MIPIM 2023 Digital Edition

Investing in Austria
budgeted for the climate protection roadmap,”
she says. It’s a matter of thinking more
long-term, she adds. At the same time, she
also believes positive feedback is necessary to
motivate property owners - both private and
institutional - to create and also implement a
roadmap. “But there should also be negative
feedback in the form of penalties for those
who, for example, use certificates only for
greenwashing,” Geher maintains.
More than any other measure, Robausch-Löffelmann
would like to see “much more clarity”
from lawmakers. “We don’t know where
the EU taxonomy is heading and what it will
cover since the relevant guidelines have not
yet been defined,” the expert explains. At
Value One, we therefore assume that projects
will have to exceed the current requirements
by 30 percent so that the properties will still
be valuable in ten or 15 years.
Do certificates play a role in the valuation?
Expert Fessl sees parallels with energy certificates.
He says everyone believed they would
bring something when they were introduced.
“Both on the market and in valuation, however,
no one was interested,” Fessl claims.
Precious metal plaques would also have stood
out in the market initially. However, they
would not have played a role on the valuation
side, only on the marketing side.
Better property, more expensive
“In the valuation, we can’t say, ‘This is a gold
or platinum certificate, and this makes so and
so much.’ We can only show what the market
is willing to reward. And if it doesn’t reward
it because there are enough buildings on the
market with plaques, then that’s just how it
is,” Fessl explains. At the end of the day, he
says, it comes down to the better property.
“And that is only partially expressed in criteria
such as energy performance indicators,
but more often than not, it’s the credit standing
of the tenant or the location. “If a building
sold for more, it’s usually because it’s the
better property,” Fessl sums it up.
“I see it in a more differentiated way in that
we also have a feedback loop with the EU
taxonomy for projects that are taxonomy-
„Green leases are also
increasingly being
discussed. International
corporations are stringently
following through.“
Gerald Kerbl,
TPA
34 ImmoFokus