Sirius

 

Calculating our carbon footprint is essential to developing an effective emissions reduction strategy. In line with the GHG Protocol Corporate Standard, our emissions comprise Scope 1, 2 and 3 across both our portfolio and the Sirius platform.

Our carbon footprint comprises emissions from our portfolio (the assets which we own and operate) and our platform which includes emissions from our operating company, i.e. our head office and Sirius management offices located on our sites.

Due to timing of our utility invoicing and other data collection and in order to provide a complete year’s analysis, our emissions calculations are based on the last full year of available data. Given there have not been any material changes in either the occupancy or the consumption patterns, this data is assumed to be applicable for the 2021/22 financial year. The data used for the basis of calculations of emissions for the leased assets (Scope 3) and for our Scope 1 and 2 for our offices based on our business parks is from 1 April 2020 to 31 March 2021. The data attributed to Scope 1 for our Berlin office is from 1 April 2019 to 31 March 2020. We continue to work with our utility providers etc to bring our emissions data in line with our financial calendar.

Summary - Scope emissions

Scope categorisation

Category

GHG emissions MTCO2-e

Scope 1

Berlin Head Office (NG) + Sirius Offices Heating

          84

 

Scope 2

Electricity and Cooling (Sirius Offices)

          15

Scope 3

Berlin (Electricity + Cooling), Business Travel, Berlin (Water & Wastewater) & SO (Water & Wastewater)

Upstream (Sirius + AXA Facilities), Downstream (Leased Location), Water Consumption (Leased Location), Waste Generated (Leased Location), Renewable Energy & Embodied Carbon

        42,821

Total

 

       42,920

GHG intensity for Scope 1 – 0.0164 (MTCO2-e/sqm)

GHG intensity for Scope 2 – 0.0049 (MTCO2-e/sqm)

Due to the nature of our business model, our Scope 3 emissions account for 99.77% of our total emissions. This has slightly increased from 98.9% last year as our head office and company cars are leased and so are now allocated to our Scope 3 emissions.

As a result, the year-on-year comparison is summarised in the table below.

Scope

2020 / 2021

Total Emission MTC0-e

2021 / 2022

Total Emission MTC0-e

Scope 1

247.15

84.02

Scope 2

152.49

15.46

Scope 3

37,321.67

42,820.79

Total

37,721.31

42,920.28

 

Our total emissions for the year come to 42,920 MTCO2-e, which compares to 37,721 MTCO2-e for the year to March 2021. A number of factors explain this increase and relate to the actions taken during the year to better account for and address our carbon footprint.

Our ongoing strategy to acquire renewable energy, shown in the breakdown of our leased locations emissions below, continues to significantly reduce our potential overall emissions. For this data period from 1 April 2020 to 31 March 2021, 82.4% of the electricity consumed by our portfolio was sourcing from renewable electricity. As we have highlighted already, this will increase to 94.6% as we now acquire just under 100% of our electricity from renewable sources.

Leased Locations – GHG emissions breakup (tCO2-e)

 

A breakdown of our Scope 3 emissions provides insight into our actions to manage and reduce our carbon emissions.

Scope

Category

Description

Total Emission

UOM

Scope 3

 Purchased Goods - Water

Water consumption details considered

 53.98

MT CO2e

Scope 3

 Purchased Goods - Embodied Carbon

Embodied Carbon

6,776.61

MT CO2e

Scope 3

 Waste Generated in Operations

Waste Water + Solid Waste Considered

177.14

MT CO2e

Scope 3

 Business Travel

Car + Train + Air + Hotel Considered

258.62

MT CO2e

Scope 3

 Upstream Leased Assets

Berlin + Sirius Facilities + AXA JV

226.69

MT CO2e

Scope 3

 Downstream Leased Assets

69 Locations considered

35,327.75

MT CO2e

Firstly, our total emissions for the current year include 6,777 MTC02-e of embodied carbon emissions, which were not included in our calculations in the financial year ended March 2021. As we go forward, we will look to reduce our levels of embodied carbon as part of our carbon reduction programme. 

Secondly, the centralisation of our waste management has enabled better data collection which has enabled us to monitor that 42.3% of our waste was recycled and a further 54.4% was converted from waste to energy, with only the remaining 3.3% going to landfill. This has accounted for a reduction in our emissions as without the respective data, we had to assume that 100% of waste went to landfill. 

Thirdly, the total number of business parks included in our emissions report increased from 65 to 69 during the period which together with a slight increase in heating use in the portfolio accounts for an increase of 4,490 MTC02-e during the year.

To highlight the work we have been doing on managing on our emissions, the table below provides an analysis of our core emissions on a per meter basis for the total portfolio estate for both years.  As we continue to develop our pathway towards net-zero emissions it is clear that our approach will concentrate on the reduction of our heating emissions intensity.

GHG comparison

GHG emissions

2020/2021

(MMTCO2-e/SqM)

GHG emissions

2021/2022

(MMTCO2-e/SqM)

Net Electricity emissions intensity

0.00223

0.00173

Heating emissions intensity

0.01921

0.02109

Water consumption emissions intensity

0.00011

0.00004

Waste water emissions intensity

0.00022

0.00007

Waste Disposal Emission Intensity

0.00634

 0.00007

 

A breakdown of our energy consumption by kWh is summarised in the table below:

Buildings

Heating Consumption (kWh)

Electricity Consumption (kWh)

Cooling Consumption (kWh)

Renewable Energy (kWh)

Berlin

1,93,049.50

2,14,020.62

-

-

Space Office on Site

2,74,464.94

81,025.89

5,370.74

-

Sirius Facilities

4,26,595.66

90,477.62

-

-

AXA JV

75,954.89

7,890.99

-

-

69 Leased Locations

17,47,45,664.68

8,10,36,239.85

76,79,027.13

-

Total

17,57,15,729.67

8,14,29,654.97

76,84,397.87

6,68,02,096.27

Methodology

The reporting boundary was determined by Sirius. The organizational boundary covers the entire operations in Germany where Sirius has absolute financial & operational control. The reporting boundary also includes the Corporate Head Office and site offices of Sirius, its sister company SFG Nova & its leased locations.

The activity data was screened in the as-is condition for any inconsistencies or irregularities. The sources and sinks to be included in the inventory were then identified and verified as per The Greenhouse Gas Protocol – i)A Corporate Accounting and Reporting Standard; ii) Scope 2 Guidance; iii) Corporate Value Chain (Scope 3) Accounting and Reporting Standard.

 

Scope 1 - Stationary combustion

Scope 1 included the Stationary combustion of Berlin offices & offices occupied in every leased location of Sirius. Heating consumption emissions of these locations accounted in Scope 1 category. The emission factors are suppliers specific.

 

Scope 2 – Purchased Electricity

The emissions from the purchased Electricity and Cooling consumption of the offices occupied in every leased location of Sirius were accounted in Scope 2 inventory. The emission factors are used from Defra 2021.

 

Scope 3 – Category 1 - Purchased Goods & Services

Emission from water consumption & construction works were accounted in this inventory. For water consumption the emission factor is from Defra 2021 & the emission factor of the embodied carbon is supplier specific.

 

Scope 3 – Category 5 Waste Generated in Operations

The Emission from waste disposal & wastewater generated were accounted in this category. The Emission factors were specific to disposal type used from Defra 2021.

 

Scope 3 – Category 6 Business Travel

The emission from car, train, air & hotel stay were accounted in this category. Emission factors for all this travel is supplier specific.

 

Scope 3 – Category 8 Upstream Leased Assets

The purchased electricity of Berlin Head Office, electricity, heating, cooling of Sirius facilities GMBH & AXA JV Sirius Facilities GmbH were accounted in this category. Supplier Specific & Defra factors were used wherever applicable.

 

Scope 3 – Category 13 Downstream Leased Assets

The heating, electricity & cooling for all 69 leased sites were accounted in this category

The emission factors used

  • For electricity - Supplier specific emissions factor
  • For waste, wastewater, hotel stay and heating – DEFRA Conversion-Factors-2021-Full-set-for-advanced users

 

BizSpace

We are in the process of integrating BizSpace’s environmental programme which remains at the early stages. As part of the integration, we have commenced a detailed assessment of the EPC ratings for the property portfolio. We are currently undertaking a review of the EPC data held by BizSpace to identify any gaps in the energy data requirements to build an accurate baseline on the current ratings. To date we have completed an EPC review on 20% of the BizSpace portfolio. We will then be in position to start to build a detailed model that will show any potential improvements to be made to each building. Once this process is completed, we can commence the implementation phase of a programme of improvements to achieve a higher rating in line with the UK Government’s proposed plans for all commercial rental property to have an EPC rating of “C” by 2027 and “B” by 2030.

As we have mentioned previously, we will also be including the BizSpace portfolio in our future net zero pathway for the Group and we are treating the EPC review as part of the decarbonisation programme to look at emission reduction opportunities. A first step towards this is understanding BizSpace’s GHG emissions and how they compare to those in Germany. This analysis is ongoing and continue during the current financial year. However, based on an initial assessment of the last four months of the financial year, which is the best representative period following the acquisition, we have outlined a summary of BizSpace’s GHG emissions below.

Summary – Scope emissions

Scope categorisation

Category

GHG emissions MTCO2-e

Scope 1

Space Offices – Heating

9.10

Scope 2

Space Offices – Electricity

-

Scope 3

Water Consumption (Leased

Locations), Waste disposal (Leased Locations), Downstream leased asset (Electricity & Heating)

1,096.57

 

Total

 

1,105.67

 

BizSpace utilises 100% renewable electricity from the grid and for the basis of this calculation we have assumed a markets based approach, so there are no emissions from purchased electricity to be accounted in the Scope 2 category. We do highlight that this assumption may change in the future as we continue the integration process. BizSpace’s total GHG emissions are calculated as 1106 MTCO2-e. As the table shows, the majority of the GHG emissions are classified as Scope 3 from the operational use of BizSpace’s properties by tenants across the 72 sites, representing over 97% of our total emissions. In the chart below, we have broken down the emissions at the leased properties, which are directly attributed to the operational use of our assets.

Leased Locations – GHG emissions breakup (MTCO2-e)

Methodology and emissions factors

The data used for the basis of calculations of emissions for the leased assets is for energy consumption from 1 December 2021 to 31 March 2022.

The area occupied by BizSpace’s space offices for each site has been assumed to be 350 sq ft in order to compute the heating emission for Scope 1 Inventory & Electricity Emission for Scope 2 Inventory.

Scope 3 Emission were calculated based on Water consumption, Waste disposal, Business travel & Downstream leased assets.

We will also, in the future, integrate BizSpace’s activities into our embodied carbon initiatives as well as our biodiversity programme.

 

Important

Please select the country of your residency:

By clicking the "Submit" button you certify that you are resident in the selected country.

Important

Please enter the telephone country code of the selected country:

By clicking the "Submit" button you certify that you are resident in the selected country.

Disclaimer - Important

TERMS OF ACCESS TO INFORMATION ABOUT A PROPOSED OFFERING (THE "TRANSACTION") BY SIRIUS REAL ESTATE LIMITED (THE "COMPANY")


Please read this notice carefully - it applies to all persons who view this site and, depending on where you are located, may affect your rights or responsibilities. The Company reserves the right to amend or update this notice at any time and you should, therefore, read it in full each time you visit the site. In addition, the contents of this part of the website may be amended at any time, in whole or in part, at the sole discretion of the Company.

The materials you seek to access are made available in good faith and for information purposes only and are subject to the terms and conditions set out below. Any person seeking to access this webpage represents and warrants to the Company that they are doing so for information purposes only and they agree to be bound by the terms and condition set out below. If you do not agree to the terms and conditions please exit this site by clicking "I disagree" box below.

Viewing the materials you seek to access may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such materials. Any person who wishes to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so. Any failure to comply with any such restrictions may constitute a violation of the securities laws or regulations of such jurisdiction.

The information contained in this part of the website does not constitute an offer of securities for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the United States, Australia, New Zealand Canada, and Japan and South Africa or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereunder in, such jurisdiction (each a "Restricted Jurisdiction"). If you are located or resident in the United States or any other Restricted Jurisdiction, please exit this webpage by clicking on the "I disagree" box below.

The information to which this gatepost gives access is intended exclusively for persons who are not residents of the United States and who are not physically located in the United States. The information contained in this part of the website does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, in any form, in or into, the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements under the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering or sale of securities in the United States will be made.

You should not download, mail, forward, distribute, send or show the information or documents contained on this part of the website to any person. The information contained in this part of the website, including any material you may access, is not to be provided by you to any other person, in electronic form or otherwise, and is not to be accessed, published, copied, forwarded or otherwise disseminated in or into the United States.

Any securities referred to in the materials that follow will not be registered under the securities laws of any Restricted Jurisdiction and may be offered or sold, directly or indirectly, within such jurisdictions only pursuant to an applicable exemption from and in compliance with any applicable securities laws.

Members of the public are not eligible to take part in the placing. These materials are only addressed to and directed at: (i) persons in Member States of the European Economic Area (the "EEA") who are qualified investors within the meaning of article 2(e) of Regulation (EU) 2017/1129 and (ii) persons in the United Kingdom who are qualified investors within the meaning of article 2(e) of Regulation EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 who are: (a) persons who have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc”) of the Order; and (c) other persons to whom this communication may lawfully be communicated (all such persons in (a), (b) and (c) above together being referred to as "relevant persons"). The securities described in the materials are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Qualified Investors in any Member State of the EEA and relevant persons in the United Kingdom. Any person in any Member State of the EEA who is not a Qualified Investor and any person in the United Kingdom who is not a relevant person should not act or rely on the materials or any of their contents.

If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage by clicking on the “I disagree” box below.

By proceeding, you agree to comply with the terms set out above and confirm that you are a resident of the country you identified earlier who is accessing this website from within that country, and you additionally represent, warrant and agree that:
  1. You are not accessing this website from within the United States or any other Restricted Jurisdiction;
  2. You will not print, download, or otherwise seek to copy, mail, forward, distribute or send any of the materials on this webpage to any other person at any time; and
  3. You intend to access this webpage for information purposes only and that you have read and understood the disclaimer set out above and are permitted to proceed to electronic versions of the materials.

 

No Access

We regret that, due to applicable legal restrictions, we are unable to provide you with access to the requested content. We apologise for any inconvenience this may cause.