Pandox aims to work proactively to reduce our environmental impact. Together with our partners and tentants, we invest in our properties to improve energy and resource efficiency, and secure the long-term value of the property.
Most of Pandox environmental impact is on the account of properties. To take responsbility for our impact, we started a pilot study for five hotels to become certefied in BREEM, the most established sustainability standard in Europe. The pilot study will continue through 2019 before being evaluated. Our thesis is that the certification will not lead to more efficient resource use and reduced operational costs, but it will make the properties more attractive to tenants.
Cooperation with strong business partners
Working with our partners and tenants is key to evolving our properties to be more sustainable. Since 2017 Pandox is working with Scandic on a joint investment project to upgrade 19 hotels in Northern Europe and reducing the hotels' environmental impact. The renovations include replacing mixer taps and shower heads to reduce water consumtion. In 2018, the average reduction of water consumption was 25 percent.
During 2018, we invited our biggest business partners to disucss green leases. The idea of green leases is to jointly identify solutions to reduce the environmental impact of properties in a proactive way. The costs of new technical installations and maintenance are shared between Pandox and the business partner. The first pilot project is aimed to launch during 2019.