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Singapore Exchange and UOB Asset Management (part of United Overseas Bank), have launched a market index which tracks real estate investment trusts in Asia that score highly for environmental qualities. The offering is called the iEdge-UOB APAC Yield Focus Green REIT Index.

Developed by SGX as part of the SGX iEdge product suite, in collaboration with UOBAM, the index covers 50 higher-yielding REITs which display relatively better environmental performance based on GRESB’s real estate assessment, while also meeting liquidity requirements, the groups said in a statement. (GRESB provides standardised and validated ESG data to financial markets, covering more than 1,500 property companies, REITS, funds and developers with $5.7 trillion in assets under management.)

In this particular index, the underlying REITs are weighted by their relative environmental performance using GRESB data for indicators such as energy and water consumption, greenhouse gas emissions and green building certifications, in addition to their ESG performance.

“The APAC Green REIT Index seeks to respond to market demand for ESG-focused investment products and aligns with UOB Asset Management’s aim of driving sustainability by putting environment, social and governance (ESG) impact at the heart of our business,” Thio Boon Kiat, chief executive, UOBAM, said.