Filinvest REIT secures EDGE certification for six Grade A properties
LISTED Filinvest REIT Corp. (FILRT) has secured the Excellence in Design for Greater Efficiencies (EDGE) certification for six of its properties as part of the company’s push for sustainable development.
In a regulatory filing on Wednesday, FILRT said the six EDGE-certified buildings are Vector One, Vector Two, Filinvest Two, Filinvest Three, Plaza A, and Plaza D, which are all located in Northgate Cyberzone, Muntinlupa City. The certifications were awarded on Sept. 22.
The EDGE-certified buildings, which are Grade A and Philippine Economic Zone Authority-accredited, represent 33% of FILRT’s nationwide office portfolio in terms of leasable area.
EDGE is a green building standard and certification developed by International Finance Corp. (IFC), which is a member of the World Bank Group. The certification helps property developers to build and brand “green” developments in a fast, easy, and affordable manner.
“Through our commitment to outstanding design and sustainability, FILRT proudly celebrates the recognition of our six EDGE-certified properties. These buildings, comprising a significant portion of our nationwide portfolio, showcase our vision to grow a trusted portfolio of sustainable commercial properties that enriches the lives and well-being of our community,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.
Northgate Cyberzone is an 18.7-hectare information technology zone. In 2001, IFC provided a $22 million loan to Filinvest Land, Inc. to assist in the development of Northgate Cyberzone.
“Within six months, FILRT’s six properties emerged as EDGE-certified, with an average consumption of 25% less energy, 39% less water, and 55% less embodied energy in embodied materials compared to other buildings in the Philippines. This was accomplished without any retrofitting work,” FILRT said.
Meanwhile, FILRT said it is seeking to secure EDGE certification for 74% of its projects in about two years based on its current office portfolio, to increase the target to about 67% in the next six months.
“Locators at these prime FILRT properties possess a distinct and key competitive advantage, validated by a third party, in operational efficiency and environmental sustainability,” FILRT said.
FILRT’s net income dropped 20.5% to P561 million in the first half from P706 million a year ago. The company is the real estate investment trust of Filinvest Land.
On Wednesday, shares of FILRT at the local bourse rose one centavo or 0.33% to close at P3.01 apiece. — Revin Mikhael D. Ochave
