Derwent London — full event log

In June 2025, the Group issued £250m of 7-year unsecured bonds at 5.25% coupon (effective rate 5.338%), and repaid the £175m 1.5% unsecured convertible bonds at maturity. Also refinanced £450m RCF with new 4-year term to July 2029. Total refinancing activity of c.£700m strengthened the debt maturity profile.

sustainability_report p.56

Construction and installation of solar panels at Lochfauld Solar Park in Scotland substantially completed in 2025. Expected to generate c.40% of London managed portfolio's electricity requirements once operational in H1 2026. Total development cost c.£16m. Yield on cost exceeds 9%.

sustainability_report p.49

Derwent London formalised a circular economy strategy in partnership with Material Index, achieving c.500 tonnes of material donated or brokered since inception and an average 44% retention and on-site reuse rate across completed refurbishments. Network W1 was the Group's first whole-building redevelopment to use refurbished raised access flooring. At Holden House W1, 64% of temporary steel was reused and 95% of glass recovered for reprocessing. At 50 Baker Street, the Group is pioneering piece-wise reuse of existing concrete structure at the largest scale of its type in the UK.

sustainability_report p.72

The 2025 priority to 'Review and expand material Scope 3 inventory elements' was marked as not achieved. The decision was taken not to pursue further upstream supply chain carbon emissions mapping at this stage.

sustainability_report p.29

Paul Williams announced his retirement as Chief Executive on 22 January 2026, after 38 years. He will remain in role until successor appointed. Nigel George also retiring as Executive Director on 31 March 2026. Comprehensive recruitment process for new CEO underway. The CEO chairs the Sustainability Committee and has overall ESG accountability.

sustainability_report p.114

Derwent London targets minimum EPC A for major new builds and EPC B for major refurbishments. As at year-end 2025, 72% of the portfolio (by ERV) is rated EPC A or B (up from 57% in 2023), with 23% rated A and 40% rated B. The Group has an estimated £73.7m of EPC upgrade capex remaining to bring the full commercial portfolio to EPC B standard by 2030, revised down from £97m in 2021 reflecting work completed, disposals and regulation changes. Of this, Knight Frank deducted £31m in the December 2025 valuation. Refurbishment activity explicitly includes EPC upgrade works aligned with lease expiries.

sustainability_report p.51

Following a competitive tender, PwC was appointed as non-financial assurance provider for sustainability and health & safety metrics. PwC provided limited assurance over selected climate and H&S KPIs under ISAE 3000 (Revised) and ISAE 3410. Previously Deloitte provided limited assurance for 2024. Same assurance level maintained.

sustainability_report p.83

Derwent London has forward-purchased c.195,600 tCO2e of carbon offset credits since 2020 for a combined consideration of c.£4.9m (average c.£25/tCO2e) to offset residual embodied carbon from regeneration activity it cannot eliminate. Credits are validated under robust schemes (VCS or ACR), working with Climate Impact Partners. In 2025, 27,315 tCO2e were retired, bringing cumulative offsets to c.100,945 tCO2e. The Group also progresses tree planting on Scottish land to develop owned carbon removal capacity, reducing future reliance on voluntary carbon markets. The cost of carbon in development appraisals is currently set at £34/tonne.

sustainability_report p.73

Derwent London targets an annual reduction in energy intensity of 4% per year to achieve 123 kWh/sqm by 2030 (vs 2019 baseline of 166 kWh/sqm). In 2025, energy intensity fell 9% to 125 kWh/sqm — a 25% reduction vs 2019 baseline. Key actions included air source heat pump installations (Charlotte Building W1, 1-2 Stephen Street W1), removal of gas at 9-10 Rathbone Place W1, streamlined plant run-times, and out-of-hours usage monitoring. Gas fell from 37% of total energy in 2020 to 21% in 2025. 40% of managed portfolio buildings are now all-electric, up from 6% in 2020.

sustainability_report p.69

Derwent London published an updated Net Zero Carbon Pathway in December 2025, introducing 'nature and resilience' as a fifth pillar. Near-term: 42% reduction in absolute Scope 1&2 by 2030 from 2022 baseline. Long-term: 90% reduction in Scope 1, 2&3 by 2040. Energy intensity target of 123 kWh/sqm by 2030.

sustainability_report p.69

The Group launched the 'You Hold the Power to Save' campaign in Q4 2025 targeting the top 10 energy-consuming buildings (78% of managed portfolio energy), engaging 77% of all occupiers during the year. A collaborative approach with Asset and Property Management teams supports tenants in meeting their environmental commitments. Smart Flow water/energy monitoring was rolled out across 70% of the portfolio. Tenant electricity consumption (Scope 3 Cat 13) reduced 16% to 4,482 tCO2e in 2025. The Group's waste recycling rate improved to 72% from 69%.

sustainability_report p.69

Derwent London procures 100% of managed portfolio electricity on REGO-backed tariffs sourced from UK solar, wind or hydro projects, and 100% of gas on RGGO-backed tariffs. To reduce reliance on external supply, the Group constructed a c.100-acre, 18.4 MW solar park at Lochfauld, Scotland, expected to energise in H1 2026 and generate c.40% of the London managed portfolio's electricity requirements. Six portfolio buildings now have on-site PV arrays. The Group is also a founding signatory of the government-funded Advanced Market Commitment for low carbon concrete, and installs PV panels at community facilities as part of Section 106 obligations.

sustainability_report p.70

Derwent London sets phased embodied carbon intensity targets: ≤600 kgCO2e/sqm for commercial office new builds completing from 2025, ≤500 kgCO2e/sqm from 2030, and ≤350 kgCO2e/sqm for major refurbishments. All projects on site in 2025 achieved sub-600 kgCO2e/sqm (25 Baker Street: 594, Network W1: c.530, Holden House: c.590). Whole life carbon assessments at each design stage, early supply chain engagement, and detailed workshops drive reductions. Derwent founded the Accelerating Concrete-Decarbonisation Group (AC-DG) in June 2024 with 30+ organisations to prototype low carbon concrete mixes with potential to reduce concrete emissions by up to 70%.

sustainability_report p.71

2025 priority: Promote the circular economy, and for pipeline developments report on breakdown of resource pathways (by percentage) between re-use on site, re-use offsite, refurbished and recycled.

sustainability_report p.12

Disposals in 2025 totalled £216.1m including: 4 & 10 Pentonville Road N1 for £26.0m, Francis House SW1 for £54.1m, trading sales at 25 Baker Street W1 for £135.9m (residential and retail). Group targeting £1bn disposals over next three years.

sustainability_report p.50

New developments are designed all-electric with air-source heat pumps replacing gas boilers (e.g. 80 Charlotte Street — first all-electric scheme; 25 Baker Street uses ASHP central heating/cooling). The Featherstone Building uses concrete core cooling to eliminate traditional air conditioning. This decarbonises operational heating/cooling and is a key route to Scope 1 reduction.

sustainability_report p.31

Cat 13 downstream leased emissions (5,324 tCO2e in 2024) are the largest non-embodied Scope 3 category. Derwent engaged with 118 occupiers comprising 76% of ERV in 2024 through one-to-one meetings, green forums, energy/water guidance notes, B Corp and Planet Mark support, and strengthened net-zero clauses in standard leases, licences to alter and tenant fit-out guides.

sustainability_report p.19

Developed an innovative circular economy strategy facilitating re-use and redeployment of materials across the managed portfolio and regeneration pipeline. From 2025, pipeline developments will report on resource pathways split between re-use on site, re-use offsite, refurbished and recycled — directly addressing embodied carbon by displacing virgin materials.

sustainability_report p.3

Scope 1, 2 and 3 GHG totals for 2024 have been subject to independent limited assurance by Deloitte LLP under ISAE 3000 (Revised) and ISAE 3410 Standards.

sustainability_report p.12

The company undertook a double materiality assessment in 2024 and will start reporting on rebased SBTi-verified targets aligned to a 1.5°C scenario from 2025.

sustainability_report p.13

Following planning consent in 2023, construction of a 100-acre, 18.4 MW solar park in Scotland commenced in 2024 (total development cost c.£17m). On completion in 2026, expected to generate >40% of London managed portfolio electricity needs.

sustainability_report p.12

In 2024, Derwent London forward-purchased high quality, nature-based removal credits to cover forecast emissions from its development pipeline to 2030, mitigating near-term voluntary carbon market price risk.

sustainability_report p.4

Derwent London follows a 'reduction first, abatement last' policy. Residual carbon is offset using high quality nature-based removal credits (e.g. tree planting) with co-benefits including biodiversity enhancement. In 2015, 30+ hectares of woodland were planted on Scottish land, already generating 127 Woodland Carbon Code verified credits. In 2024, forward-purchases of removal credits were made to cover development pipeline emissions to 2030. Development appraisals include a cost of carbon at £34/tonne.

sustainability_report p.4

Derwent London has set energy intensity reduction targets for its managed portfolio, targeting an annual ~4% reduction from a 2019 baseline to achieve 90 kWh/sqm by 2030. Building managers have access to near-real time environmental data via an in-house database and Intelligent Buildings programme. The near-term SBTi-aligned target is a 42% reduction in absolute Scope 1 and 2 GHG emissions by 2030 (to 3,161 tCO2e) from a 2022 baseline.

sustainability_report p.12

Derwent London has set stretching embodied carbon targets: new build commercial office schemes completing from 2025 must achieve ≤600 kgCO2e/sqm (upfront carbon, A1-A5), tightening to ≤500 kgCO2e/sqm for schemes completing from 2030. Pathway requirements are estimated to add 5-10% to development costs. Embodied carbon reduction metrics have been included in the Executive Director PSP incentive plan since 2023.

sustainability_report p.12

As part of its Net Zero Carbon Pathway, Derwent London is removing gas from properties where appropriate, and retrofitting specialist boiler equipment where gas removal is not possible. All new properties are designed to be all-electric for heating and cooling. EPC upgrade works totalling £13m of capital expenditure have been invested since the 2021 independent assessment, targeting a minimum EPC of A for new builds and B for major refurbishments.

sustainability_report p.12

Derwent London's Green Finance Framework directly links 'green' debt to its net zero carbon ambitions, particularly development and refurbishment activities. Two specific facilities are tied to the framework: a £300m 'green' tranche of the £450m revolving credit facility and a £350m Green Bond issued in 2021. These provide access to affordable finance while demonstrating how climate risk is being managed.

sustainability_report p.12

In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership from Lazari Investments Limited. Following the acquisition, the Group's interest was consolidated into the Group's property portfolio, adding £44.4m to investment property. This is the 25 Baker Street W1 development site.

sustainability_report p.243

Derwent London is committed to procuring 100% of portfolio energy (electricity and gas) from renewable sources. In 2024, 99% of electricity was sourced on renewable tariffs backed by REGOs and 100% of gas from renewable tariffs backed by RGGOs. The company is also investing in self-generation: construction of a 100-acre, 18.4 MW solar park in Scotland commenced in 2024 (total cost c.£17m), expected to generate >40% of London managed portfolio electricity needs on completion in 2026.

sustainability_report p.13

Derwent London actively engages with occupiers to reduce energy use and carbon emissions in its buildings. The company's Responsible Development Framework and Intelligent Buildings programme deliver near-real time data to building managers, enabling lower energy consumption and delivering savings in both cost and operational carbon to occupiers. The long-term target is to reduce absolute Scope 1, 2 and 3 GHG emissions by 90% by 2040 from a 2022 baseline, encompassing tenant-related downstream leased emissions.

sustainability_report p.12

Energy intensity reduced to 137 kWh/m² in 2024, 8% lower than 2023 and 17% below the 2019 baseline, on the path to a 46% reduction by 2030 (to 90 kWh/m²). Levers include shorter plant run times, relaxed temperature set-points, boiler optimisation software at six buildings, air-source heat pumps at 1&2 Stephen Street, and the new in-house environmental database enabling faster excess-consumption detection.

sustainability_report p.4

In 2024, Derwent updated its methodology for reporting embodied carbon on major projects. Total estimated emissions from RIBA Stage 4 reports are now spread equally over the construction period rather than being reported at project completion. This drove the 2,295% YoY increase in Scope 3 Category 2 (799 → 19,136 tCO2e) as 25 Baker Street, Network W1 and Strathkelvin Retail Park began phased recognition.

sustainability_report p.22

New in 2024: where the Group does not exercise operational control over utilities (FRI portfolio plus retail/residential units), a best estimate of c.7,700 tCO2e (2023: c.8,700 tCO2e) is now disclosed for completeness, though not included in the formal Scope 3 Cat 13 figure.

sustainability_report p.6

In 2024, Derwent appointed PricewaterhouseCoopers LLP to replace the previous assurance provider and to provide an independent reasonable assurance opinion on green finance metrics (use of proceeds).

sustainability_report p.29

Achieved NES accreditation for the second successive time, scoring in the top 5% of NES-assessed UK organisations.

sustainability_report p.3

Undertook a portfolio-wide biodiversity survey; key actions for improving biodiversity identified and being reviewed for implementation. All new build / major refurb projects target minimum 15% biodiversity net gain (e.g. 280% at 25 Baker Street).

sustainability_report p.10

Solar park in Scotland under construction with delivery expected in 2026. Once completed, expected to generate 18.4 MW of fully renewable electricity, exceeding 40% of the electricity needs of the London managed portfolio.

sustainability_report p.3

As a signatory to RE100, Derwent procured 99% of managed-portfolio electricity on REGO-backed renewable tariffs and 100% of gas on RGGO-backed contracts in 2024. On-site PV at six buildings (Featherstone, Soho Place, 43 Whitfield, 1 Oliver's Yard, White Collar Factory, 90 Whitfield) generated 86,136 kWh. An 18.4 MW solar park is under construction in Scotland (delivery 2026) which will exceed 40% of the London managed portfolio's electricity needs.

sustainability_report p.10

The carbon tonnage for A1-A5 (upfront embodied carbon, modules A1-A5 in line with RICS v1) is offset in the year of reporting via Climate Impact Partners using credits accredited by Verified Carbon Standard (VCS), Climate Community & Biodiversity (CCB) Alliance or American Carbon Registry (ACR). 19,136 tCO2e was offset in 2024. These are predominantly nature-based avoidance/removal projects rather than durable engineered removals like DAC or BECCS.

sustainability_report p.22

Lead the Accelerating Concrete-Decarbonisation Group, the first developer-led cross-industry working group to commercialise low/zero-carbon concrete. All new build and major refurbishment projects target upfront (A1-A5) embodied carbon intensity ≤600 kgCO2e/m² (from 2025) and ≤500 kgCO2e/m² (from 2030), measured against RICS v1. Network W1 forecast to meet the 2030 target.

sustainability_report p.10

Since 2023, embodied carbon reduction and energy intensity reduction performance metrics have been included within the Executive Director and Executive Committee incentive plan (PSP).

sustainability_report p.12

Targets set in 2023 under SBTi SME route, 1.5°C aligned: 42% reduction in absolute Scope 1+2 (location) by 2030 from 2022 baseline (to 3,161 tCO2e); 90% reduction in absolute Scope 1, 2 & 3 by 2040, net zero by 2040.

sustainability_report p.24

Rebased science-based near-term target from well-below 2°C to a 1.5°C climate scenario. Updated target requires a 42% reduction in absolute Scope 1 & 2 GHG emissions by 2030 from a 2022 baseline. Long-term SBTi Net Zero target also approved.

sustainability_report p.8

Refined energy intensity methodology to more closely reflect energy coverage. Floor area reconciliation completed, impacting landlord/occupier allocation. 2022 energy intensity restated from 123 to 142 kWh/m² (15% increase).

sustainability_report p.51

Scope 3 coverage increased to include Purchased goods and services (water consumption), Business travel and Employee commuting. 2022 Scope 3 figures restated.

sustainability_report p.51

2022 energy consumption increased by ~5% due to newly identified supplies and incorrect gas meter reading. 2022 water consumption reduced by ~7% due to incorrect meter at 230 Blackfriars Road SE1.

sustainability_report p.51

Set phased upfront embodied carbon targets aligned with GLA and LETi: ≤600 kgCO2e/m² from 2025; ≤500 kgCO2e/m² from 2030.

sustainability_report p.5

Awarded the Royal Society for Prevention of Accidents (ROSPA) Gold Award in recognition of high safety standards.

sustainability_report p.14

Published Social Value Strategic Framework in December 2023, strengthening commitment to demonstrating social value benefits to local residents, businesses, occupiers and the public.

sustainability_report p.9

All new build and major refurbishment projects (where external space is adapted) to achieve a minimum 15% biodiversity net gain.

sustainability_report p.31

Scope 1 & 2 emissions increased 31% in 2023, principally driven by completion of two large developments (Soho Place W1, The Featherstone Building EC1, Francis House SW1) and a 7% increase in UK grid carbon factor for electricity.

sustainability_report p.8

Derwent London is an RE100 signatory committed to procuring 100% renewable electricity and gas. In 2023, 99% of purchased electricity was on REGO-backed tariffs and 99% of gas was on RGGO-backed tariffs, with 100% exit rate on renewable tariffs. Self-generation of 97,440 kWh from PV panels on six London buildings. Planning consent received for a c.100-acre, 18.4 MW solar park at Lochfaulds, Scotland, expected to be on-site in H1 2024 with commissioning in 2025; PPAs being arranged.

sustainability_report p.5

Offsets embodied carbon of developments using nature-based carbon removal schemes validated under VCS and CCB Alliance standards (currently projects in Kenya and Uganda via Climate Impact Partners). Forward purchase of 'removal' offsets to anticipate future requirements. 30ha of tree planting completed in Scotland in 2023 with c.50ha further potential planting in 2024/25. Reviewing additional carbon offset opportunities across Scottish land portfolio.

sustainability_report p.5

Driving down operational energy consumption through upgrades, retrofits and removing gas use where feasible. Installing sensors to reduce gas, switching off lighting and plant out of hours, adjustments to temperature set points. ESOS-identified operational and capex-led initiatives being implemented. Net Zero Carbon Action Plans maintained across managed properties. Target: 46% energy intensity reduction from 2019 baseline by 2030.

sustainability_report p.5

Downstream leased assets (tenant electricity) is the largest Scope 3 category at 5,517 tCO2e in 2023. Engagement via restarted green forums (six green forums across four buildings), one-to-one meetings, energy/waste data sharing, 34 recycling audits across eight buildings, Recycling Improvement Strategies, strengthened standard form of lease and tenant fit-out guide with net zero clauses. 104 occupiers directly engaged in 2023 (44% by ERV).

sustainability_report p.40

Investigating building and material element retention and reuse; engaging industry on circular economy routes where on-site reuse not feasible. Reusing raised access flooring as lower-carbon alternative. 100% of timber procured from FSC/PEFC sources. Minimum 98% diversion of construction and demolition waste from landfill.

sustainability_report p.5

Whole life cycle project assessments inform design decisions. Challenging contractors on lower carbon alternatives (low-carbon concrete, re-used raised access flooring). Targets aligned with GLA and LETi: ≤600 kgCO2e/m² from 2025, ≤500 kgCO2e/m² from 2030. On-site projects 25 Baker Street W1 and Network W1 align with 2025 target. EPDs instructed to verify low-carbon materials.

sustainability_report p.5

Established building specific operational energy targets in line with 1.5°C science-based scenario, providing annual roadmap to 2030.

sustainability_report p.3

Received National Equality Standard accreditation from EY, placing Derwent London in the top 5% of c.400 companies surveyed.

sustainability_report p.7

New £350m green bond issued in 2021 funding latest net zero carbon buildings, alongside £300m green element of £450m RCF.

sustainability_report p.20

Existing SBTi-validated targets (55% S1+2 per m2 by 2027 from 2013; 20% S3 per m2 by 2027 from 2017) are being reviewed to align with a 1.5°C climate warming scenario.

sustainability_report p.24

Deloitte LLP provided public reasonable assurance (ISAE 3000) over Scope 1, 2 and 3 GHG emissions data, intensity ratio and energy data for 2021.

sustainability_report p.26

Disposal of Angel Square and demolition of existing buildings at 19-35 Baker Street offset increased occupation, helping the Group remain within 2021 energy reduction targets.

sustainability_report p.6

Updated Responsible Development Framework (April 2021) sets net zero minimum requirements: <600kgCO2/m2 for new builds completing from 2025, <500kgCO2/m2 from 2030. Engaging contractors on low-carbon/cement-free concrete and cross-laminated timber. Embodied carbon from capital goods was 1,036 tCO2e in 2021 (vs 19,790 in 2020).

sustainability_report p.4

For the first time expanded reporting to provide a more detailed perspective on emissions and energy not directly controlled — including tenant (downstream leased) electricity consumption.

sustainability_report p.25

Set a minimum NABERS UK 4-star rating for future schemes; 19-35 Baker Street is the Group's first NABERS-UK project.

sustainability_report p.4

Cat 13 tenant electricity emissions (5,099 tCO2e in 2021) dominate Scope 3. Launched September 2021 net zero carbon occupier survey to understand how to support occupiers' net zero goals, with follow-up actions planned for 2022. Tenant electricity rose 8% as occupation returned.

sustainability_report p.3

Transitioning to all-electric heating and cooling systems and removing gas use through retrofit. Landlord-only electricity consumption decreased in 2021 thanks to management of partly occupied buildings, chiller strategy reviews, and optimisation of plant schedules. Total landlord-controlled energy fell 5%.

sustainability_report p.6

Commissioned comprehensive feasibility/cost report concluding c.£97m investment required to upgrade portfolio to minimum EPC B by 2030, with no building expected to be stranded. Investment focuses on LED lighting, fan coil units, and replacement of heating/cooling plant.

sustainability_report p.6

Residual emissions offset via Natural Capital Partners using VCS/CCB-validated reforestation projects in East Africa (1,197 tCO2e across four completed schemes in 2021). The Group planted 30ha of trees in Scotland in 2015 and received its first carbon credits in 2021; investigating planting a further 425ha across Scottish land. Net Zero Pathway specifies 'carbon offsetting via verified removal schemes for those emissions we cannot eliminate'.

sustainability_report p.5

In 2021, approximately £97m of capex was identified to achieve EPC rating B across the London commercial portfolio; revised to £86m reflecting building regulation changes, inflation, disposals, acquisition of remaining 50% in 50 Baker Street W1, and works to date. £13m of capex invested to date.

sustainability_report p.5

All electricity contracts supplying the portfolio are 100% renewable, REGO-backed. 23% of gas supplies are from green gas sources and the Group is reviewing how to increase this. A planning application was submitted for an 18.4MW solar park at Lochfaulds Farm which, if approved, could provide the equivalent of 43% of the managed portfolio's electricity needs based on 2019 consumption.

sustainability_report p.5

Set embodied carbon targets in H2 2021: Commercial Office New Build completing from 2025 <600kgCO2/m2; from 2030 <500kgCO2/m2.

sustainability_report p.4

Engaged Willis Towers Watson to assess transitional risks at 2°C scenario and physical risks at both 2°C and 4°C scenarios across the portfolio

sustainability_report p.40

Launched a D&I working group with 11 employees chaired by CEO; signed up to working toward the National Equality Standard

sustainability_report p.3

Offsetting strategy focuses on nature-based carbon removal projects in preference to avoidance or renewable energy projects. Appointed Natural Capital Partners as preferred provider. First purchase offset 19,790 tCO2e of residual embodied carbon from 80 Charlotte Street via a VCS- and CCB-validated community reforestation project in Kenya/Uganda (~42,000 tCO2e annual reductions; 15M trees planted). Offsetting positioned as last option after all reductions exhausted.

sustainability_report p.17

As an RE100 member, all purchased electricity comes from 100% REGO-backed renewable tariffs. Only 1% of gas supplies are currently certified renewable (Green Gas Certified); a green gas procurement strategy is being developed. On-site PV generated 70,930 kWh in 2020 (0.23% of electricity consumption). Investigating self-generation on the Scottish Estate and working with brokers to source from nominated renewable generators, acknowledging that REGOs alone do not demonstrate additionality.

sustainability_report p.80

Mandated that all new developments and major refurbishments specify all-electric heating and cooling (air source heat pumps). 80 Charlotte Street (completed 2020) is first all-electric, net zero scheme. Francis House SW1 and 90 Tottenham Court Road W1 retrofits replace gas boilers with electric heat pumps - 90 TCR saves c.14 tonnes CO2 pa.

sustainability_report p.39

Embodied Carbon Assessment Brief since 2013 mandates measurement at RIBA stages 2-4 per BS EN 15978:2011 (A1-A5). 80 Charlotte Street achieved a 30%+ reduction vs baseline embodied carbon at practical completion (506 kg CO2e/m²). Developed early-stage embodied carbon appraisal tool to inform acquisition decisions; carbon accounting / shadow price of carbon being incorporated into scheme appraisals.

sustainability_report p.34

In July 2020, Derwent London published its Net Zero Carbon Pathway, becoming the first UK REIT to do so, committing to be a net zero carbon business by 2030

sustainability_report p.5

First all-electric, net zero carbon scheme completed in June 2020 with air source heat pumps providing all central heating and cooling. Residual embodied carbon (19,790 tCO2e) offset via Natural Capital Partners reforestation project

sustainability_report p.17

Mandated minimum NABERS UK 4-star rating for all new developments and major refurbishments to close energy performance gap

sustainability_report p.13

Aligned reporting to six UN SDGs: 4 (Quality education), 5 (Gender equality), 7 (Affordable & clean energy), 11 (Sustainable cities), 12 (Responsible consumption), 13 (Climate action)

sustainability_report p.108

Cat 13 (downstream leased - tenant electricity) is dominant Scope 3 category at 5,555 tCO2e (72% of Scope 3). Working with occupiers via BMS to divert services to active/occupied zones, increased fresh air to 100% with no recirculation during Covid-19. Developing tenant engagement materials and sustainability newsletters; producing quarterly occupier engagement plans.

sustainability_report p.39

In July 2020, Derwent London published its Net Zero Carbon Pathway aligned to the Better Building Partnership Climate Change Commitment. Near-term target: 42% reduction in absolute Scope 1 and 2 GHG by 2030 vs 2022 baseline; long-term: 90% reduction in Scope 1, 2 and 3 by 2040.

sustainability_report p.12

Commits to reduce scope 3 GHG emissions 20% per square metre by 2027 from a 2017 base year, validated by SBTi

sustainability_report p.84

Methodology for determining like-for-like portfolio adjusted to increase comparability of year-on-year reporting; 2019 dataset restated

sustainability_report p.100

Recent acquisition of Blue Star House in Brixton broadens stakeholder community engagement

sustainability_report p.52

Mandated minimum NABERS UK 4-star rating for all new developments and major refurbishments. Pioneer organisation funding DfP initiative which became NABERS UK. Developing property-specific energy use intensity targets aligned with SBT. Achieved 14% managed-portfolio energy intensity reduction in 2020.

sustainability_report p.16

Supply Chain Sustainability Standard mandatory for suppliers with >£20K annual spend. 100% timber procurement from FSC/PEFC sources. Sustainability KPIs being developed for engineering maintenance contracts. Construction waste diversion from landfill target 95%+ (achieving 99%). London Living Wage required for operational supply chain.

sustainability_report p.76

Currently 2°C aligned target to be rebased to 1.5°C climate warming scenario to align with new net zero by 2030 ambition

sustainability_report p.13