What should change after the work is done?

Laudem Group tracks progress against the environmental and social goals agreed for each investment. We establish who is responsible for the results and how the supporting information is checked.

We choose measures that tell us something useful about the property. Reporting separates what a project is expected to achieve from what has been measured.

Selected Investments

These examples show how our interest in sustainable real estate translates into specific investments. They focus on property improvements and the financing needed to deliver them.

Morguard ReNew Fund

Our involvement in the Morguard ReNew Fund reflects our interest in making energy upgrades viable across an existing property portfolio. Morguard established the C$145 million fund to support energy-efficiency improvements at approximately 30 residential and commercial properties in Canada.

The fund combines equity from Morguard and its investors with a C$100 million loan from the Canada Infrastructure Bank. The planned work includes improvements to mechanical systems and lower-carbon heating, with participating buildings targeting a minimum 30% reduction in emissions. Morguard's technical and delivery partner is NERVA Energy, responsible for designing and implementing the retrofits.

Fidelity & Deposit Building

The project concerns the conversion of an office tower in Baltimore, Maryland, to residential use with 231 apartments included in the plans. The scheme also provides for commercial space within the 15-storey property. Laudem Group’s involvement centres on bringing an existing property back into use with improved energy performance.

Nuveen Green Capital, a leading US provider of Commercial Property Assessed Clean Energy (C-PACE) financing, provided US$13.1 million for improvements including insulation and roof repairs. Its C-PACE financing formed part of an arrangement involving three other capital partners.

Stone buildings and steep metal roofs in Old Québec in low winter sun

Environmental Outcomes

We record the starting point for the environmental measures being tracked. The choice reflects how a property uses resources and the climate-related risks it faces.

Depending on the scope, measures can include:

Energy and emissions: Recorded consumption and emissions estimates with an explanation of how they are calculated. Renewable generation is reported separately.
Water: Consumption records and the results of measures intended to reduce water use.
Materials and waste: The materials required for the work and information on reuse or waste management.
Climate exposure: The risks identified for the property and the steps taken to address them.

Each result needs enough context to be useful. We state when it was measured and explain any adjustments for changes in how the property is used.

The Experience Inside the Building

We look at how the property affects its occupants and the wider community. Goals are agreed with the owner or operator, with input from the people affected.

Depending on the project, these can address:

Health and Comfort: Information on indoor conditions, supported by feedback from occupants.
Accessibility: Specific barriers identified and the changes made to address them.
Affordability: The effect of the project on the cost of operating or using the property.
Community: How the work affects neighbouring users and access to facilities.
Engagement: Concerns raised by occupants and how they have been addressed.

The way a property is used determines which results matter. We look at the completed work and ask how people experience the changes.

For example, completing an access improvement and understanding whether it meets users' needs are separate questions. Both are relevant to evaluating the outcome.

Governance in Practice

Governance starts with knowing who is responsible and how decisions are checked. The project agreement records those responsibilities and gives people a route for raising questions.

Oversight: Who approves the work and checks progress.
Compliance: The requirements the project must meet and who is responsible for meeting them.
Conflicts of interest: How interests that could affect a decision are disclosed and addressed.
Delivery partners: What contractors have agreed to do and who checks their work.
Information: Where reported data comes from and how results are calculated.
Accountability: What happens when work or results differ from what was agreed.

We discuss these arrangements before investing. The people responsible need access to the information that lets them do their work.

Reporting Progress

We compare results with the goals agreed at the outset. Reports state the period covered and identify which figures are measured and which are estimates.

When information is incomplete, we explain what is missing. If performance differs from expectations, we look at why and what it means for the project.

What It Takes to Sustain the Results

We consider the cost of keeping improvements working over time. The financial case includes maintenance and the responsibilities that continue after the initial work is complete.

For shared-savings projects, we calculate the owner's benefit after the project's agreed share and relevant operating costs. Environmental and social results are reported separately.

Discuss Our Impact Approach