FILINVEST REIT Corp. (FILRT) said it is aiming to have all of its buildings certified and accredited with an internationally recognized sustainability certification as it targets to be a sustainable real estate investment trust (REIT).
At present, the company has two buildings — Vector Three and Axis Tower One — with Leadership in Energy and Environmental Design (LEED) Gold certifications.
LEED-certified buildings save money, improve efficiency, lower carbon emissions, and create healthier places for people. They are evaluated by Green Business Certification, Inc.
Gold certifications require projects to achieve 60 to 79 points, which they meet by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health, and indoor environmental quality.
Meanwhile, the company has an ongoing application and qualification for Excellence in Design for Greater Efficiencies (EDGE) certification for its six buildings, which are expected to be secured within the year. The six buildings are Plaza A and D, Filinvest 2 and 3, and Vector 1 and 2.
EDGE is a globally recognized certification led by International Finance Corp., the private sector investment arm of the World Bank.
Aside from getting certifications, the company has also engaged in other sustainability initiatives including the enrollment of its buildings in the retail electricity supply (RES) system as a fully renewable energy generation supplier.
Under the RES system, FILRT buildings are connected to an efficient chilled-water generation plant through a piping network. It also aims to explore rain harvesting.
The company said that its medium- and long-term sustainability targets are set to comply with new or proposed regulatory environmental standards such as wastewater management, solid waste management, and the widespread adoption of electric vehicles.
To date, FILRT has 17 buildings in its portfolio. It is looking to acquire eight buildings with an aggregate total gross leasable area of 164,417 square meters (sq.m.).
“All of these assets are targeted to be acquired sometime between 2023 to 2025,” the company said in a disclosure.
Once done, the acquisitions will increase the company’s total gross leasable area to 494,865 sq.m. or an increase of 64% from its initial public offering gross leasable area of 301,362 sq.m. — Justine Irish D. Tabile