Nucleus Office Parks, the operating platform for Blackstone Real Estate’s wholly-owned offices in India, has invested over Rs 100 crore, to upgrade its buildings nationwide following the Environmental, Social, and Governance (ESG) standards.
The operating platform has 18 assets totalling 20 million sq ft of office space spread across the top five property markets in the country, including Mumbai, Bangalore, NCR, Chennai, and Ahmedabad.
In addition to these, the US-based private equity giant also owns approximately 110 million sq ft of commercial real estate in the country due to partnerships and alliances with Indian developers.
This is one of the highest investments made by a private equity firm in India toward ESG compliance, which is increasingly being considered when evaluating global businesses. Corporations and investors all across the world are quickly making sustainability a key priority.
“We have devised a cohesive ESG framework founded primarily on four pillars – ecosystem, human capital, community, and governance. Moreover, we have identified a combination of long-term pledges with short term milestones to ensure we achieve our vision and create a lasting impact,” said Quaiser Parvez, CEO of Nucleus Office Parks.
To lessen their influence on the environment and improve the communities where they operate, Nucleus Office Parks has undertaken several initiatives over the past year.
The Green Business Certification Inc. (GBCI) awarded Leadership in Energy and Environmental Design (LEED) certificates for the upkeep and management of existing buildings to Nucleus Office Parks in May 2022, making it the largest office portfolio in the country.