Elite Commercial REIT Embarks On First Sustainability Collaboration With The Department For Work And Pensions In The UK
February 28, 2022 – Elite Commercial REIT has signed separate agreements with its tenant, The Secretary of State for Levelling Up, Housing and Communities of the United Kingdom, to undertake asset enhancement works across the assets in the REIT’s portfolio that are occupied by the Department for Work and Pensions to target sustainability and climate adaptation requirements.
This is in line with the UK Government’s commitment to achieve net zero carbon emissions by 2050.
Under the terms of the agreement, the REIT will invest £12.5 million over three years towards asset enhancement works to improve sustainability and energy efficiency credentials of properties in its portfolio that are currently occupied by DWP.
This marks Elite Commercial REIT’s first collaboration with the DWP to boost sustainability and energy efficiency of their occupied estate.Asset enhancement works meeting pre-agreed criteria including repair, replacement or upgrade of the lighting systems, heating and cooling systems, insulation and solar panels, and other initiatives will be undertaken to improve the Energy Performance Certificate (EPC) ratings of the REIT’s properties that are occupied by the DWP.
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