European prize for sustainable real estate investment being held for the second time
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143 entries for the Prime Property Award 2010
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| The first stage of the Prime Property Award 2010 is now completed. Real estate investors from 19 European countries are competing for this prestigious sustainability award. 143 entries have been received; for the Award 2008 90 entries were received. In March 2010 the jury will decide which projects are to be short-listed.
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| The bi-annual Prime Property Award organised by Union Investment recognises investors whose exemplary projects incorporate sustainability factors in the development and refurbishment of commercial and residential buildings. This prestigious competition is being held for the second time from 1 August 2009, with the awards set to be presented in 2010.
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| “Clearly, the business case for sustainable real estate investment is still too poorly defined. As a result, many investors remain reluctant to address the strategic challenge of sustainability issues,” says Dr. Reinhard Kutscher, Chairman of the Management Board of Union Investment Real Estate GmbH and a member of the competition’s jury. “The Prime Property Award can make a contribution here by creating awareness among the key players in the property market – namely investors – of both the need to embrace sustainability and the associated opportunities.”
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| The 2010 Prime Property Award (theme: “Creating sustainable investment and places”) is focused on European real estate projects that combine commercial success with ecological and sociocultural sustainability in exemplary fashion. Entries can be new builds, refurbishments or existing use redevelopments. The projects must have been completed between 2004 and 2009 and have a rental area of at least 5,000 square metres.
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| The prize money for the 2010 Prime Property Award totals EUR 30,000. The awards ceremony will take place in Munich at EXPO REAL, Europe’s largest commercial property show, in October 2010. The deadline for entries for the first phase of the competition was 31 December 2009.
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