Pramerica's green initiatives add EUR 45m to portfolio value

Pramerica Real Estate Investors has announced it added $56.4 mln (EUR 45 mln) to the value of its global portfolio through sustainable initiatives.

The international investor made the claim in its sustainability report which was released on Thursday. The report outlines the company's achievements during 2011 and its goals for 2012 and beyond.

Pramerica said the results for 2011 exceed the self-imposed target of adding $50 mln in value and the company has committed to adding an additional $100 mln in value over the next 12 to 24 months.

Pramerica is the real estate investment and advisory business of US financial services group Prudential Financial.

'Our primary responsibility as an investment advisor is to add long-term economic value to our clients’ portfolios. Making a habit of incorporating sustainable practices, appropriate social policies and corporate governance into our decision-making process allows us to align our fiduciary responsibility with our goal of being good corporate citizens,' said Allen Smith, CEO of Pramerica Real Estate Investors.

With an investment of $26,200 at the BHP Tower in the Polish city of Krakow, for instance, the firm determined it added more than $300,000 in value by replacing less efficient mechanical system components, reducing the operating hours of the mechanical system through a high-tech building management system, installing LED light fixtures in common areas, installing a more environmentally-friendly refrigerant, and other energy-saving measures.