Tuesday, 8 June 2010

REITs rush for energy ratings

Summaries - Australian Financial Review
Monday 7/6/2010, Page: 47

The Federal Government's new building energy efficiency disclosure scheme will require an energy efficiency certificate for the sale or lease of any commercial office building of at least 2,000 m². The certificate will include a National Australian Built Environment Rating System energy efficiency rating. Citigroup analyst Elaine Prior says the Government is also promoting the rating initiative through its own role as a tenant.

Larger property trusts - such as the Commonwealth Property Office Fund; Charter Hall Office real estate investment trust; Dexus Property Group; GPT Group; Mirvac Group; and Stockland - have prepared themselves by rating most of their buildings with portfolios averaging between 3.3 and 4.4 stars. By comparison, smaller trusts - such as Abacus Property Group; Australand Property Group; Aspen Group; ING Office Fund; and Valad Property Group - have "zero or very few rated buildings," according to Ms Prior.

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