Union Investment has launched the second edition of its bi-annual Prime Property Award that recognises investors whose projects incorporate sustainability factors in the development and refurbishment of commercial and residential buildings.
Union Investment has launched the second edition of its bi-annual Prime Property Award that recognises investors whose projects incorporate sustainability factors in the development and refurbishment of commercial and residential buildings.
The prestigious competition is being held for the second time from 1 August 2009, with the awards set to be presented in 2010. 'Clearly, the business case for sustainable real estate investment is still too poorly defined. As a result, many investors remain reluctant to address the strategic challenge of sustainability issues,' says Dr. Reinhard Kutscher, chairman of the Management Board of Union Investment Real Estate and a member of the competition's jury.
'The Prime Property Award can make a contribution here by creating awareness among the key players in the property market - namely investors - of both the need to embrace sustainability and the associated opportunities.'
The theme of the 2010 Award is 'Creating sustainable investment and places' and the focus is on European real estate projects that combine commercial success with ecological and sociocultural sustainability in exemplary fashion. Entries can be new builds, refurbishments or existing use redevelopments. The projects must have been completed between 2004 and 2009 and have a rental area of at least 5,000 m2.
The prize money for the 2010 Prime Property Award totals EUR 30,000. The awards ceremony will take place in Munich at EXPO REAL, Europe's largest commercial property show, in October 2010. The deadline for entries for the first phase of the competition is 15 December 2009. Competition materials for the 2010 Prime Property Award can be downloaded at http://www.prime-property-award.com.
Click on the link below to go to the competition page.
