To what extent does a building’s carbon footprint influence an acquisition decision?
Is a building with a poor carbon footprint necessarily a bad investment? As part of our Pulse Check series ahead of the 2026 Belgian Low-Carbon Investor Barometer, Nigel Beller from Altoria Investments shares his perspective on how carbon performance influences acquisition decisions, pricing and long-term asset value.
Carbon performance as an investment variable
At Altoria Investments, we increasingly view carbon performance as an integral part of our investment analysis rather than a standalone ESG consideration. A building’s carbon footprint directly influences our assessment of future capital expenditure, regulatory exposure, tenant attractiveness and, ultimately, long-term asset value and liquidity.
Looking beyond a building’s current carbon footprint
However, a building with a poor carbon profile is not necessarily a bad investment. As a core to core-plus investor, we also see opportunities in acquiring well-located assets with clear potential for improvement. What matters is understanding the building’s current performance, identifying a realistic decarbonisation pathway and accurately reflecting the required investments in our acquisition pricing and business plan. We believe that improving the environmental performance of existing buildings can create meaningful value, provided the technical feasibility and financial returns are properly assessed.
Carbon performance and real estate fundamentals
Ultimately, carbon performance does not replace traditional real estate fundamentals such as location, rental income and tenant quality. It has become an increasingly important factor in assessing their long-term sustainability.
A building’s carbon footprint is no longer just an ESG metric. It is an investment variable that directly influences pricing, future CAPEX and long-term asset value.
Nigel Beller
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