Eleven of the world's largest pension asset managers, representing $1.4 tln (EUR 1 tln) in assets under management, have joined forces to create the Global Real Estate Sustainability Benchmark (GRESB).

The GRESB foundation will carry out an annual survey to scrutinise the sustainability of fund managers in the real estate industry. The first results are due in September.

'The goal is to simultaneously create shareholder value and reduce the sector’s substantial carbon footprint,' the foundation said. 'Institutional investors will be able to compare the environmental performance of individual property investments with their environmental real estate targets.'

Pension funds which have joined the initiative include ATP, the largest pension fund in Denmark, and the Ontario teachers' fund, the largest employer pension fund in Canada.