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Natalie Tehrani Monfared
Insurance, Real Estate
UniCredit Bank, Munich
Am Eisbach 4 - MRE3FI
80538 Munich
+49 89 378-12242

Natalie Tehrani Monfared is a senior credit analyst providing research and advice on regulatory and accounting issues. She joined Financials Credit Research in November 2009. Prior to this, Natalie worked in Structuring Special Solutions at UniCredit; at WestLB in Regulatory Solutions Global Markets; and for more than four years at KPMG, where she specialized in regulatory and accounting issues for German insurance companies. She studied at Trier University of Applied Sciences and holds a master’s in business administration (Dipl.-Betriebswirt).

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a0ccbbf9a6d1593f8db0042f6dfc5fed49e430e6f6b5c3c7a57761461e5174d8;;[{"layout":"detailed","uid":25242,"publicationDate":"05 May 21","emaObject":{"protectedFileLink":"https:\/\/www.research.unicredit.eu\/DocsKey\/credit_docs_9999_180055.ashx?EXT=pdf&KEY=n03ZZLYZf5miJJA2_uTR8pc6kn7azW3zMby_Bn39D3k=&T=1","protectedFileLinkDe":"https:\/\/www.research.unicredit.eu\/DocsKey\/credit_docs_9999_180118.ashx?EXT=pdf&KEY=n03ZZLYZf5miJJA2_uTR8umHfBaaRK2o1NvOalTyzGU=&T=1&T=1","protectedFileLinkIt":""},"title":"Sector Report - Real Estate: The European real estate segment has to cut its carbon footprint considerably","titleDe":"Real Estate: Das europ\u00e4ische Immobiliensegment muss seinen \u00f6kologischen Fu\u00dfabdruck erheblich reduzieren (German version)","titleIt":"","product":"Credit Sector Report","synopsis":"<p><ul class=\"ucrBullets\"><li> In the EU, buildings are the largest energy-consuming sector, responsible for about 40% of energy consumption and 36% of carbon emissions. About 35% of the EU\u2019s buildings are more than 50 years old and almost 75% are energy inefficient.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li> In July 2020, the EU Taxonomy Regulation came into force establishing a framework consisting of four overarching conditions an economic activity has to meet in order to be deemed environmentally sustainable, based on six environmental objectives.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li> The Taxonomy Regulation differentiates between certain real estate and construction activities and provides technical screening criteria for each activity to determine whether the activity substantially contributes to climate-change mitigation.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li><strong> New buildings: <\/strong> The annual primary energy demand (PED) of new buildings must be 10% below the national standard for \u201cnearly zero-energy buildings\u201d (NZEB). In our view, considering the fact that the definition of NZEB is different in each EU country and the market share of NZEBs in the EU is on average quite small, this overall approach seems misguided.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li><strong> Renovation: <\/strong> A renovation must either be a major renovation, or one that leads to at least a 30% reduction of the PED of a building. In our view, a 30% reduction of the PED is easier to achieve than meeting the conditions for a major renovation. Depending on the building and conditions in the EU member states, an extensive renovation can reduce the PED of a building by 50-80%.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li><strong> Acquisition and ownership: <\/strong> Buildings built before 31 December 2020 must have a class A Energy Performance Certificate, or be within the top 15% of the national or regional building stock. In our view, the A-class requirement does not bring consistency across EU, and would in many countries substantially reduce the volume of eligible buildings compared to the 15%-approach. The top-15% approach is a good measure to achieve harmonization of the EU real estate market and is overall more flexible than using certificates.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li><strong> Overall impact on the real estate industry: <\/strong> As a result of the EU Taxonomy Regulation, there is increasing pressure on the real estate industry from capital markets to implement ESG criteria, in our view. In addition to a better reputation, we expect to see better financing conditions for real estate companies with excellent ESG-compliance.<\/p><\/li><\/ul>","synopsisDe":"<p><ul class=\"ucrBullets\"><li> Im Juli 2020 trat die EU-Taxonomieverordnung in Kraft, die Bedingungen festlegt, wann eine Wirtschaftst\u00e4tigkeit als \u00f6kologisch nachhaltig gilt, basierend auf sechs Umweltzielen.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li> F\u00fcr die ersten beiden Umweltziele, Klimaschutz und die Anpassung an den Klimawandel, wurde im April 2021 ein delegierter Rechtsakt ver\u00f6ffentlicht, der n\u00e4here Einzelheiten zu den Kriterien enth\u00e4lt, die nachhaltige Aktivit\u00e4ten erf\u00fcllen m\u00fcssen. Der delegierte Rechtsakt ist ab dem 1. Januar 2022 anzuwenden. <\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li> In der EU ist der Geb\u00e4udesektor der gr\u00f6\u00dfte Energieverbraucher und f\u00fcr ca. 40% des Energieverbrauchs und 36% der Kohlenstoffemissionen verantwortlich. Ungef\u00e4hr 35% der Geb\u00e4ude in der EU sind mehr als 50 Jahre alt und fast 75% sind energieineffizient. <\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li> F\u00fcr Bau- und Immobilient\u00e4tigkeiten unterscheidet die Verordnung zwischen 1. energieeffizienten Neubauten, 2. der Verbesserung der Energieeffizienz bestehender Geb\u00e4ude, 3. einzelnen Energieeffizienzma\u00dfnahmen und -dienstleistungen sowie 4. dem Erwerb und Besitz von Geb\u00e4uden. F\u00fcr jede Aktivit\u00e4t werden Kriterien festgelegt, um festzustellen ob die Aktivit\u00e4t wesentlich zum Klimaschutz beitr\u00e4gt.<\/p><\/li><\/ul><p><ul class=\"ucrBullets\"><li><strong> Auswirkungen auf die Immobilienbranche: <\/strong> Durch die EU-Taxonomieverordnung steigt aus unserer Sicht der Druck der Kapitalm\u00e4rkte auf die Immobilienbranche, ESG-Kriterien umzusetzen. Neben einer besseren Reputation erwarten wir bessere Finanzierungsbedingungen f\u00fcr Immobilienunternehmen mit exzellenter ESG-Compliance.<\/p><\/li><\/ul>","synopsisIt":"","hash":"a0ccbbf9a6d1593f8db0042f6dfc5fed49e430e6f6b5c3c7a57761461e5174d8","available":"0","settings":{"layout":"detailed","size":"default","showanalysts":"-1","showcompanies":"-1","showcountries":"-1","showcurrencies":"-1","nodate":"0","notitle":"0","noproduct":"0","noflags":"0","dateformat":"d M y","nolinktitle":"0","synopsislength":"400","synopsisexpand":"1","shownav":"0","limit":"1"}}]