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Orchard Street Investment Management LLP

Orchard Street is a leading commercial property investment manager, focused on the UK market and acting on behalf of institutional clients world-wide to advise on investing in and the active management of UK commercial property assets. Orchard Street joined the Net Zero Asset Managers Initiative in October 2021 and made its Initial Target Disclosure in November 2022.

Initial Target Disclosure: November 2022

87% of total AUM

initially committed to be managed in line with net zero

USD $3.808 billion

currently committed to be managed in line with net zero

Information on interim target(s) covering the proportion of assets to be managed in line with net zero

Baseline(s):

2019

Scope 1: 4,674 tCO2e; 3.88 kgCO2e/m2
Scope 2: 7,140 tCO2e; 5.93 kgCO2e/m2
Scope 3, Purchased goods & services: 1,418 tCO2e; 1.18 kgCO2e/m2
Scope 3, Capital goods: 3,066 tCO2e; 2.55 kgCO2e/m2
Scope 3, Downstream leased assets: 59,772 tCO2e; 49.65 kgCO2e/m2
Scopes 1, 2 and 3: 76,070 tCO2e; 63.19 kgCO2e/m2
As at 30 September 2021, 36% of assets by value were green certified (EPC B or above or green building certification, e.g. BREEAM, etc.)

Target(s):

2025

In the context of NZAM, we have committed to:
• Reduce Scope 1 + 2 carbon intensity by 60% and Scope 3 carbon intensity by 30% (tCO2e/m2) compared to a 2018/19 baseline by 2030
• Reduce Scope 1, 2 and 3 carbon intensity (tCO2e/m2) by 25% by 2025
Detail on the additional targets that we have set in the context of the Better Buildings Partnership Climate Commitment in our Net Zero Carbon Pathway available on the Responsibility page of our website.

GHG scopes included:

Our targets cover Scope 1, 2 and 3 emissions as detailed below:
Scope 1: Direct energy combustion (i.e. natural gas) and refrigerants usage in landlord-controlled areas of owned real estate assets
Scope 2: Indirect energy combustion (i.e. electricity) in landlord-controlled areas of owned real estate assets
Scope 3, Purchased goods & services: Embodied carbon emissions from refurbishments
Scope 3, Capital goods: Embodied carbon emissions from refurbishments
Scope 3, Downstream leased assets: Direct and indirect energy combustion (i.e. natural gas and electricity) in tenant-controlled areas of owned real estate assets

Methodology:

Own/other methodology

Scenario(s):

The targets are derived from the implementation of delivering energy use intensities upon asset refurbishment that are aligned with a 1.5°C pathway, as set out by well-established industry bodies such as UKGBC and LETI.

Additional information

Proportion of AUM committed:

We have excluded from our net zero carbon pathway indirect equities and standing assets held for fewer than 3 years. Indirect equities are excluded based on materiality as they represent less than .5% of AUM. Cash is excluded on the basis that for the large proportion we don’t have discretion as to where this is held. Standing assets are added to the NZC target once held for three years, thus we have not removed them from the proportion of AUM to be managed in line with NZC. We will re-evaluate our net zero carbon pathway every five years and assess the relevance of these exclusions.

Policy on coal and other fossil fuel investments:

As a manager of real estate, we do not invest directly in companies, fossil fuel or coal manufacturing facilities. We will be reviewing our approach further in 2023.