Since 2020, the Group adopted a Circular Economy Framework to guide the development teams in the incorporation of circular economy design solutions in their projects. This practical framework allows them to better understand and apply the right circular economy solution for their projects. As part of its pioneering commitment to reducing its construction carbon footprint by -35% between 2015 and 2030, the Group focuses on the choice and use of materials for its development projects. Specifically, it involves: adopting a 'lean material construction' approach right from the design phase (structure, façade, false ceilings, fixtures and fittings, etc.); using new solutions and optimised low-carbon materials (low-carbon cement and concrete, bio-sourced materials, recycled materials, etc.); asking subcontractors to put forward alternative solutions with low-carbon content; and adopting a purchasing policy that includes criteria for the carbon content of products and construction materials (requiring environmental and H&S certification – Environmental Product Declarations). In 2019, the Group also developed guidelines on low-carbon interior design to help from the very beginning the interior architect design teams to choose the best material options for interior design of shopping centres based on their carbon performance and therefore also promoting reuse. The Group’s priority is to work towards reducing the carbon impact of the most significant items, beginning with the structure and foundations of the building. The Group studies the use of low-carbon concrete for all its development projects and the use of materials or use of materials with recycled content when possible.

The policies in place in relation to resource use and circular economy are listed in the table below. Policy: Circular economy framework. Description of key contents: Include the key concepts of circular economy for the development projects, split in three themes (Circular design, Sustainable sourcing and Resource management). Description of scope of policy and its exclusions: Development projects. Description of most senior level in organisation that is accountable for implementation of policy: The Management Board (MB) and the Executive Committee (EC). Disclosure of third-party standards or initiatives that are respected through implementation of policy: Cradle to Cradle Products Innovation Institute. Description of consideration given to interests of key stakeholders in setting policy: Stakeholders involved: Group sustainability team, the corporate development teams and the development local country teams. Explanation of how policies made available to potentially affected stakeholders and stakeholders who need to help implement it: The policy is for internal purposes only.

The total volume of waste generated in a building, whatever its use, is mostly dependent on the level of activity of the tenants, i.e. sales for shopping centres and occupancy for office buildings. This means that the Group has a limited impact on the total volume of waste generated onsite. Nevertheless, the Group is committed to waste management efficiency measures, such as increasing waste sorting, raising awareness among tenants, as well as reducing the amount of waste generated, disposed, and implementing innovative waste management solutions. Improving Waste Sorting in Collaboration with Tenants and Waste Service Providers: Suitable waste segregation facilities are in place in all assets and most assets are equipped with specific sorting facilities and treatment solutions for organic waste, which represents a significant share of the total amount of waste generated by the Group. Tenants are regularly informed and made aware of local on-site waste management policies and processes and of the importance of sorting waste through tenants’ on-site discussions or the communication of site-level waste sorting guidelines. Both supplier purchasing contracts and tenant lease clauses establish the minimum requirements to be met for waste sorting and recycling. In Europe, waste management service providers must monitor and submit a monthly progress report, with details of tonnages collected by type of waste and recycling percentages achieved. Furthermore, they are asked to regularly submit a waste management improvement plan or propose available opportunities, such as upgrades in material recovery facilities, or modified equipment when the tenant mix changes to site management teams, to ensure the efficient management of each location’s waste streams. Shopping centre technical managers meet with waste management service providers on a frequent basis to monitor progress and performance. The waste solution providers’ remit, however, extend beyond just management and reporting, also focusing heavily on tenant engagement and communications.

Since 2020, the Group adopted a Circular Economy Framework to guide the development teams in the incorporation of circular economy design solutions in their projects. This practical framework allows them to better understand and apply the right circular economy solution for their projects. As part of its pioneering commitment to reducing its construction carbon footprint by -35% between 2015 and 2030, the Group focuses on the choice and use of materials for its development projects. Specifically, it involves: adopting a 'lean material construction' approach right from the design phase (structure, façade, false ceilings, fixtures and fittings, etc.); using new solutions and optimised low-carbon materials (low-carbon cement and concrete, bio-sourced materials, recycled materials, etc.); asking subcontractors to put forward alternative solutions with low-carbon content; and adopting a purchasing policy that includes criteria for the carbon content of products and construction materials (requiring environmental and H&S certification – Environmental Product Declarations). In 2019, the Group also developed guidelines on low-carbon interior design to help from the very beginning the interior architect design teams to choose the best material options for interior design of shopping centres based on their carbon performance and therefore also promoting reuse. The Group’s priority is to work towards reducing the carbon impact of the most significant items, beginning with the structure and foundations of the building. The Group studies the use of low-carbon concrete for all its development projects and the use of materials or use of materials with recycled content when possible.

In 2023, sustainability guidelines were updated in collaboration with the development teams. The guidelines apply to new developments and extension and renovation projects Group-wide. Requirements for all projects include zero waste to landfill for future operation, 100% of timber with FSC or PEFC certification for both works and the building itself, and divert demolition, strip-out and construction waste from landfill with at least a 70% waste recovery rate. Requirements for large projects include minimum environmental certification level, feasibility assessment of bio-sourced materials, long-term climate risks analysis, and integration of at least 2 circular economy 'concepts' from the Group's Circular Economy Framework.

The Group focuses on the choice and use of materials for its development projects, adopting a 'lean material construction' approach, using new solutions and optimised low-carbon materials, and asking subcontractors to put forward alternative solutions with low-carbon content. The Group also studies the use of wood in development projects to reduce embodied carbon emissions and increase carbon sinks. Circular economy solutions are used to lead to carbon savings through material reuse.

The Circular Economy Framework for development projects includes concepts such as creating the conditions for circularity, keeping existing elements, renovating, repairing, designing for transformation, and designing to facilitate operations. This framework aims to integrate circular economy concepts in the design of URW's development projects, selecting concepts that make the most sense for each project.

URW is committed to ensuring responsibility in its upstream supply chain. The Sustainability Brief and the Considerate Construction Charter specify that 100% of timber used in development, extension, and renovation projects must be from certified, sustainably managed forests. The Group aims to obtain 'post-construction' final certification according to the BREEAM or LEED standards for as many projects as possible. Waste management improvement includes tenant awareness raising, signage on waste bins, sharing best practices, and highlighting the importance of proper sorting material.

URW is committed to ensuring responsibility in its upstream supply chain. The Sustainability Brief and the Considerate Construction Charter specify that 100% of timber used in development, extension, and renovation projects must be from certified, sustainably managed forests. The Group aims to obtain 'post-construction' final certification according to the BREEAM or LEED standards for as many projects as possible. Waste management improvement includes tenant awareness raising, signage on waste bins, sharing best practices, and highlighting the importance of proper sorting material.

On-site innovative waste treatment solutions are installed in several of the Group's assets to increase the amount of valorised waste and reduce waste management costs. The Group also worked on improving waste service providers contracts, by integrating requirements for higher rates of recycling and 0% waste to landfill in new tenders signed in Spain and France. Reverse vending machines are tested in the UK to foster recycling of coffee cups and other small food packaging.