~Institutionalizes 8 assets across its Southern Portfolio in Bengaluru and Chennai ~
BENGALURU, India, June 25, 2024 -- Brookfield Properties in India has been awarded the EDGE Excellence in 'Design for Greater Efficiencies Champion' recognition by International Finance Corporation (IFC), the private sector arm of the World Bank. This esteemed certification acknowledges the organization's commitment to sustainability in India's commercial workspace landscape.
Brookfield Properties received the EDGE Champion certification for its southern portfolio covering over 16.5 million square feet of space, including Ecospace, Ecoworld, Centennial, Northstar, Azure, NXT and the Galleria mall in Bengaluru and the Millenia Business Park in Chennai.
Achieving this certification represents the institutionalizing of green building practices within an organization. It acknowledges the company's intent to construct, operate and manage environmentally friendly buildings through tangible and reputable solutions. The certification is a crucial mechanism for accessing green finance, seamlessly aligning with prominent international green finance standards. It also aids in determining the most commercially feasible green strategy that will yield the desired results for the brand.
Shantanu Chakraborty, COO, Brookfield Properties, said, "Our commitment to a greener future is reflected in the integration of global sustainability standards in our construction practices. By achieving reductions of over 20% in energy use, water consumption, and building material emissions, we are advancing towards our goal of achieving net-zero emissions by 2040. EDGE certification is a testament to our progress in creating sustainable workspaces. We thank IFC for recognizing our efforts."
Adding to this, IFC's Director of Climate Business, Jamie Fergusson, said, "The climate crisis requires urgent action at scale and EDGE is achieving just that. In the seven short years since it was founded, it spread across the world, with EDGE-certified buildings in 96 countries today with over 63 billion dollars in asset value. This scale, this urgency, is what EDGE is bringing to the built environment."
Brookfield Properties is a leading global developer and operator of premier real estate assets across diverse sectors. With its focus to develop resource-efficient buildings, the company has pioneered its sustainability practices, setting a benchmark through various projects by incorporating passive and active measures. Identifying buildings to be more than structures, the organization is committed to shaping communities and driving change by providing high-quality assets. EDGE is an online platform, a green building standard, and an international certification system, which has seen exponential growth since its inception in 2015. To date, EDGE has certified as green a cumulative total of over 700 million square feet of floor space globally, saving a total of over 1.3 million tons of CO2 annually, equivalent to the emissions of almost 300,000 gasoline-powered passenger vehicles.
About Brookfield Properties:
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality, and logistics, operating more than 1000 properties and over 380 million square feet of real estate in gateway markets on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development, and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up.
In India, Brookfield Properties manages approximately 55 million square feet of high-quality assets across 9 key gateway cities of which over 40 million square feet is already operational. Some of the marquee assets in its portfolio include Candor TechSpace in Gurugram, Noida and Kolkata; Worldmark in Delhi and Gurugram; Downtown Powai and Equinox in Mumbai; Ecoworld and Ecospace in Bengaluru; and CoWrks, a leading co-working and flexi office business across India.
Moreover, almost 50% of the above portfolio is managed by Brookfield India Real Estate Trust (BIRET), India's first institutionally managed REIT. Sponsored by an affiliate of Brookfield, whose asset management business is one of the world's leading alternative asset managers, BIRET has quality assets which position it as the 'landlord of choice' in India's dynamic real estate landscape.
About IFC:
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About EDGE:
An innovation of IFC, EDGE helps property developers to build and brand green in a fast, easy, and affordable way. EDGE is supported by free software that offers up solutions to reduce energy, water, and the energy embodied in building materials by at least 20 percent. EDGE certification is recognized by the major green finance standards and streamlines impact reporting requirements.
The simplicity and affordability of EDGE, plus its focus on quantifying emission reductions makes it invaluable to map and track a path to zero carbon. The program has been generously supported by the following donors: Austria, Canada, Denmark, ESMAP, EU, Finland, GEF, Hungary, Japan, the United Kingdom, and Switzerland. For more information, visit www.edgebuildings.com.
For more information about our approach to operating and developing best-in-class real estate, please visit www.brookfieldproperties.com.
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