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Energy Management Award
M&G Real Estate Shopping Centre Portfolio - M&G Real Estate
A top-25 global real estate fund manager and one of the largest property investment companies in the UK, M&G Real Estate forms part of the M&G Group, the asset management arm of Prudential in the UK and Europe. Carbon emission reduction is a key element of the company's responsible property investment (RPI) strategy. This is driven by its objectives to improve environmental efficiency across its portfolio, to ensure compliance with existing environmental regulations and prepare for the introduction of Minimum Energy Performance Regulations to reduce operational costs, and to manage the risk of obsolescence.
M&G Real Estate currently directly manages 10 shopping centres, of which eight have consistently been managed by the M&G portfolio since 2010 and constitute a total net land area of over 500,000m2. The total consumption in the period April 2011 to March 2014 was 250 MWh; one centre, Manchester Arndale, accounted for over 65% of the total. To achieve its aims, the company first focused on "easy wins" that could be delivered through better management and maintenance, and ensured that adequate sub-metering was in place, in order to provide reliable data. Next, other short payback measures, such as LED lighting, were considered, followed by ones requiring more investment, such as improvements in chillers. Other methods included changes to equipment and operating hours, and changing user behaviour.
Since implementation, M&G Real Estate has achieved a 23% energy reduction across all centres, including a 24% reduction at Manchester Arndale, compared with a baseline of 2010/11; this equates to a total saving of 21,152 MWh and £985,000. In addition to these initiatives, M&G Real Estate collaborated with the British Property Federation to develop an industry-wide standard for green lease clauses that can be incorporated into retail leases. It also worked with CO2 Estates to develop an energy assessment and reporting methodology called the Property Energy Performance Report. This comprehensive report provides an audit of a buildings' energy consumption, identifying areas of potential energy savings and the methods of energy management to be developed to achieve future savings.
Project Team:
Investment/Property Company: M&G Real Estate
Finalist:
Lilly Research Centre Energy Management Programme, Windlesham - Eli Lilly
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