options can be effectively implemented. Stadtwerke Düsseldorf has been commissioned to supply the properties in the commercial portfolio.