• The REIT came out on top in the “Best Corporate ESG Strategy Implementation” category, which recognises efforts to weave sustainability initiatives and good practices into all aspects of the corporate business model

• Its submission, entitled “Beyond ESG Boundaries”, marks the culmination of a three-year journey to put sustainability at the heart of the company’s ethos

• The AECC Awards are organised and presented by the Spanish Shopping Centre Association as an annual celebration of excellence, innovation and best practices in the retail sector

Castellana Properties, the listed specialist retail property company, has been commended for its ESG Strategy at the 2024 AECC Awards, with a resounding win in the category for “Best Corporate ESG Strategy Implementation.” Presented by the Spanish Shopping Centre Association (AECC), the award recognises efforts to mainstream sustainable initiatives and good practices across the corporate business model.

Castellana Properties is firmly committed to advancing sustainability; its submission, “Beyond ESG Boundaries”, highlights the ground covered over the last three years. It reflects the holistic perspective adopted by the company, which has built a reputation as one of the retail sector’s most pioneering influences in environmental, social and governance issues.

Débora Santamaría, CFO of Castellana Properties, commented: “At Castellana Properties, we aim to raise our sustainability performance across every area of our work. Our approach to ESG practices is truly all-embracing, emboldening us to look beyond stock solutions and make a meaningful difference in our local communities. This recognition further empowers us as we work to lead the sector into a more sustainable future.”

Beyond ESG Boundaries

Castellana Properties launched its first ESG Strategy in 2021, claiming the mantle of sustainability leadership in the retail sector. The strategy centres on seven key objectives: shrinking the company’s carbon footprint, mitigating climate risks, pursuing certification as a competitive advantage, creating a positive impact in local communities, fostering employee well-being, building a responsible value chain and strengthening internal ESG management. Each objective is linked to a set of specific actions.

So far, the company has produced a sustainable mobility plan, conducted biodiversity audits for all of its properties and brought 100% of its assets into alignment with the EU Taxonomy for Sustainable Activities, up from 81% just a few years ago. Its commitment to sustainability has expanded significantly over time, and it has pledged to ensure responsible natural resource use at all properties in its portfolio. Standalone projects like Castellana Green, which will see photovoltaic panels for self-consumption fitted at all of the company’s shopping centres and retail parks, have become prominent landmarks in its sustainability journey.

Castellana Properties has also introduced a diverse range of social programmes for all stakeholders, including a variety of ESG events and initiatives at both corporate and portfolio levels, philanthropy and volunteering programmes and support for dozens of projects aimed at boosting employment and the local economy. Acutely sensitive to the importance of health and happiness at work, the company has developed training and professional development plans for all employees, as well as a series of actions to enhance overall well-being.

To consolidate good corporate governance, Castellana Properties adheres to its own guidelines on ethics, transparency and integrity, with a strong focus on strengthening its corporate governance structure and internal monitoring system. This work has enabled it to build a solid foundation for continuous improvement in sustainability performance. Over the last three years, it has introduced 42 new company policies, all in key areas, and established systems for Internal Auditing, Internal Monitoring and Risk Management to provide further support for its ESG commitments.

This award from the AECC is the latest in an array of accolades and certifications, including a five-star GRESB rating, an EPRA Gold Award for Best Practices in Sustainability and Financial Reporting and BREEAM certifications for all properties in its portfolio — a record that speaks to the positive impact of its ESG strategy.