UNDERPINS COMMITMENT TO GREENING PORTFOLIO

Toronto, Ontario, Oct. 1, 2009 – GE Capital Real Estate today announced, as part of its commitment to reducing the environmental footprint of its portfolio, twenty-five Canadian properties have achieved the Building and Owners Manager Association of Canada’s BOMA BEST certification. 

In Toronto, these include 2 St. Clair Avenue East, 30 St. Clair Avenue West and 21 St. Clair Avenue East where waste diversion increased by between 10.8% and 16.3%. Recycling programs at these assets ensure that of the 36 tonnes of waste generated monthly only 3.8 tonnes ends up in a landfill.

The BOMA national certification programme recognizes and rewards environmental leadership in real estate.  It highlights the importance of saving energy and reducing greenhouse gas emissions that contribute to climate change.

“We are committed to achieving BOMA BEST certifications across our portfolio and intend to have more than 30 of our properties gain the status by the end of 2009,” said Kathy Lee, managing director and general manager of GE Capital Real Estate Canada.  “The greening of our real estate portfolio is a major project at GE Capital Real Estate and BOMA’s recognition marks a milestone for our sustainability initiative.”

In 2008, GE Capital Real Estate announced it had identified five of its operating platforms around the world to lead an initiative to embed sustainability into its investment processes from origination of investments to underwriting, due diligence and asset management. 

As part of that program, the Canadian team analyzed the potential impact of targeting six key Toronto assets.  By retrofitting lighting and installing more energy efficient heating and cooling devices, GE Capital Real Estate has reduced the amount of CO2 emitted by over 63 tonnes annually.

“Our Canadian sustainability team has worked tirelessly to enhance the environmental performance of our assets,” said Ron Pressman, president and CEO, GE Capital Real Estate.  “By working with our building’s tenants and staff we have significantly reduced our impact on the environment, positively affected the health of our tenants and improved the value of the properties.”