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Climate Change Capital's green property fund raises £69m
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Climate Change Capital's green property fund has already bought prime office space in Edinburgh
A property fund set up to generate a return on investment by buying up prime commercial property assets in UK cities and then giving them a green makeover, has closed raising £69 million.
The fund, run by the low carbon asset manager and adviser Climate Change Capital Limited (CCC), was first raised in August 2008 and has already invested around £27 million in two building assets in Birmingham and Edinburgh. It is now looking for further properties to invest in and says a number are “under active consideration”.
CCC says its property fund promises “attractive” returns for those who invest in it. These include institutional investors in the UK, Europe and Australia.
It is not yet clear just how attractive those investment will prove to be, however, as there is still no provable link between the improved environmental performance of a property in the UK and its increased value. However, property investment managers are increasingly committing themselves to upgrading their portfolios through sustainable measures, believing that it will not be long before environmental regulation is brought in for existing building stock.
Around 40 per cent of carbon emissions in the UK come from its buildings, 98 per cent of which are more than five years old.
CCC says its property fund promises “attractive” returns for those who invest in it. These include institutional investors in the UK, Europe and Australia.
It is not yet clear just how attractive those investment will prove to be, however, as there is still no provable link between the improved environmental performance of a property in the UK and its increased value. However, property investment managers are increasingly committing themselves to upgrading their portfolios through sustainable measures, believing that it will not be long before environmental regulation is brought in for existing building stock.
Around 40 per cent of carbon emissions in the UK come from its buildings, 98 per cent of which are more than five years old.
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