Legal and General Property Launches Green Leases
The U.K.-based property fund manager has issued a memorandum of green lease principles – including clauses relating to the use of environmental contractors and upholding energy performance certificates – that will now be considered whenever it drafts a standard lease.
Additional conditions set out in the lease include the implementation of a recycling strategy, and an agreement by both parties to meet regularly to discuss such issues as energy consumption and the use of grey water. Leases may also include energy reduction targets, monitoring data and other green initiatives, LGP says.
In August last year, Andrea Carruthers, a partner in the real estate group at Faegre & Benson and contributor to Environmental Leader, wrote a best practice guide for tenants negotiating green leases.
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