ESG / Sustainable Real Estate and Construction
Environmental Sustainability and Social Value are now a major themes in commercial real estate and construction as investors, lenders, landlords, developers and occupiers are incorporating sustainability into their business models, often leading to better
commercial results. Often our clients have dedicated teams to ensure that their sustainability goals are achieved using best practices in real estate management, asset management, risk management, talent management and construction procurement and
Environmental and sustainability real estate goals can be achieved in many ways from the outset at the planning stage where energy ratings, green space, multi-purpose use, wellness and the addition of social value in the built environment are all considerations
to operating practices and processes, construction methods, increase in the use of sustainable materials and renewable energy and the reduction of CO2 emissions. In November 2019 the EU adopted a package of measures on sustainable finance, coming
into force from 10 March 2021. The reform’s key tenets are taxonomy, disclosure, investor duties, benchmarks and suitability. The environment and sustainability targets are now woven into how we work, live and play.
The concept of environmental social governance has become an ever-growing area of interest for our real estate clients. We have significant experience advising clients (landlords, developers and occupiers) on green building certification and other green building standards , including LEED, BER, BREEAM and NZEB. The Commercial Real Estate team and our Construction and Engineering group work very closely with our Real Estate Finance teams advising clients on sustainable financing and construction of commercial and residential real estate buildings. In addition, the Commercial Real Estate Team has market leading experience in the renewable energy sphere having advised in relation to all property maters for large-scale energy and infrastructure projects, including wind farms, solar parks, and waste to energy plants.
A selection of our recent experience is set out below:
- In collaboration with our Real Estate Finance team, advised Oxley Holdings Limited on the construction and real estate aspects of the first green loan in Ireland. HSBC provided project development finance to Oxley in connection with the development of No.s 3, 4 and 5 Dublin Landings.
- No.1, No.2, No. 3, No. 4 and No. 5 Dublin Landings – LEED Platinum – Advised developer on the contractual obligation to deliver LEED Platinum to the Tenant and the Purchaser;
- No’s 3, 4 and 5 Dublin Landings – LEED Platinum – Advised developer on the contractual obligation to deliver LEED Platinum to the owners;
- Advising CWTC Multi Family ICAV on real estate, regulatory, finance and construction related matters. CWTC Multi Family ICAV are pursuing 2/3 star GRESB, “very good” BREEAM rating and Gold standard WELL rating on their developments at Cherrywood and Player’s Square;
- Advised the Tenant of Charlemont Square on the NZEB requirements and the implications on its fit out and occupation of its new HQ building;
- Advising the Tenant at Bonham Quay, Galway on the contractual obligations and deliverables from the landlord regarding LEED, ONE PLANET LIVING, NZEB, WELL and WIRED SCORE.
- Advised a number of global technology companies on green leases that build in sustainability features and negotiated lease provisions to ensure responsible social and ethical practices, including compliance with domestic and international laws on anti-bribery, anti-corruption and, anti-modern slavery and human trafficking.
- Advised domestic and international lenders (including AIB, Bank of Ireland, Ulster Bank, Hamburg Commercial Bank, Aviva Investors, Rabobank, ING, DNB Bank ASA, and Credit Agricole) and domestic and international renewable energy sponsors, and infrastructure, pension and private equity funds (including Brookfield Renewables, Bord na Mona plc, Allianz, GE, EDF Renewables, Statkraft and Partners Group) in respect of property related matters in relation to their development, due diligence, project financing, acquisition and disposals of wind farm projects, solar parks as well as waste to energy plants in Ireland.