Tower has adopted an active strategy of ‘greening’ properties over time. The initial focus is on improving energy efficiency, which results in savings in electricity costs, thus making buildings more competitive and helping to “future-proof” them against future rises in tariffs.
Basic energy and water savings measures that can be implemented at low or no cost are being applied. Larger capital intense projects are reviewed on merit. The largest property, Cape Quarter, has recently installed solar on its total roof area at an IRR of 17%.
Buildings are benchmarked against the Green Building Council of South Africa’s ‘Energy and Water Benchmarking tool’ and their improvement in performance is monitored and reported on. These measures increase the competitiveness and values of buildings in Tower’s portfolio over time.
Tower owns a 5-Star Green Star SA-rated building, and a soon to be rated 6-Star (the highest level of rating) property and will continue to seek out green buildings (and “green” it’s current properties) in its future acquisitions (recognising, however, that stock is currently scarce).