LaSalle Investment Management
Creating a net zero pathway for an investment management firm in line with the BBP Climate Commitment.
LaSalle Investment Management is a leading real estate investment management firm with 40 years of real estate investment experience and $69bn AUM across 15 countries. As a signatory of the UK Better Building Partnership’s Climate Commitment, LaSalle were required to publish their Net Zero Carbon Pathway before the end of 2020.
What did the client need?
LaSalle was looking for expert support with developing and refining their global position on net zero carbon (both operational and embodied). They needed to integrate a net zero strategy across all their global functions and regions, and they needed to do this relatively quickly.
They also sought a partner who could create a net zero pathway covering all of their European assets (including industrial and commercial buildings in 7 European countries). This needed to be in line with the BBP Climate Commitment and supported by cost-optimal asset plans.
How did Verco support the client?
Verco started the process by delivering a series of introductory webinars, building capacity within LaSalle on key concepts to do with net zero. Then we reviewed all relevant net zero definitions in the markets LaSalle operates in, developing a comparative framework that allowed them to select the best approach for LaSalle.
We developed a programme of interviews with LaSalle to identify material, climate-related risks and opportunities. The interviews clarified which aspects of the interviewees’ roles could be most affected by these issues. They also helped us to get an idea of how the management processes were structured across leadership, acquisitions, developments, risk and strategy and asset management.
Next, we undertook technical modelling of LaSalle’s European funds. This allowed us to understand the costs and performance requirements necessary to achieve NZC performance, and to report these back to LaSalle. We delivered executive briefings on our findings.
What was the result?
LaSalle now has an industry-leading global position on net zero carbon, covering both operational and embodied emissions. Their net zero pathway document is in line with the BBP Climate Commitment and the business has integrated their global strategy into their standard management practices.
It was a pleasure working with Verco on this project. In particular we were impressed at how well the team explained complex information and made it accessible to a wide audience.