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Environmental initiatives

Building projects have a significant impact on their natural surroundings. The building certifications Lar España is in the process of obtaining provide a roadmap for minimising their impact in the short, medium and long term. In parallel, the company safeguards the economic viability of and financial returns on its investments, while striving to boost aspects that benefit society.

Lar España continues to make proactive progress on the commitments assumed under the scope of its Corporate Social Responsibility policies, specifically including those assumed along the environmental dimension. Lar España is committed to the use of tools for rating and certifying its assets in order to vouch for their sustainability. Note that 100% of the shopping centres owned by Lar España are now BREEAM® certified. BREEAM® (Building Research Establishment Environmental Assessment Methodology) is the world’s foremost environmental assessment method and rating system for buildings.

In its property developments (both its shopping centres and its residential development - Lagasca99), the company is applying all of its know-how and the latest technology to develop sustainable, environmentallyand user-friendly buildings. Indeed, it is specifically designing and planning the projects in order to obtain the prestigious BREEAM® sustainability seal. Lagasca99 has obtained “Very Good” New Construction BREEAM® certification for the design phase.

In September 2018, Lar España obtained the EPRA Gold Award for the information provided in its Corporate Social Responsibility and Sustainability Report. That accolade represents a new milestones in its transparency effort, improving upon its achievements in 2017: the EPRA Silver Award and EPRA Most Improved Award. Lar España is currently in the process of implementing its CSR Master Plan, which is articulated around the most stringent sustainability standards (general and sector-specific), the recommendations made by the securities market regulator, its stakeholders’ legitimate expectations, the United Nations Sustainable Development Goals (SDGs) and the priorities for the business for the years to come.

In 2018, Lar España participated for the first time in the Global Real Estate Sustainability Benchmark (GRESB) assessment, which in the last five years has emerged as a benchmark framework for assessments of performance along environmental, social and governance (ESG) aspects in the real estate sector.