French TEEC label opens to real estate funds

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French TEEC label opens to real estate funds

The French government-backed TEEC label (Transition énergétique et écologique pour le climat), granted to funds backing energy transition and that respect a certain number of additional financial criteria, will now be awarded to French real estate funds (OPCI and SPCI).

Some 19 funds, covering mainly credit and equities, have been granted the label since inception in December 2015. The opening of the TEEC label to real estate funds will enable the launch and labeling of green property funds according to the French ministry of the energy transition.

Three institutions are empowered to deliver the label: Afnor certification, EY and Novethic.

Among criteria assessed, properties in real estate funds applying to the TEEC label must carry an environmental certification as well as an energetic label that relies on a thermal analysis demonstrating superior energy performances of the buildings to local norms set.