A new assessment tool has been launched to allow property fund managers to compare the environmental performance of international property portfolios.The Green Rating system, which had its UK launch last Thursday, has been jointly developed by ING Real Estate, Axa Real Estate Investment Managers, GE Real Estate, AEW Europe, Bureau Veritas and Investment Property .Databank.The group said the system would be better than rival rating systems LEED and BREEAM because, for the first time, it would let property owners compare the environmental performance of portfolios.Steve Smith, global head of asset management at Axa REIM, said the partners had been working on the system for more than a year and had been trying it out in the last six months. In total,120 buildings are expected to be assessed in 2009.
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