At Redical, we acknowledge the real estate sector's impact on the environment and its contribution to climate change. We also recognise our responsibility to contribute positively to society. We understand that effective management is key to our sustained success and want to ensure that Redical’s growth positively impacts the communities our assets are part of.
This is why we strive to create innovative solutions and achieve outstanding environmental, social, and governance (ESG) performance. This dedication permeates every facet of our operations, from project design and construction to company management, stakeholder collaboration, and progress reporting.
This policy outlines our commitment to ESG. It is based on a materiality analysis, carried out in 2024, where we identified our impact on various issues across the environment, people, human rights, and corporate governance.
Environmental
We aim to operate highly energy-efficient assets while building energy resilience to support the transition to a Net-zero future. We will integrate climate mitigation and adaptation, waste management and water efficiency across our assets, providing long-term asset value appreciation.
Our objectives to achieve this are to develop an appropriate Net Zero goal guided by asset-level pathways, to explore targeted energy efficiency initiatives alongside on-site renewable energy generation, to consider integrating climate risk analysis into both entity and asset-level resilience planning, and to set minimum standards for recycling and water consumption at each asset.
Social
We aim to manage Health and Safety proactively; engage with the surrounding community and to prioritise DE&I, providing space for diversity to flourish.
To accomplish this, we propose to develop an asset-level community engagement action plan aligned with local authority priorities and social needs analysis; and to provide DE&I training whilst encouraging key staff members to be involved with DE&I initiatives within the industry.
Governance
We aim to comply with all legal and regulatory requirements and to embed ESG within our business through robust governance. Our goal is to ensure that each employee is proud to be part of the business and is offered tangible growth opportunities due to the equitable and positive company culture.
To realise this, we are creating and will maintain a strong ESG governance structure within our business. We also strive to utilise appropriate sustainability certifications to demonstrate the portfolio's credentials and commitment to sustainability leadership. All employees should have access to appropriate training plans and be able to feedback on our company’s culture.
We will periodically review and, as necessary, update this policy to ensure its alignment with evolving industry standards and best practices.
Redical ESG 2025 highlights:
Environment
- Continuing LED rollout supported by improved control across all assets driving energy reduction.
- Additional solar PVs at Victoria Gate doubled the total electricity generation compared to 2024.
- Begun investigations into BMS upgrades at The Liberty.
- Implemented improved waste management infrastructure in all mall areas.
- Recycling rates improved across all assets.
- Ensured compliance with Simpler Recycling regulations across all assets.
- Met our target for 100% coverage for electricity through improved tenant data collection by utilising ElectraLink to gather data directly from tenants.
- Increased EPC coverage, supported by improved EPC management across the portfolio to align with current MEES requirements.
- Increased uptake of EV charging and begun investigations to expand the capacity at two assets.
Social
- Across all assets, numerous events occurred; a few examples of the events are:
- The Liberty Christmas Grotto raised an incredible £15,187.50 for Saint Francis Hospice - a 6.5% increase on last year’s total.
- Nearly every month, there was a different charity event at Victoria Leeds, from school engagement events through to Fashion Shows and Choirs.
- Undertook a diversity and inclusion questionnaire to determine the current state of DE&I.
- Developed and implemented a company-wide DE&I policy.
Governance
- Asset-level sustainability committees have been established to support ESG initiatives, alongside tailored sustainability plans designed to maximise environmental and social impact.
- Refined and tailored the green lease framework to enhance its effectiveness in driving sustainable practices and outcomes across the portfolio.
- Achieved a 50% increase in our GRESB score for 2025, a real estate-specific sustainability benchmark.
- Achieved BREEAM-in-use across the full portfolio, achieving our goal of 100% of the portfolio covered by building certifications.
You can download a full report here