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BGO views climate resilience as having the adaptive capacity to manage risks posed by climate change in addition to seizing the opportunities it presents. As a real estate investment manager, BGO evaluates physical and transition risks into its evaluation of new developments, acquisitions and standing assets.
Improving operational efficiency is integral to lowering operating costs and enhancing long-term value. We rely on conscientious stakeholder engagement and sound data management practices to help reduce energy use and water consumption and improve waste diversion rates.
Multiple Locations
Global demand for data centers has risen sharply in recent years, driven by rapid digitization of data, growing data sovereignty requirements (processing data within the country of origin, rather than offshore), and the exponential growth of AI. In Europe alone, demand for data center capacity is expected to increase 500% by 2035.13 This expansion will significantly impact power consumption, with Europe’s data center energy use projected to triple to over 150 TWh by 2030 equivalent to 4.5% total European power demand.14 BGO’s portfolio company investment, Bulk Infrastructure, is strategically positioned to capture this secular growth. Based in the Nordics, Bulk Infrastructure is a vertically integrated developer, owner and operator of high-performance data centers, dark fiber networks and industrial real estate. The company leverages Norway’s inherent advantages: a cold climate, excess power generation, low-cost energy, and a stable political environment.
Bulk Infrastructure is currently delivering three cutting-edge data center assets that benefit from 400 MW of locally sourced renewable hydropower energy, with scalable capacity to reach 1 GW.
Florida, United States | Multifamily
With its multi-family partner, BGO installed a 515-kilowatt solar energy system at a 454-unit luxury apartment community in downtown Doral, Florida. At full operational capacity, the system is expected to produce enough electricity to provide 50% of the energy needs of the property’s common areas, including its extensive amenities. The project is projected to save over $65,000 in utility costs within the first year of operation. The project team was able to reduce the total cost of this project through accessing federal investment tax credit incentives.
Helsinki, Finland | Logistics
In 2024, we supported a leading Nordic real estate institutional investor who required financing for the development of a high-quality logistics property in Helsinki. To understand the sustainability profile of the investment relative to the rest of the fund, the team used BGO’s ESG due diligence scorecard to determine the key environmental, social and governance risks and opportunities associated with the loan. The scorecard also provided a basis on which to engage with the sponsor on an array of sustainability factors. For this deal, this included matters such as physical climate risks, low carbon ambitions, health and wellbeing features and environmental policies and reporting.
Completed in October 2024, the asset has achieved a BREEAM Excellent rating and an Energy Performance Certificate (EPC) of A. Our in-house asset management team tracks performance against the borrower’s business plan to ensure the successful delivery of the asset’s sustainability features.
Vancouver, Canada | Office
In 2024, our asset and portfolio management teams completed a decarbonization study at one of our Class A office buildings in Vancouver to identify opportunities to reduce energy consumption and GHG emissions.
The proposed measures and timelines align the property with the City of Vancouver’s Greenhouse Gas Intensity Limits By-Law15, which sets carbon emission limits for large commercial buildings16 and requires full decarbonization by 2040.
The study outlined ways to ensure that required life cycle capital replacements are completed with low-carbon or zero carbon alternatives. It also highlighted the need for continuous engagement with tenants to reduce their own energy consumption.
By implementing the study’s proposed measures, the property’s intensity-based Green House Gas Emissions are projected to decline by approximately 79% by 2030, from a 2023 baseline.
New York City, United States | Office
Since 2020, BGO has piloted multiple innovative data driven property technology solutions at select North American properties that support our goals of improving operational efficiency and generating value. In 2024, BGO piloted a property technology solution at three office assets in New York that delivered a combined ROI of 137% and provided approximately $155,000 in utility cost savings across the three properties17.
Building engineers at each site were able to use an application to monitor and adjust daily building operations and gain insights into ways to reduce energy usage at the properties. The engineers pursued strategies such as optimizing startup and turndown times, avoiding peak hours when utility prices are highest, and reducing unnecessary runtime. Combined, the properties demonstrated a 3% year-over-year reduction in energy consumption despite higher occupancy and heating and cooling demand.
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