RELATING TO CALENDAR YEAR 2022
ESG REPORT 2023
VIQR PORTFOLIOS

TABLE OF CONTENTS
Executive Summary 
3
About this Report 
4
Data Review 
4
Materiality Assessment 
4
Contact 
4
About Valor 
4
Notes from our Managing Partner  
5
Materiality Assessment 
6
Recent ESG Projects  
7
Future ESG Programme 
10
ESG Strategy 
10
Disclosure 
10
Acquisitions 
11
Development and Refurbishments 
12
Operations: Energy, Water and Waste 
13
 Stakeholder Engagement 
14
Sustainability Action Plans 
15
Net Zero Carbon Transition 
15
Climate Change and Resilience 
16
Health, Safety and Wellbeing 
16
Corporate Governance 
17
Employees  
18
Charity and Volunteering  
19
ESG Performance Measures 
20
Energy Performance Certiﬁ cate (EPC) Coverage 
20
Green Building Certiﬁ cate (GBC) Coverage 
21
Appendix A 
22
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VIQR PORTFOLIOS ESG REPORT 2023

This is our ﬁ rst Environment, Social and 
Governance (ESG) report and it sets out our 
roadmap for sustainability. Valor recognises that 
implementation of a sustainability programme 
is an essential component of our future success. 
Such a programme must address risks and 
opportunities, and therefore it operates across 
asset, fund and corporate levels.
In order to align with frameworks, policies and 
certiﬁ cations and to improve ESG performance, 
data quality and collection is a major priority 
for us. Our focus on data collection and quality 
allows us to better understand the existing 
impact of our buildings and, more importantly, 
identify areas for improvement. Data will be 
a fundamental building block of our net zero 
carbon (NZC) strategy. We are working with a 
third party advisor to establish the viability and 
necessary timelines to set out a NZC strategy.
We will also focus on developing, formalising 
and subsequently implementing a number of 
programmes and processes. Further information 
is summarised in the table.       
EXECUTIVE SUMMARY
SCOPE
TOPIC
AIMS
Data
Collect and manage ESG performance data (energy, water, waste, renewable tariﬀ s, environmental performance 
certiﬁ cates, green building certiﬁ cates, solar PVs). Through frequent data collection, identify opportunities to optimise 
building performance.
Stakeholder Engagement
Improve relationships with stakeholder groups including tenants, supply chain partners, investors and the communities 
in which we operate. 
Green Leases
Oﬀ er ESG requirements in all standard lease contracts to promote ESG performance. Implement asset level improvement 
programmes, where feasible, to support wider commitments, including NZC.
ESG Integrated Investment Process
Establish/formalise appropriate processes during acquisition, development, refurbishment, ﬁ t-out and operations 
to assess, incorporate, and/or better track sustainability opportunities and risks.
ESG Strategy Roadmap
Provide a more detailed time-bound strategy for taking action.
Materiality
Create a matrix that ranks and prioritises ESG issues that are important to QuadReal and Valor.
NZC
Work towards developing a NZC strategy.
GRESB Reporting
Submit to GRESB in 2023.
SFDR and EU Taxonomy
Monitor compliance.
Climate Change and Resilience
Consider short, medium and long term objectives to futureproof and address transition and physical climate related risks.  
Health, Safety and Wellbeing
Create healthy building spaces (assessing opportunities to use health and wellbeing certiﬁ cation schemes).
Ensure suppliers act ethically and responsibly.
Principles of Responsible 
Investment (PRI)
Determine viability for membership and participation in the PRI scheme.
Good Corporate Governance
Explore viability of ISO14001-alignment to underpin our ESG strategy for the VIQR portfolios.
Appoint an ESG Committee with a broad skill set to support in providing direction on ESG.
Upskill the workforce with regular ESG training.
Increase market presence.
Employee Wellness
Better understand equality and diversity standing.
Give back to the communities that we live and operate in by volunteering and giving to charity.
Understand existing social strengths and inform a social programme to boost employee engagement, motivation, 
recruitment and retention of talent, work-life balance, teamwork and leadership development.
VIQR FUNDS
CORPORATE
ASSET
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VIQR PORTFOLIOS ESG REPORT 2023

MATERIALITY ASSESSMENT
The boundaries of this report are based on 
a market-based materiality analysis undertaken 
in 2023. Further information on the materiality 
assessment can be found in the Materiality 
Assessment section of this report.
CONTACT
We welcome feedback, which can be directed to:  
ESG@valorrep.com
This is our ﬁ rst ESG report, covering the ESG 
activities of Valor Real Estate Partners LLP (‘Valor’), 
headquartered in London, for the calendar year 
ending 31st December 2022. This report applies 
to Valor and the QuadReal Property Group 
(‘QuadReal’) Joint Ventures.
The intent of this report is to help our investors 
and other interested stakeholders understand 
our current position, and share with them our ESG 
aspirations and the proposed objectives that sit 
behind our strategy to drive ESG forward within 
our business.
DATA REVIEW 
This report has not been assured externally but 
has been draf ed in consultation with our third party 
ESG consultants, EVORA Global Limited, and has 
been checked for accuracy and completeness by 
our Managing Partner. 
ABOUT THIS REPORT
Valor is a pan-European urban logistics specialist 
founded in 2016 and was one of Europe’s ﬁ rst 
specialist urban logistics investors. Since inception 
it has amassed a c.€3.0 billion portfolio comprising 
more than 175 inﬁ ll urban assets, concentrated 
primarily in the most diﬃ  cult to penetrate key 
gateway cities of London, Paris and Berlin.  
Valor launched its ﬁ rst partnership with QuadReal in 
November 2020 with an initial €1 billion JV. In just 
over 12 months, the majority of the commitment 
had already been deployed, with the JV completing 
27 investments totalling €1 billion gross asset value 
across three million square feet and approximately 50 
buildings. The portfolio is well balanced across Europe’s 
most competitive urban logistics markets, with 14 
investments in London, six in Paris, three in Berlin, 
two in Lyon and a single acquisition in Birmingham.
In early 2022, Valor and QuadReal launched 
a second Joint Venture to invest a further 
€3 billion in urban logistics assets. The new 
vehicle’s value-add and development strategy will 
continue to focus on industrial assets in and close 
to major metropolitan areas, including ‘last mile’ 
logistics, as the fundamentals of the sector solidify 
around structural e-commerce acceleration and 
the long-term attrition of industrial stock.
QuadReal brings its extensive experience in 
the sector with a portfolio of 100 million square 
feet of industrial and logistics facilities across 
global markets. Valor will be responsible for 
sourcing investments and managing the portfolio, 
leveraging its signiﬁ cant experience acquiring, 
developing in-house and managing inﬁ ll 
logistics assets.
ABOUT VALOR
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VIQR PORTFOLIOS ESG REPORT 2023

At Valor we believe that our business performance 
and ESG performance go hand in hand. One cannot 
thrive without the other. We need to ensure that 
we conduct business in a way that is ﬁ nancially, 
environmentally and socially sustainable in the 
short, medium and long term.
The extreme weather experienced in many regions 
in 2022 underlines the need for urgent action to 
tackle the climate emergency. The science is clear: 
we are at a pivotal moment and the next ten years 
will be crucial to protect the future of our planet. 
No one can tackle this global challenge alone – 
we need businesses, governments and society 
to work together. 
We have increased our focus on ESG over the past 
year. We will monitor progress and report annually. 
Our most recent ESG driven success projects have 
been focussed on ﬁ ve main areas:
NOTES FROM OUR MANAGING PARTNER
•  Aligning our French assets to comply with the new 
and emerging legislation of Le Decret Tertiaire; 
•  Identifying sustainable building improvements on 
refurbishments to improve EPC ratings wherever 
possible; 
•  Undertaking BREEAM feasibility studies on 53% of 
the development and refurbishment assets based 
on total development and refurbishment asset 
ﬂ oor area coverage; 
•  Including data sharing clauses in new leases; and
•  In December 2020, Valor secured its ﬁ rst 
impact loan from Acoﬁ  Gestion, with speciﬁ c 
environmental criteria linking improvements made 
to its assets to step downs in margin. It is also a 
milestone for Acoﬁ  as the ﬁ rst real estate impact 
loan underwritten by a non-bank lender in France. 
The ESG criteria were devised collaboratively 
between Acoﬁ  and Valor and accredited by 
EthiFinance, a ﬁ nancial analysis and consulting 
agency. The loan aligns with Valor’s sustainability 
objectives and supports the Company’s industrial 
inﬁ ll strategy which combines improving asset 
quality to deliver environmentally sustainable 
buildings in urban locations whilst delivering 
outsized returns to investors.
Going forward, we have chosen to participate in 
GRESB which will help align our ESG strategy to 
best practice. Our belief is that a company cannot 
be sustainable by focusing solely on environmental 
concerns; we must also nurture the human side of 
our business by fostering among our employees, 
tenants and communities a culture of equality 
and inclusion. 
This report highlights our continuing eﬀ orts to 
make a positive impact on society as a whole 
through our ESG programme. 
CHRISTIAN JAMISON, 
MANAGING PARTNER, 
VALOR
“ A COMPANY CANNOT BE 
SUSTAINABLE BY FOCUSING 
SOLELY ON ENVIRONMENTAL 
CONCERNS; WE MUST ALSO 
NURTURE THE HUMAN SIDE 
OF OUR BUSINESS.”
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VIQR PORTFOLIOS ESG REPORT 2023

This report outlines our initial forward-looking 
perspective of our activities in the ﬁ eld of 
sustainability, and therefore highlights those issues 
that we view as most critical at present. 
To determine the issues that are most appropriate 
to QuadReal and Valor, we conducted a materiality 
assessment. The process of the materiality 
assessment considers:
•  The importance of ESG issues to QuadReal 
and Valor; and
•  Stakeholders’ expectations on QuadReal’s and 
Valor’s decisions relating to sustainability topics.
The results of the materiality assessment set 
the foundations for an eﬀ ective and relevant 
ESG strategy by identifying topics that are 
important to Valor, our business strategy and 
our stakeholders.
As a result of our materiality assessment, based 
on 15 consolidated ESG issues, we have identiﬁ ed 
the topics that are most material to us. The 
breakdown of the material topics can be found 
in the graphic. Issues appearing on the top right 
quadrant are issues that Valor consider to be the 
most material to its stakeholders and operations. 
Despite the remaining topics falling outside the 
top right quadrant, we will continue to monitor 
and manage them closely as part of our ESG 
roadmap. The viability of our roadmap will 
be reviewed annually.
The next steps for us – as highlighted later in 
this report – indicate the immediate actions and 
commitments we are making to ESG. Valor will 
update on progress against these aspirations, as 
well as review the materiality assessment on a 
frequent basis, to ensure we continue to develop 
on our ESG starting position and focus our eﬀ orts 
in the right areas as both market and stakeholder 
opinions change.
MATERIALITY 
ASSESSMENT
Higher interest
Manage Closely
Monitor
Focus Area
Manage Closely
Lower interest
Preservation
Enhancement
Relevance to stakeholders
Environmental
Water Use
Biodiversity
Sustainable 
Procurement
Energy and 
Carbon Emissions
Eﬃ  cient Buildings and 
Certiﬁ cation
Climate Changes 
and Resilience
Materials Usage 
and Waste
Health, Safety 
and Wellbeing
Employment, Skills, 
Diversity & Equity
Industry 
Partnerships
ESG Integrated 
InvestmentProcess
Disclosure
Good
 Governance
RELEVANCE TO BUSINESS MODEL
Social
Governance
Human Rights 
and Ethics
Communities and 
Social Inclusions
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VIQR PORTFOLIOS ESG REPORT 2023

Implementation of a structured strategy to 
address ESG is new to Valor. However at the asset 
level we have always considered how to make 
assets more sustainable. To provide an insight into 
the impactful work we have been doing across the 
QuadReal Joint Ventures over the last 12 months, 
we have provided three case studies.
As a number of Valor’s initiatives demonstrate, 
future prooﬁ ng can lead to a range of positive 
outcomes — not just in terms of making buildings 
more eﬃ  cient and environmentally friendly, but 
also by adding value for local communities.
RECENT ESG PROJECTS
In February 2023, we completed an extensive 
refurbishment of an industrial asset at Oscar 
House, Birmingham. 
Integrating sustainability into the refurbishment 
was a priority for us, with key initiatives built 
in as follows:
•  Refurbished an existing building rather than 
a new build.
•  Replaced the rooﬂ ights to increase natural light 
into the building to minimise electricity usage.
•  Installed LED dimmable lights in the oﬃ  ce 
areas, controlled via PIR/daylight sensors.  
•  Installed ASHP as VRF for the oﬃ  ce areas and 
omitted the use of fossil fuels from the site 
with the exception of the capped gas for future 
tenant use.
•  Prioritised fabric energy eﬃ  ciency and air 
tightness to reduce energy demand as far as 
possible.
•  Installed four EV charging points to futureproof 
advances in vehicle type. 
•  Installed a cycle shelter to encourage reduced 
reliance on cars. 
•  Identiﬁ ed sustainable building improvements 
that resulted in an improvement of EPC rating 
from a D to an A. 
•  Included a green clause in the lease, mandating 
the sharing of the tenant’s environmental 
performance information on a regular basis. 
OSCAR HOUSE, BIRMINGHAM
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VIQR PORTFOLIOS ESG REPORT 2023

Valor and GEFEC designed this project in order to meet the economic 
aspirations of the area and to satisfy the growing demand for business 
premises from SMEs in the inner suburbs of Paris. The development will 
further expand Valor’s footprint, where land availability for urban logistics 
infrastructure is severely limited.
Valor wishes to provide a quality workplace that perfectly meets the needs 
of a future tenant by creating a pleasant environment through the thoughtful 
design of the oﬃ  ces, with particular attention to the landscaping, as well as 
the establishment of numerous green spaces on site.
Reclaiming brownﬁ eld sites is at the heart of our ESG strategy, allowing us 
to improve the environmental footprint for our developed buildings while 
contributing to the enhancement of the cities in which we operate. We are 
targeting a BREEAM New Construction ‘Good’ rating and plan to:
•  Install EV chargers, cycle racks, 
lockers, LED lights and low ﬂ ow 
toilets/taps/showers. 
•  Ensure that 95% of the oﬃ  ces 
have a view of the outdoors.
•  Undertake a thermal comfort 
analysis, including climate 
change scenarios.
•  Install meters and sub-meters 
for all ﬂ oors and tenant spaces 
and connect them all to BMS in 
the future. We will do the same 
for water, except only install 
submeters where consumption 
is over 10% of the total building 
consumption.
•  Automate exterior lighting and 
limit it to hours between 7am 
and 11pm.
•  Assess the viability of installation 
of renewables.
•  Install a leak detection system and 
solenoid valves in each toilet block.
•  Install rainwater capture or drip 
irrigation for the landscaping to 
reduce water consumption.
•  Implement a responsible sourcing 
charter and the use of responsibly 
sourced wood.
•  Undertake a physical climate risk 
analysis and noise impact study.
• I mplement our Ecologist’s 
recommendations, provide 
training and awareness raising 
on biodiversity and develop a 
biodiversity monitoring plan.
LIMEIL-BRÉVANNES, PARIS
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VIQR PORTFOLIOS ESG REPORT 2023

JENKINS LANE, BARKING
Valor are in the process of developing a last mile 
logistics project due for completion in 2024.
The estate comprises four brand new Grade 
A speculatively developed warehouses of 
steel portal frame construction. Each of the 
warehouses are detached with extensive secure 
yards and separate staﬀ  car parking.
The warehouses will be highly energy eﬃ  cient 
and targeting both an EPC A and BREEAM 
‘Excellent’ rating.
 The units will include ESG credentials such as:
•  EV charging stations.
•  PIR controlled LED lighting.
•  PV roof panels.
•  Water saving technologies.
•  Thermally eﬃ  cient cladding panels.
•  High air tightness to envelope/fabric to prevent 
temperature loss.
•  Rooﬂ ights installed to reduce use of artiﬁ cial 
lighting.
•  Encouraging use of sustainable transport.
•  Green roofs to cycle shelters.
•  All materials responsibly sourced and waste 
generated kept to a minimum and recycled 
where possible.
•  Encouraging tenants to use neighbouring 
green spaces.
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VIQR PORTFOLIOS ESG REPORT 2023

ESG STRATEGY
In 2023, we will be strengthening the formal 
structure of our ESG strategy, laying out a detailed 
time-bound roadmap for taking action and meeting 
key deliverables that have long-term sustainable 
outcomes over the next one to two years.
DISCLOSURE
We are committed to disclosing our sustainability 
performance to our interested stakeholders of the 
VIQR portfolios. The table below summarises the key 
avenues for disclosure we believe are fundamental 
to advancing our ESG credentials.
Valor is committed to increasing the emphasis we 
put on ESG at asset, fund and corporate levels to 
generate greater impact for our employees, tenants 
and wider communities. 
We have set out speciﬁ c objectives based on 
the material issues identiﬁ ed in our materiality 
assessment, which Valor will start to address 
and implement from 2023.
In our next ESG report in 2024, we will outline 
annual progress we have made against our 
objectives throughout 2023. Each subcategory 
(right) provides more detail on the speciﬁ c 
objectives we have proposed.
FUTURE ESG PROGRAMME
OBJECTIVE
FURTHER DETAIL
Report annually to the 
Global Real Estate Sustainability 
Benchmark (GRESB).
We will report to GRESB annually, which we recognise as the market based leader 
in ESG performance data and peer benchmarking.
In 2023 we will complete our ﬁ rst submission to GRESB. This will be for our 
operational assets only. We aim to use this assessment to identify areas for 
improvement based on gaps identiﬁ ed.
As we are a value add fund, we naturally have a number of developments and/or 
major refurbishments which fall out of the typical operational asset scope. We will 
investigate completing the Development module in future submissions to further 
inform ESG strategy developments.
We will report on our 2023 GRESB results in our 2024 ESG report.
Valor is based in the UK and due to investment raising approaches has no 
mandatory requirement to observe SFDR at present. However, in order to promote 
transparency to a broad spectrum of stakeholders, we are currently seeking advice 
on how to best position our existing and future funds.
Review the Sustainable Finance 
Disclosure Regulations (SFDR) and 
the EU Taxonomy, and consider the 
industry-wide approach to these 
issues, enhancing Valor’s disclosure 
where possible.
Valor is based in the UK and, due to investment raising approaches, has no 
mandatory requirement to observe SFDR at present.
We are also not currently obliged to publish non-ﬁ nancial information pursuant to 
Article 19a or Article 29a of Directive 2013/34/EU (EU Taxonomy KPIs). Despite 
this, we acknowledge the increased attention given to this subject matter. At this 
point in time, we are reviewing responses from the wider real estate industry and 
will adopt appropriate practices in the future.
In addition, we will monitor our compliance with other pieces of legislation, notably 
the UK’s upcoming Sustainable Disclosure Requirements (SDR).
Third-party support on these topics is being used to aid our compliance.
Look into the viability of becoming 
a Principles for Responsible 
Investment (PRI) signatory.
The PRI is the world’s leading proponent of responsible investment.
We will explore what the PRI requires to be a signatory to determine if/when this 
disclosure is practical for Valor as we move forward on our ESG journey.
10 VIQR PORTFOLIOS ESG REPORT 2023

OBJECTIVE
Create an acquisition due diligence 
checklist to screen new acquisitions 
for ESG and physical/transitional 
climate related risks.
As the QuadReal Joint Ventures are a value-add 
fund, the majority of the buildings that we acquire 
tend to be old building stock that we renovate or 
redevelop to increase operational eﬃ  ciencies and 
overall asset quality. We are an active manager/
developer of real estate, so we see poorly 
performing ESG assets as an opportunity to 
improve the stock in the market and the impact 
our industry has on the environment. Disregarding 
those assets and leaving them in disrepair just 
exacerbates the problem.
This presents an ideal opportunity to address 
ESG. Currently, ESG screens in due diligence 
are undertaken; for instance, we will look at 
rating systems e.g., MEES risk in the UK, and 
general building measures. We look towards 
strengthening our process in the upcoming 
months to a formalised methodology that 
considers material issues and includes a potential 
refurbishment programme to enhance an asset’s 
ESG contribution where applicable. Reviewing 
new acquisitions against a sustainability checklist 
will play a crucial role in helping us assess the 
required future changes to an asset to reach our 
sustainability aspirations. It will also allow us 
to align with key reporting metrics such as 
NZC or GRESB in the future, as we will be able 
to carefully consider and assess assets that enter 
our portfolios against a broader range of risks 
and opportunities.
We are obtaining advice from a third-party
to develop this to best practice.
ACQUISITIONS
11 VIQR PORTFOLIOS ESG REPORT 2023

OBJECTIVE
FURTHER DETAIL
Create a development and 
refurbishment brief to track and 
implement for new projects through 
all stages of the development and 
refurbishment lifecycle.
We are keen to standardise our process 
to ensure project teams working on 
our development and refurbishment 
projects are maximising sustainability 
improvements wherever possible and are 
able to track and monitor this accordingly 
through to practical completion.
Create a sustainable ﬁ t out guide 
to distribute to any new or existing 
tenants to guide the ﬁ t out of
their units.
Providing tenants with additional 
guidance on the who, how, why and 
when will help to provide inspiration 
for tenants when they are making 
those important decisions and looking 
for recommendations on sustainability 
initiatives to improve the quality 
of their space.
Developing and refurbishing assets is fundamental to 
what we do as a business. At present, each development 
or refurbishment is dealt with on an individual basis and 
sustainability considerations are largely informed by 
the planning requirement of that particular area. 
However, even where green building certiﬁ cation is 
not mandated by the planning authority, we typically
assess whether it is ﬁ nancially viable to apply BREEAM 
certiﬁ cation or its principles. Where reasonably 
practicable and economic, we will align with BREEAM 
or other appropriate certiﬁ cations for new developments 
and major refurbishments from 2023. Documented 
‘minimum standards and guidelines for developments 
and refurbishments’ are currently in production.
Tenants have the responsibility of ﬁ tting out their 
own units once leased. As part of our future ESG 
strategy, we will provide information to our tenants 
on sustainable ﬁ t outs. 
DEVELOPMENT AND 
REFURBISHMENTS
12 VIQR PORTFOLIOS ESG REPORT 2023

For our assets that are in operation, our focus areas will centre around data management and stakeholder engagement as outlined in the table below. 
OPERATIONS
ENERGY, WATER AND WASTE
OBJECTIVE
FURTHER DETAIL
Liaise with tenants to request their 
data (energy, water and waste) for all 
operational assets within the portfolios.
Together with our third party ESG consultants, EVORA Global Limited and CBRE Sustainability, we have 
started to create a data collection strategy to request the data from our tenants to maximise our data 
coverage for the 2023 GRESB submission.
As a minimum, undertake annual data 
collection and analysis process.
We will continue to establish a more structured tenant data collection programme with Property Managers to 
increase the quantity of tenant data received. 
We will explore the options of undertaking a quarterly or six-monthly data collection process with our 
tenants, looking at gaps and variances (once suﬃ  cient data is available) within the data to better understand 
the trends in consumption usage.
This approach will also help inform progress against future NZC commitments.
Onboard assets to a data 
management platform for all utilities.
Valor will explore data management platforms to centralise data storage and aid better data tracking, rather 
than relying on spreadsheets/email correspondence.
Determine and track if tenants are on 
a green tariﬀ . If not already, work with 
tenants to see if they would consider 
moving to a green tariﬀ .
At present we do not track this metric as the decision lies solely with the tenant. 
We will liaise with our tenants to determine the current position across our tenant base and encourage a 
switch to help reduce the carbon footprint of our portfolios.
Review the feasibility of rollout of 
additional solar PVs on viable roof 
space.
It is our responsibility as a landlord to help our occupants decrease their energy, fuel use and emissions. We 
are supporting this by investing in carbon-cutting solutions. We have already installed or will be installing 
solar PVs on the roof at ﬁ ve of our assets including:
• Barking, New England – installing as part of ongoing redevelopment
• 5A Canning Town
• Jenkins Lane, Beckton – due to install once we commence development
• Lydden Rd, Wandsworth – due to install once we commence redevelopment
• Units 29&30 Gemini Business Park, Beckton
Undertake an energy label and green 
building certiﬁ cation review where 
appropriate to identify any potential 
areas for improvement.
We obtain mandatory energy labels for our assets and monitor against any minimum standard requirements 
(e.g. MEES). We will continue to monitor energy certiﬁ cate expiries and legislative changes. We will engage 
with our tenants to progress improvement opportunities to track areas for improvement, which we will record 
in our asset level Sustainability Action Plans (see Sustainability Action Plans section).
13 VIQR PORTFOLIOS ESG REPORT 2023

OBJECTIVE
FURTHER DETAIL
Deﬁ ne a formal tenant 
engagement programme that 
includes ESG speciﬁ c issues, 
including post-occupancy 
evaluation.
We are creating a formal tenant 
engagement programme to 
better facilitate communication 
and provide a path for tenant 
indicators, needs, concerns and 
suggestions to be integrated 
into operational and ESG 
decision-making.
Issue tenant satisfaction 
surveys every three years 
as a minimum, considering 
metrics such as overall 
satisfaction, satisfaction with 
communication and property 
management (aligned to 
GRESB requirements). 
We gather feedback informally 
via Property Managers. 
However, by undertaking regular 
tenant satisfaction surveys 
we would be able to formally 
understand critical issues within 
the portfolios and increase 
tenant satisfaction, which 
may ultimately contribute to 
improving retention rates and 
enhancing productivity.
Create a green lease template 
with a comprehensive set of 
recommended clauses for 
Asset Managers to include in 
all new tenant contracts and 
when old leases are being 
renewed/renegotiated.
At present only data sharing 
clauses on very recent new 
leases have been used. We are 
ready to explore the potential 
of including additional green 
clauses in our contracts where 
appropriate/feasible.
STAKEHOLDER ENGAGEMENT
14 VIQR PORTFOLIOS ESG REPORT 2023

A Sustainability Action Plan (SAP) 
is an action plan of sustainability 
requirements and initiatives at 
an asset level. 
We currently track CAPEX at an 
asset level at acquisition and in 
our business plans. 
To help centralise sustainability 
initiatives and drive asset performance 
improvement we will develop a template 
SAP to roll out across our portfolios. 
The SAP will:
•  Help to provide clarity on an asset’s sustainability plan;
• Enable us to quickly identify the gaps;
•  Spark discussions on where certain initiatives may 
well be of beneﬁ t; 
•  Determine when things are up for renewal; 
•  Support asset business planning and our anticipated 
NZC programme.
SUSTAINABILITY ACTION PLANS
As mentioned previously in this report, the net zero transition 
is a major focus area for us and we are fully committed to taking 
the next steps in decarbonising our portfolios.
QuadReal’s Joint Ventures plan to have an NZC strategy in place 
by 2025 and to be net zero by 2050. Therefore, we will explore the 
feasibility of aligning our portfolios with these targets.
We are working with a third-party advisor to progress our net zero 
ambitions. We will report on our progress in the development of 
our NZC strategy in the 2024 ESG report. 
NET ZERO CARBON TRANSITION
OBJECTIVE
Explore decarbonisation of our 
portfolios by 2050.
OBJECTIVE
Develop an asset level SAP template that will 
be applied to each asset in the portfolios.
“ THE NET ZERO TRANSITION 
IS A MAJOR FOCUS AREA 
FOR US AND WE ARE 
FULLY COMMITTED TO 
TAKING THE NEXT STEPS 
IN DECARBONISING 
OUR PORTFOLIO.”
15 VIQR PORTFOLIOS ESG REPORT 2023

HEALTH, SAFETY AND WELLBEING
We recognise that our buildings 
have human impacts both inside 
and outside their walls and that the 
importance of health and wellbeing 
should be just as much at the 
forefront as the E of ESG. We want 
to further explore how we can put 
the S into the spotlight to construct 
healthy building spaces.
As a logistics portfolio, having 
excellent health and safety 
practices lies at the centre of the 
work we do. We had zero reportable 
incidents on our development 
sites throughout 2022 which is 
a testament to the good quality 
contractors we employ at our sites. 
Our relationships with suppliers are instrumental 
to our success. We need to know who we are doing 
business with, and who is acting on our behalf, so we: 
•  Choose suppliers based on principles that make sure 
we act ethically and responsibly; 
•  Choose suppliers with specialist knowledge within the 
industrial sector and that we have had past positive 
experiences with; and
•  Undertake due diligence on suppliers before and 
af er we sign a contract covering ﬁ nancial health, 
anticorruption and bribery, and whether they meet 
our standards on areas such as quality management.
We are reviewing how we can create a more 
distinct supplier selection process and a supplier 
Code of Conduct.
OBJECTIVE
Develop an asset level 
health and wellbeing 
framework.
Create a supplier Code 
of Conduct.
Assess opportunities to 
use health and wellbeing 
certiﬁ cation schemes
Our intentions going forward are to:
•  Understand the fund-level exposure 
to climate-related issues as outlined 
by the TCFD.
•  Identify ﬁ nancial risks and 
opportunities resulting from their 
exposure to climate related issues. 
•  Appropriately manage climate related 
risks to improve our resilience to 
future climate change.
We intend to work constructively 
with the TCFD, and others, to develop 
good practices and standards for 
transparency despite not currently 
being obligated. 
Regulations and a desire to understand 
and manage climate risks are driving real 
estate asset managers to the Task Force 
on Climate-related Financial Disclosures 
(TCFD) reporting. 
Valor is not, at present, obligated to 
report aligned to TCFD requirements. 
However, we understand the impact of 
climate change and want to do our part 
in addressing this issue to better manage 
the investment risk from climate across 
our portfolios. Making sure we are 
prepared for the eﬀ ects of more extreme 
weather and recognising the need to 
transition to a low carbon economy 
is essential to remain resilient to the 
impacts of climate change. 
CLIMATE CHANGE AND RESILIENCE
16 VIQR PORTFOLIOS ESG REPORT 2023

“ WE ACTIVELY ENCOURAGE 
EMPLOYEES TO ATTEND WIDER 
INDUSTRY ESG-RELATED 
TRAININGS, EVENTS AND 
CONFERENCES."
OBJECTIVE
Over the coming years, we will explore the viability of ISO14001-alignment for the VIQR portfolios. 
Appoint an ESG committee for the development and implementation of ESG at Valor containing 
members from diﬀ ering levels of seniority, in tandem with the two appointed ESG representatives.
 This Committee is to meet on a quarterly basis as a minimum.
Conduct ESG training for relevant staﬀ  at least once per year to disseminate 
knowledge across the business on relevant topics. 
Actively encourage employees to attend wider industry ESG-related trainings, events and conferences.
To manage ESG for Valor, we have appointed two 
representatives responsible for coordinating ESG 
across the business. 
To further strengthen our corporate governance we 
will seek to meet the following objectives over the 
next twelve months:
CORPORATE GOVERNANCE
17 VIQR PORTFOLIOS ESG REPORT 2023

We are expanding our metrics to monitor diversity and 
socioeconomic background in our headcount as part of 
our HR onboarding process.
We recognise that we still face signiﬁ cant challenges 
in trying to address gender and ethnic imbalance both 
within our own organisation, as well as in the wider 
real estate industry more generally. Therefore, to 
encourage people from diﬀ erent age ranges, diversities 
and socioeconomic backgrounds, we have started to 
diversify our recruitment strategy by using recruitment 
companies less and promoting our roles on LinkedIn to 
reach a broader range of candidates. We have already 
noticed a diﬀ erence in the range of candidates applying.
The continued health and wellbeing of our staﬀ  is pivotal to the 
success of our business. Our End of Year Review process provides 
the opportunity for staﬀ  to deliver constructive feedback to senior 
management conﬁ dentially on improvements that could be made to 
current project/workstream processes and the business as a whole. 
We are investigating how we can formalise our process to better 
prompt thought through a programme that assesses Valor’s speciﬁ c 
health and wellbeing needs and enables us to set appropriate goals 
and identify the actions that are required for us to meet them.
To support employee health and wellbeing, in 2022 Valor held 
a two-day companywide event at the Four Seasons Hotel in 
Hampshire. This is an annual event to promote team building and 
provide an active forum for staﬀ  from diﬀ erent departments and 
levels to get to know each other outside of the normal oﬃ  ce setting. 
We also run virtual ﬁ tness challenges via ‘GoJoe’ – a social 
ﬁ tness app that can be used to support staﬀ  wellbeing through 
encouraging exercise and movement and building a stronger 
workplace community. The app uses teams and activities, as 
well as content from Olympians, experts and personal trainers, 
to connect and motivate everyone, regardless of ﬁ tness level. 
In April the Valor Spring Challenge will commence with all Valor 
colleagues invited to take part.
Our ambition is only as strong as the foundations 
we are built on, and our colleagues have been 
fundamental to our accomplishments to date. 
Engaging with them is crucial to achieving 
a culture where they can ﬂ ourish and fully 
contribute towards realising our purpose, 
ambition, strategy and long-term success. 
As at 31 December 2022, we employed 
49 full-time employees across the UK, 
France and Germany.
DIVERSITY, INCLUSION, 
ACCESSIBILITY AND EQUALITY
At Valor, diversity, inclusion, accessibility 
and equality is important to us. Our employee 
breakdown as of 31st December 2022 was 
20% female and 80% male, with an age 
distribution of:
EMPLOYEES
• 18-26: 7 employees
• 27-35: 32 employees
• 36-45: 9 employees
• 46-55: 1 employee
OBJECTIVE
Continue to monitor gender diversity
 in our headcount
Monitor diversity and socioeconomic 
background in our headcount.
49
PEOPLE
18 VIQR PORTFOLIOS ESG REPORT 2023

Valor, as a socially responsible organisation, recognises the beneﬁ t that charities bring to society. 
We provide ﬁ nancial support to the Academy of Real Assets, and we have one staﬀ  member on 
their Youth Board. The charity works with local partners such as schools, community groups and 
Premier League Football Club Foundations to educate school leavers about careers in real estate, 
and has enabled us to have a positive impact on disadvantaged students. We also consider the
Academy of Real Assets to be a means to improve diversity across the real estate sector over 
the long term.
We are planning our ﬁ rst Valor community day in 2023 and actively encourage fundraising 
for our charities e.g. London Marathon. 
CHARITY AND VOLUNTEERING
“ VALOR, AS A SOCIALLY 
RESPONSIBLE ORGANISATION, 
RECOGNISES THE BENEFIT 
THAT CHARITIES BRING 
TO SOCIETY.”
OBJECTIVE
Consider providing employees with an allotted number of volunteering hours within the 
working day each year to encourage mentoring and volunteering opportunities.
Encourage staﬀ  to give to charity.
19 VIQR PORTFOLIOS ESG REPORT 2023

RATING
PORTFOLIOS 
BY FLOOR AREA
A
3.0%
B
13.1%
C
17.0%
D
5.3%
E
2.5%
F
0.0%
G
0.2%
Expired EPC / EPC unavailable
58.9%
Total
100%
Coverage
41%
Valor works actively to access relevant data for the properties 
that we own and manage. Having access to data for all assets 
within the QuadReal Joint Ventures is essential to Valor, as 
this information provides the foundation for our reporting 
and the eﬀ ective technical management of our buildings. 
Valor constantly strives to access all relevant data as 
comprehensively as possible, and is committed to liaising 
with tenants frequently to gather it. 
Within the QuadReal Joint Ventures, the ‘operational control’ 
of all assets is entirely passed to the tenant (e.g. FRI leases). 
There are no assets where the landlord, i.e., Valor, are in 
operational control within this report. It is important to 
highlight that not all tenants are legally obligated to provide 
environmental data to the landlord under their current leases, 
which inevitably causes signiﬁ cant challenges in obtaining 
QuadReal Joint Ventures’ tenant data. Consequently, only 
partial environmental performance data from the tenants 
has been provided. 
Valor is reliant on tenants supplying data to complete 
submissions. We will continue to collect and chase our tenants 
on their energy performance data as we work towards our ﬁ rst 
GRESB submission for operational assets in July 2023. Moving 
forward, for all new tenant contracts and when old leases with 
tenants are being renewed/renegotiated, we will endeavour to 
include a green clause on mandatory data sharing to support 
us in increasing data coverage across the portfolios. 
Appendix A provides examples of the reporting tables that we 
will seek to populate in next year’s ESG report. In these tables, 
we aim to capture absolute and like-for-like performance for 
energy, greenhouse gases (GHGs), water and waste usage 
across the portfolios and the coverage of assets within the 
reporting boundaries set.
Valor has total visibility from our tenants on Energy 
Performance Certiﬁ cates (EPCs) and Green Building 
Certiﬁ cates (GBCs). In the EPC and GBC tables, we have 
broken down the percentage of ﬂ oor area that has EPC 
and GBC coverage.  All assets within the QuadReal Joint 
Ventures have been scoped in, regardless of refurbishment 
and development status to provide a complete overview 
of total fund coverage. 
ESG PERFORMANCE MEASURES
ENERGY PERFORMANCE CERTIFICATE (EPC) COVERAGE
•  EPCs are reviewed at the unit level due
 to individual units within the overall asset 
having separate EPCs. 
•  EPC coverage is calculated as at 31st 
December 2022 by the VIQR portfolios’ 
ﬂ oor area.
•  The coverage includes all assets in the 
fund, regardless of refurbishment and 
development status. 
•  For the units that are categorised as 
a major refurbishment or development, 
currently 1.2% of EPCs are certiﬁ ed as D, 
2.0% are certiﬁ ed as an E, 0.6% are 
certiﬁ ed as a G and the remaining 96.2% 
of units currently have an expired EPC 
or no EPC. Following the completion of 
the refurbishment/development of these 
units Valor will certify these units, thereby 
increasing the total coverage of EPCs across 
the portfolios as well as increasing the 
percentage of units with a higher EPC rating.
•  German EPCs do not have a letter rating 
system used in certiﬁ cation, rather they 
are given an energy intensity measure and 
a comparable benchmark ﬁ gure. An inhouse 
conversion process has been applied to these 
outputs to give an indicative A-G rating. With 
this approach it has been possible to plot 
all EPCs on the same scale and provide an 
indication of the EPC distribution. 
LETTER 
RATING
% OF BENCHMARK 
SCORE
A
0 – 49
B
50 – 74
C
75 – 99
D
100 – 129
E
130 – 159
F
160 – 199
G
200 +
20 VIQR PORTFOLIOS ESG REPORT 2023

•  BREEAM in Use GBCs are reviewed at the unit level due to individual units within the overall 
asset having separate GBCs. 
•  GBC coverage is calculated as at 31st December 2022 by the VIQR portfolios’ ﬂ oor area. 
•  Unit 29 and 30 of Gemini Business Park has been certiﬁ ed across the portfolios.
•  The coverage above includes all assets in the fund, regardless of refurbishment and 
development status.
•  Where units are being refurbished and developed, Valor are currently undertaking 
feasibility studies for future BREEAM assessments post completion of the refurbishment. 
The % breakdown of ongoing feasibility studies for the portfolios has been added but do 
not constitute as a GBC and therefore is not added to the total coverage percentage.
RATING
PORTFOLIOS 
BY FLOOR AREA
BREEM In Use | Excellent
1.5%
Ongoing Feasibility Study
27.1%
No Green Building Certiﬁ cate
71.4%
Coverage
1.5%
GREEN BUILDING CERTIFICATE (GBC) COVERAGE
“ WHERE UNITS ARE BEING 
REFURBISHED AND 
DEVELOPED, VALOR ARE 
CURRENTLY UNDERTAKING 
FEASIBILITY STUDIES 
FOR FUTURE BREEAM 
ASSESSMENTS POST 
COMPLETION OF THE 
REFURBISHMENT."
21 VIQR PORTFOLIOS ESG REPORT 2023