On 22 April, the lights in the Torre Oriente tower went out. For one hour, the 14-storey office building in Lisbon was plunged into darkness. Rather than being a technical fault, the loss of power was deliberate and planned. Leticia Ponz, the building’s asset manager, organised the initiative to mark Earth Day, an international event designed to encourage people to reflect on their appreciation for nature and to question their consumption habits. “We wanted to send our own signal,” reports Leticia Ponz. ↓
How properties can leverage good causes
It was a positive signal, in the eyes of Roman Dirscherl from the sustainability team at Union Investment, because initiatives such as the one in Lisbon are all part of Union Investment’s “manage to green” strategy. This strategy is focused on ESG (environmental, social and governance) sustainability performance. “When talking about ESG, the emphasis is mostly on the E. But the S, which also stands for social engagement, is also important,” says Roman Dirscherl. Real estate plays a key role here: “Properties can add value beyond their rental space – they can be places that are socially integrated into their surroundings.”
There are now many such places across Union Investment’s portfolio. Roman Dirscherl has documented 254 initiatives in eleven countries. He collects information about all the projects and supports Asset Management with regard to any related queries. He stresses that his own role is very limited, though: “Initiatives of this kind need to be aligned with local needs, the tenants and the particular circumstances of the building. Dedicated people are needed on the ground to set things in motion.” People like Leticia Ponz, asset manager and head of Union Investment’s Spanish office. ↓
"Real estate can add value beyond mere rental space. That takes committed people on the ground to kick things off." Roman Dirscherl sustainable real estate team at Union Investment.
Personal commitment
She manages a total of ten Union Investment buildings in Lisbon, Barcelona and Mexico City. Alongside her work and other activities, she is Vice-President of Women in Real Estate, an association that aims to boost the visibility of women in the property sector. She also gives yoga lessons, the proceeds of which she donates to research into childhood cancers. “I’m a very socially committed person,” she says. It seemed natural to combine that side of her personality with her job. As such, for several years now she has been organising projects at her properties that meet many definitions of “social”: projects which benefit other people, such as collecting Christmas gifts for children in need or organising blood donations. A special focus are projects that bring people together within the buildings. One example is the "day of the book” in Catalonia, on which men traditionally receive a book and women a flower. Sometimes the building itself is part of the project. On breast cancer awareness day, for example, a pink ribbon (the international symbol of breast cancer awareness) was displayed on the Torre Diagonal Mar office building in Barcelona.
“Exactly what we do also depends on the type of building and the tenant structure,” says Leticia Ponz. “An office building and a shopping centre present different opportunities.” There’s no difference in the response from tenants, however, as she explains: “They are all enthusiastic about such initiatives. Many companies undertake similar activities themselves anyway because they know that businesses need to give something back to society. They are delighted when we approach them with ideas and offer our support.” ↓
Many companies know that businesses need to give something back to society. They are delighted when we approach them with ideas and offer our support. Leticia Ponz asset manager and head of Union Investment’s Spanish office.
Social engagement also boosts tenant loyalty
Networking, doing something for a good cause and ideally having fun in the process – there are many reasons why tenants, property managers and asset managers get involved in such initiatives. Campaigns like these are valuable beyond their actual objective, says Roman Dirscherl from the sustainability team: “For us, this is also about tenant retention, reaching out in a way that is difficult to achieve with any other tool.” For that reason, he is grateful to the many dedicated employees at local level: “I have huge admiration for the things that people like Leticia organise.”
The coronavirus crisis has obviously severely restricted the scope for social projects. “In most buildings, there were few tenants, or none at all, that we could have engaged with,” laments Leticia Ponz. Now, however, she is starting to plan new activities again, specifically to coincide with World Mental Health Day. “Due to coronavirus, that issue is more important than ever,” she says. •
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