French gov't unveils SRI label for real estate funds
The French Ministry of Economy published a ministerial order on 23 July creating an SRI label for alternative investment funds (AIFs) in French real estate funds, including local SCPI and OPCI funds. Until now, only funds invested in securities (equities, bonds or money market) were eligible be awarded an SRI label. The new label’s references are presented here (in French only). The label will become effective on 23 October 2020.
The French association of real estate investment companies (Aspim) had worked for three years with the public authorities to develop the label, which will create a common benchmark for sustainable investment in real estate for savers and managers. “The creation of this label will offer recognition and help ramp up the work done over the past years by asset management firms in enhancing the impact of their real estate portfolio on the environment and society at large,” stated Frédéric Bôl, Aspim's president, in a press release. French real estate funds, including SCPI, OPCI, OPPCI and other AIFs, managed a total of €200bn as of the end of 2019.
Audits of SRI fund labels are provided by Afnor Certification and EY France. The label is awarded for a period of three years.