4 June 2024 9:30

A portfolio with numerous certified assets opens the door to green finance instruments

Green financing, whether bonds or loans, is granted based on the certification that each property held by the Company meets specific requirements.  It is, therefore, a tool that is proving very useful globally in accelerating the transition towards a greener economy.

Thanks to a farsighted approach, today IGD’s portfolio comprises a number of properties which already have the certification needed to access green financing instruments.  By continuing along this path, in 2024 and beyond the Sustainability Plan 2022-2024 horizon, IGD will be well positioned to meet the demand for green investments of a growing number of international investors. 

IGD undertook a structured pathway, focused on achieving specific results with respect to both sustainability and asset management, some time ago.

This resulted in the definition of a Green Financing Framework in 2022, which made it possible to obtain two green loans, in 2022 and 2023 respectively, for a total of €465 million.

The Sustainability Plan 2022-2024 aims to obtain certification for nine more assets over the three-year period, in addition to the eight which were already certified at year-end 2021.

In 2023 the certification process for two more shopping centers and the renewal of the certification of three properties, consistent with the new version of V6 BREEAM in Use, continued.


What is BREEAM certification?

BREEAM (Building Research Establishment Environmental Assessment Method) is one of the most recognized European standards for the assessment, rating and certification of the sustainability characteristics of non-residential properties.  The categories examined during the assessments include: property management, energy, health and wellbeing, transportation, water, materials, waste, use of the earth and ecology, pollution.

The assessments are made by independent authorized assessors and based on scientific metrics and indices.

The buildings receive a rating and a certification based on the following scale: ‘Pass’, ‘Good’, ‘Very Good’, ‘Excellent’ and ‘Outstanding’.

The certification of IGD’s properties began in 2016 with Centro Sarca in Milan, when the structure was being restyled.

Over the years, IGD has obtained ‘BREEAM in Use’ certification in nine more shopping centers as shown in the following table found in the 2023 Sustainability Report.


Shopping Center ProvinceYear of first assessmentBREEAM assessment
Building ManagementAsset Performance
CENTROSARCAMilan2016Certificato BREEAM -Pass
KATANE'Catania2018Very GoodExcellent
TIBURTINORome2018Very GoodVery Good
ESP (original building of 1998 and extension of 2017)Ravenna2019Very GoodExcellent
PUNTADIFERROForlì2019Very GoodVery Good
CONE'Treviso2020Very GoodVery Good
LE PORTE DI NAPOLINaples2020Very GoodVery Good
LEONARDOBologna2020Very GoodVery Good
CENTRO D'ABRUZZOChieti2022ExcellentVery Good


In 2023 the commitment to BREEAM certifications involved:

  1. launching the process needed to obtain the certification of the Casilino Shopping Center in Rome;
  2. updating the certification of Centro Sarca in accordance with the new ‘Version 6’ of the certification standards;
  3. undertaking the process needed to begin the periodic renewal of the certification at the Coné Shopping Center in  Treviso, Leonardo Shopping Center in Bologna and Le Porte di Napoli in Naples with a view to obtaining upgraded ratings.


The relative certifications are expected to be issued in 2024.


Looking at IGD’s ten BREEAM certified shopping centers, nine have BREEAM in Use v2015/v6 certification and one has BREEAM 2009 Europe, Commercial: Retail certification.


With respect to the reported scope, these ten centers represent:

  • 38% of the total number of Italian centers included in the operational control;
  • 50% of the total square meters;
  • 64% of the total value of the portfolio based on fair value.


With regard to the BREEAM IN USE – ASSET PERFORMANCE certification (of the reported scope), the rating was as follows:

  • Excellent: 19.2% of the centers’ value and 16% of the total square meters;
  • Very good: 36.5% of the centers’ value and 28% of the total square meters.


With regard to BREEAM IN USE – BUILDING MANAGEMENT certification, the rating was as follows:

  • Excellent: 8.4% of the centers’ value and 7% of the total square meters;
  • Very good: 47.3% of the centers’ value and 37% of the total square meters.


Consistent with the Business Plan 2022-2024, in 2024 IGD will continue with the process needed to obtain certification for five more shopping centers and renew the certification of two assets.

In this way IGD’s portfolio will continue to be not only increasingly more sustainable for the environment and for people, but also increasingly more an asset we can count on to obtain new resources from the financial markets.