Governance
The implementation of the “Create More” strategy is based on solid governance which aims to meet the ambitious objectives that PAREF has set for itself in the medium and long term.
The integration of ESG criteria at all levels of the company aims to mobilize both employees and stakeholders of the Group.
PAREF's commitment to responsible investment is fundamental to all the Group's businesses. As a publicly traded company, the Group has a high level of compliance with ESG regulations at both French and European level.
As the greatest environmental and social challenges require a "collective" response, PAREF is an active member of national and international commissions and working Groups.
Socially responsible investment
In line with our ESG strategy, we integrate ESG into our investment process by evaluating and taking into account the ESG performance of each asset. Today, the Group's direct and indirect investments through SRI-labelled funds are made with a socially responsible investment (SRI) approach using ESG tools from the acquisition phase or entry into the portfolio and the implementation of management processes to strengthen ESG analysis at both asset and fund level.
Our ESG tools are flexible depending on the type of asset and the country concerned. They make it possible to assess all of PAREF's transactions, including those of assets managed on behalf of third parties. Thus, we not only manage ESG risks during investments, but we also structure new ESG products and operating methods aimed at creating environmental and societal value.
Esg committee
In accordance with the recommendations of the Middlenext Code, PAREF has set up an ESG Committee within its Board of Directors during 2022. Its purpose is to examine the most relevant environmental, social and governance issues for the Group.
This committee is chaired by an independent director appointed by the Board of Directors. It is composed of three Board members as well as two external experts.
- Dietrich Heidtmann will chair the ESG Committee, Independent Director, President of the Audit Committee and Member of the Investment Committee,
- Additional Board Members will be Antoine Castro, Chairman and Chief Executive Officer, as well as Yufei Jin, Board Director, Member of the Audit Committee and the Nomination and Remuneration Committee.
Two external experts have been selected to further enhance the 3 pillars set out by the Group under Create MORE.
- Sander Paul von Tongeren
- Ella Etienne-Denoy
In this context, the Group has appointed an Head of ESG & Sustainability who is responsible for monitoring and implementing the ESG strategy within the Group.
Dietrich Heidtmann
Chairman & independent board member
Chairman of the ESG Committee Managing Director of GTIS Partners since 2014, he opened the GITS office in Paris. He is responsible for international capital activities.
experience in capital markets, including 12 years in private markets specializing in real estate. Before joining GTIS, he worked as Head of Investor & Capital Markets Relations for AXA Real Estate and was a member of the Executive Committee. Previously, Dietrich Heidtmann worked for 20 years for Morgan Stanley as Director, Head of Private Real Estate Capital Markets
Prior to that, Dietrich Heidtmann worked for Morgan Stanley for 20 years as Director, Head of Real Estate Private Equity Markets for the Europe, Middle East & Africa region and the Asia Pacific region.
Dietrich Heidtmann graduated from Mannheim University in 1988 with an MBA (Diplomkaufmann).
Ella Etienne-Denoy
External member & advisor
Ella Etienne-Denoy is the Chairwoman and CEO at GreenSoluce from CBRE. Fellow of the Choiseul ranking "City of tomorrow", Director of the Smart Buildings Alliance and Vice President of the Smart City, ex- L’Oréal, CGI, Thales, Ex - Co-Founder & Co-Chair - Green Growth Working Committee at American Chamber of Commerce in France, she holds a Master Degree in Innovation at University of Mannheim, undergraduate at ESSEC Business School. She will bring expertise on sustainable real estate, finance, and smart city topics.
Sander Paul van Tongeren
External member & industry expert
Sander Paul von Tongeren, is the founder and formerly CEO at GRESB. Sander was also the Head of Sustainability Real Estate at APG, and Portfolio Manager of European Office Fund and European Logistic Funds at CBRE Global Investors.
He holds its Master Degree in Real Estate and Finance at Amsterdam School of Real Estate and Amsterdam Business School. He will bring expertise on sustainable real estate and finance, ESG data, clean tech.
Antoine Castro
chairman board member
Antoine Castro has more than 20 years' experience in property management.
After starting his career as a portfolio manager, he progressed to senior management positions in international companies such as Morgan Stanley Real Estate, Quantum Global Real Estate and Fosun Hive Holding.
Antoine is Chairman and CEO of PAREF. He joined the PAREF group in 2017 as Managing Director in order to stimulate a new dynamic. In 2022, the Board of Directors appointed him Chairman in order to strengthen the responsiveness and effectiveness of the group's strategic management in Europe and internationally.
Antoine graduated in Finance from the University Panthéon Sorbonne (Paris I) and in Corporate Finance from the University of Evry-Val-d'Essonne.
Yufei Jin
Europe Director at Fosun Property Holdings & board member
Yufei Jin graduated from Renmin University of China and London School of Economics and Political Science MSc in Finance and Economics.
She has held various positions as a manager in the Asset Management and Portfolio Management teams of the Fosun Group and is currently in charge of European real estate investments within Fosun Property Holdings.
Commitment to transparency
PAREF undertakes to communicate an annual ESG report which summarizes the ESG objectives and the results obtained by the management company and its funds.
As a listed real estate investment company, we comply with the Regulation (EU) 2019/2088 known as the "Sustainable Finance Disclosure Regulation (SFDR)" relating to the publication of information on sustainability in the financial services sector. Our policy on sustainability and environmental, social and governance (“ESG”) risks was created within the framework of consideration of extra-financial criteria in the selection and management of the assets of certain managed portfolios and proposed management strategies under mandate. You can access our Sustainability Risk Integration Policy from this document.
The compensation policy for all PAREF Group employees integrates performance criteria and criteria related to sustainability. The extent to which these criteria are taken into account depends on the profile of the employees and is based on the risks identified according to their activity. This consideration is aligned with the Group's strategic risk management.
SFDR classification of our funds
As of December 31, 2022, the funds managed by PAREF Gestion are classified as follows:
SFDR – Article 6
- Novapierre 1
- Novapierre Allemagne
- Novapierre Allemagne 2
- Novapierre Résidentiel
SFDR - Article 8
- Interpierre France
- Interpierre Europe Centrale
In addition, the Group continues its commitment towards its stakeholders. It has representatives in national and European organizations such as the ASPIM (French Association of Real Estate Investment Companies) SRI Commission, the FEI (Federation of Real Estate Companies) Sustainable Development Commission and the OID (Sustainable Real Estate Observatory)’ working groups.
For any questions about our ESG & Sustainable Development activities, you can contact us at this address sustainability@paref.com