Market Capitalisation £368.54M

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For Our Occupiers

It is recognised that commercial and residential buildings in the UK are a key source of emissions and that as a responsible landlord we have a duty to control and reduce the environmental impact of our assets.


reduction in like-for-like emissions from purchased energy for own use


of Scope 2 emissions from renewable sources

Key initiatives

We continue to improve the coverage and accuracy of our carbon footprint.

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Installation of AMR meters at multi-let sites

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Inclusion of new reporting metrics, such as occupier consumption

We continue to assess the environmental performance of our portfolio through our consultants at CBRE who engage with property managers and occupiers to implement sustainability improvements at each asset.

Sustainability initiatives have been incorporated into all maintenance schedules, including: replacing conventional light bulbs with LEDs in common areas, installing motion sensitive lighting and optimising plant equipment and building management systems to reduce energy consumption.

Our 50kWp solar panel array at one of our multi-let office buildings, 401 Grafton Gate in Milton Keynes, has now been operational for over a year and is in line with forecasted savings. This is reducing our carbon footprint and providing cheaper electricity from a renewable source to the occupiers of the building. We continue to explore further opportunities in the renewables sector as a way of reducing our environmental impact.

At one of our key sites in London, 50 Farringdon Road, we have deployed an Asset Analytics tool to measure the energy use throughout the different pieces of plant equipment. The tool is in its infancy but has already highlighted equipment that is running inefficiently. This tool coupled with in-depth energy audits identifies the most efficient means of reducing energy consumption while delivering value to the occupiers. The recommendations made through these operations will be assessed with a view to implementation over the next year. If the Asset Analytics tool proves to be successful at reducing emissions, we will look to deploy it at further sites across our portfolio.

The UK has pledged to reduce carbon emissions from 1990 levels by 57% in 2030. In addition, on 1 April 2018 the Minimum Energy Efficiency Standards will change and new leases on properties will require Energy Performance Certificates (EPCs) at a minimum of an E rating or better. This will therefore have a significant impact on the marketability and rental growth prospects for buildings which have lower EPC ratings.

Our EPC risk project mitigates the risk posed under the Minimum Energy Performance Standards that come into force from April 2018. During 2016 we successfully reduced our F and G assets to 1.2% of the portfolio through numerous measures including: energy efficiency improvements, sales and conducting new EPCs. Corrective measures have been identified for all remaining assets with an F or G rating and will be integrated into the asset business plans before April 2018 in order to achieve the appropriate improved ratings.

This year, we have rolled out an occupier engagement programme, covering 60% of the occupied floor area. The programme aims to collect occupier data so that we can fully understand the energy efficiency of our portfolio while also offering our occupiers advice and support on how they can reduce their carbon emissions. We have currently seen 30% of contacted occupiers actively engage in the programme.

Our absolute carbon emissions have increased this year, due to increased consumption, improved methodology, increased scope and fluctuations in occupancy. This year we are aiming to reduce both absolute and like-for-like emissions through the identification and implementation of further energy efficiency measures across the portfolio.

In the workplace it is our policy to:

  •  Constantly strive to reduce the amount of paper used
  • Encourage employees to use public transport where possible to reduce CO2 emissions
  • Pick products wisely such as using recycled paper and avoiding disposable or non-biodegradable items
  • Recycle by offering accessible recycling bins in the office
  • Use energy-efficient products and appliances and reduce consumption where possible

Greenhouse gas emissions data

We have measured our greenhouse gas (GHG) footprint for the fourth time for the 2017 annual report, building on the recommendations given last year. Our GHG emissions for the calendar year 2016 totalled 17,423 tCO2e. The table below shows this separated by scope, as provisioned in the GHG Protocol. Picton’s GHG inventory has been compiled using an operational control approach with a greater emphasis in 2016 of obtaining tenant controlled consumption data. This along with an improved methodology has resulted in an increase in our emissions.

    2016 2015
Emission source GHG Scope Absolute GHG emissions (tCO2e) GHG Intensity (tCO2e/m²) Absolute GHG emissions (tCO2e) GHG Intensity (tCO2e/m²)
Combustion of fuel and operation of facilities 1 1,503 0.015 951 0.005
Electricity, heat, steam and cooling purchased for own use 2 4,655 0.023 4,342 0.022
Business travel 3 8 N/A 8 N/A
Occupier data 3 11,149 N/A N/A N/A
Office premises 3 12 N/A N/A N/A
Landlord water and treatment 3 61 0.000 10 0.000
Landlord waste 3 35 0.001 N/A N/A
Total   17,423 0.039 5,354 0.012

This year we significantly improved the coverage and accuracy of our carbon footprint. Our GHG emissions for the year 2016 were 17,423 tCO2e. This uplift on our 2015 figure is explained by the inclusion for the first time of new purchases (180 West George Street and Metro, Salford Quays), the inclusion of occupier consumption data and some increases in site emissions.

Occupier focused, Opportunity led