News
Credit Suisse Asset Management and the Swiss retailer/wholesaler Coop have signed a comprehensive, sustainability-oriented green lease agreement for their joint existing and future rental relationships. The agreement covers more than 35 properties in Switzerland with a rentable floor space of over 200,000 square meters.
May 15, 2023
A green lease is a sustainability-oriented rental agreement designed to reconcile the interests of tenants and landlords in terms of energy efficiency, water conservation, and other environment-friendly measures in the construction, operation, and use of business premises. The aim is firstly to enable the tenant to use the property as sustainably as possible and secondly to encourage the landlord to manage the building in an environmentally friendly manner. In this way, both landlord and tenant can benefit from these improvements and the resulting advantages – such as an increase in the property's market attractiveness as well as greater energy efficiency and a resulting reduction in ancillary costs.
The introduction of green leases is in line with the sustainability strategy of Credit Suisse Asset Management Global Real Estate; in particular, it supports our 2040 net-zero greenhouse gas emissions target (for Scope 1 and Scope 2 emissions in accordance with the Greenhouse Gas Protocol (GHGP) methodology) and our aim of continuously increasing the energy and resource efficiency of our properties as well as further expanding the use of renewable energy.
Silvio Preisig, Co-Head Real Estate Switzerland at Credit Suisse Asset Management, comments: "I am delighted that we have been able to reach a comprehensive green lease agreement with Coop, our largest tenant and a long-standing partner. This is a good start for the further planned implementation of green rental agreements in our real estate portfolios in Switzerland as well as internationally, and an important step toward our net-zero emissions target."
Christian Coppey, Head of Real Estate at Coop, adds: "Coop is pursuing an ambitious climate strategy. Since 2008, we have been consistently reducing greenhouse gas emissions in our own properties and sales outlets, among other things, and focusing on sustainable construction. We are very pleased that we can now take an important step in the area of sustainable real estate use with one of our largest real estate partners."
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