Energy savings of €1 million per year certainly sound appealing. That’s what PATRIZIA Immobilien AG said that it was aiming to achieve when it announced in November 2017 that it had converted its entire real estate portfolio in Germany to run on renewable energy. The measures for the residential and commercial property, worth an aggregate €14 billion, form part of PATRIZIA’s aim to build a climate-neutral portfolio, according to a statement.

Marcelo Cajias, associate director of sustainability at PATRIZIA, says that a combination of investor pressure, European Union emissions reduction targets and commercial reasons promoted the decision to go green.

“We have international investors who are asking for this level of governance,” he says. “We identified that the ESG [environmental, social and governance] aspects are essential for international investors.

“If we have the right product and want to offer the appropriate product to our clients, we not