The real estate industry faces the challenge of developing innovative solutions that must meet the needs of society and the requirements of sustainable development. The 2015 Paris Climate Agreement and the 30-page Agenda for Sustainable Development Action Plan adopted during the UN Summit in New York have led to increased discussions in the real estate industry about environmental, social and governance (ESG) issues. In addition to growing awareness of climate protection, issues such as social justice are also increasingly influencing investment decisions in the real estate industry. To fully achieve sustainability goals, it is therefore necessary to redirect all capital flows into sustainable investments. Currently, however, the partial deviations and non-harmonized regulations still pose a challenge for the implementation of the measures. ESG aspects are becoming increasingly important in the real estate industry. This influences investment decisions and portfolio management. In addition, it is apparent that real estate companies are placing greater emphasis on sustainable construction, energy efficiency, environmental protection, social responsibility and transparent corporate governance. Thus, the current effort of companies to meet ESG criteria and create long-term value can be seen. Furthermore, compliance with ESG guidelines and standards is increasingly demanded by investors, regulators and society. Thus, it has become the duty of real estate companies to integrate ESG factors into their business strategy in order to remain competitive and minimize risks. Moreover, studies show that positive ESG performance not only delivers financial benefits, but also positively impacts social and environmental outcomes. The overall objective of this thesis is to investigate the impact of ESG measures and criteria on the profitability of existing properties. Accordingly, the following research question was formulated: To what extent can the consideration of ESG criteria influence cash flows and thus the profitability of real estate? In order to answer this question, a specific concept is developed within the scope of this thesis, which aims to address this question. In addition to the model development, a comprehensive case study on an existing building will be conducted in order to gain practical insights. The combination of theoretical model development and practical case study enables a holistic approach to explore and answer the research question. In addition, a comprehensive analysis and evaluation of the obtained results is conducted in order to derive implications and recommendations for action. Thus, this thesis aims to provide a substantial contribution to the understanding of the relationship between ESG measures and the profitability of existing real estate.     «

The real estate industry faces the challenge of developing innovative solutions that must meet the needs of society and the requirements of sustainable development. The 2015 Paris Climate Agreement and the 30-page Agenda for Sustainable Development Action Plan adopted during the UN Summit in New York have led to increased discussions in the real estate industry about environmental, social and governance (ESG) issues. In addition to growing awareness of climate protection, issues such as social j...     »