EUR Real Estate

Case Studies

Engagement & Outcomes

Following refuribishment, Foz achieved BREEAM In‑Use Outstanding and EPC A++, placing it amongst a relatively small cohort of advanced performance offices in the Dutch market.

Early operational data shows a 15% reduction in total energy use versus 2024, supported by efficiencies in electricity, district heating and cooling. These gains translate into lower tenant energy bills, reduced operating costs, and decreased GHG emissions. The interventions also pushed back the asset’s CRREM misalignment date, strengthening long‑term climate‑risk resilience.

With Grade A stock in Amsterdam now commanding rents ~30% above average² and leasing increasingly concentrated in A+/A++ buildings,³ Foz’s strengthened sustainability profile supports income resilience, rental growth potential and enhanced liquidity at exit.

Investment Thesis

Demand for high‑performing, green‑certified offices is rising in the Netherlands, where BREEAM‑certified buildings achieve rental premiums of up to 12%.¹Located in Amsterdam’s Zuidas district, Foz was well positioned to capture this trend. A comprehensive decarbonisation audit identified priority opportunities to enhance operational efficiency, reduce tenant costs, and future‑proof the asset. This informed a two‑year roadmap focused on smart- technology integration.

The building management system was upgraded, with sub‑metering expanded to include additional water and environmental sensors. Crucially, the Fund partnered with the Healthy Workers building optimisation platform to shift performance in real time.

Foz

ESG Credentials

€35,000 saved in energy bills
15% reduction in Y1 energy consumption
BREEAM Outstanding
EPC A++

van Overbeek R, Ishaak F, Geurts E, Remøy H (2024), "The added value of environmental certification in the Dutch office market". Journal of European Real Estate Research, Vol. 17 No. 1 pp. 70–86,
CBRE – Netherlands Real Estate Market Outlook 2024, Chapter 6: Offices. Please note this is distinct from the BREEAM-certified buildings noted in paragraph 1.
https://www.savills.com/insight-and-opinion/savills-news/364343/more-than-56--of-leased-office-space-in-the-netherlands-has-an-energy-label-a-or-higher

Engagement & Outcomes

Early ESG and investment‑team engagement translated sustainability ambition into measurable delivery outcomes. The Fund delivered an asset achieving BREEAM Excellent and EPC A with a fully electrified, fossil‑fuel‑free specification and enhanced energy metering.

The use of French-sourced Hoffmann Green Cement avoided 9.7 tCO₂e during construction, while a substantial PV array is expected to generate c.3.37 GWh of renewable electricity, supporting both on‑site use and grid export.

Together, these measures reduce operational emissions exposure, support regulatory readiness under France’s evolving ESG framework, and enhance the asset’s long‑term decarbonisation trajectory.

Investment Thesis

France is widely regarded as one of the most advanced jurisdictions for real‑estate ESG regulation in Europe.¹ Delivering an energy‑efficient building with extensive access to renewables therefore supports long‑term income durability and regulatory alignment for landlords and occupiers.

Janzé is a forward‑funded logistics development in France’s Atlantic Corridor. The asset offered an opportunity to showcase the impact of fully integrating the Aviva Investors Sustainable Design Brief through early, cross‑team engagement alongside maximising the strengths of the local supply chain.

The ESG and investment management teams jointly integrated key sustainability deliverables into the construction contract, ensuring performance targets were delivered in practice.

Janzé

ESG Credentials

BREEAM Excellent
EPC A
Upfront embodied carbon: 295kg CO₂e/m² (A1-5)
3.37GWh predicted annual on-site energy generation

BPIE (2025), Delivering the EPBD, Buildings Performance Institute Europe