Real Estate Platform Precede Joins B Corp Community

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by KnowESG
KnowESG_Real Estate Platform Precede Joins B Corp Community
Image courtesy of https://www.aveda.co.uk/

Precede Capital Partners has received B Corp certification, highlighting its commitment to ESG principles and responsible business conduct.

This recognition is the result of a meticulous evaluation and verification process.

Administered by the esteemed non-profit organisation B Lab, B Corp certification is awarded to companies that adhere to standards of social and environmental performance, transparency, and legal accountability.

Despite over 1,100 UK-based businesses achieving B Corp status, as of February 2023, the real estate sector had fewer than 40 such firms, including a limited number of real estate investment managers.

Since its inception in March 2021 with the support of TowerBrook Capital Partners – the inaugural mainstream private equity firm globally to secure B Corp recognition – Precede Capital has introduced a proprietary Green Loan product. This financial offering provides incentives to developers to mitigate the heightened costs associated with constructing low-carbon, environmentally sustainable homes.

The firm's broader ESG framework focuses on integrating sustainability values into lending products and asset management services, fostering a values-driven culture with strong business ethics. This approach extends to investing in human capital both within and beyond the organisation.

These commitments are evident in Precede Capital's recent transactions; the firm extended a £227 million whole-loan facility to Downing Living for the First Street development in Manchester, featuring air source heat pumps, EV charging points, and rooftop solar PV provision.

Precede Capital is facilitating one of Birmingham's major regeneration projects with its £188 million whole-loan facility for the Great Charles Street development, aiming for BREEAM 'Excellent' certification in its commercial areas and expecting strong energy performance and a low Scope 1 and 2 emissions profile.

Karen Dunstan, General Counsel and co-founder of Precede Capital said, “We recognise the critical role of the built environment in addressing climate change. Consequently, we have built a platform with deeply ingrained social and environmental values guiding our business strategy. Achieving B Corp certification was a milestone we were determined to reach. By continuing to provide developers with financial incentives to meet pre-agreed sustainability targets, we contribute to forging a genuinely sustainable UK residential sector.”

Randeesh Sandhu, CEO and co-founder of Precede Capital said, “Establishing Precede with the backing of TowerBrook Capital Partners, the first mainstream private equity firm globally with B Corp recognition, reflects our commitment to placing ESG at the core of our approach. Almost three years since our inception, the business case for sustainable finance and lending opportunities is stronger than ever. With crucial regulations like the Future Homes Standard looming, we must empower our partners and future-proof their projects as part of the broader effort to address the pressing need for new homes in the UK.”

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Source: Precede Capital

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