Newdock — ESG Report 2025

About Us

Pioneering sustainable logistics in Europe

Newdock is a logistics management and investment platform focused on developing and managing state-of-the-art logistics spaces in Europe, with special interest in Spain, Portugal, France, and Italy for clients and entities, advised by Goldman Sachs Asset Management.

Map of Europe showing Newdock asset locations across Spain, France and Italy

European logistics footprint · 658k m²

Spain Central Region295k m²

Loriguilla (Valencia)74k m²

Cártama (Málaga)58k m²

Le Havre104k m²

Trecate (Milan)49k m²

Castel Guelfo (Bologna)78k m²

A B Corp company

September 2024

In September 2024, Newdock achieved B Corp certification, meeting B Lab's standards for social and environmental performance, accountability, and transparency. This milestone reinforces our commitment to continuous improvement and alignment with a global network of purpose-driven organisations.

LEED^® Platinum

As of 2025, Newdock is the largest real estate manager of logistics assets in Europe with LEED® Platinum certification under the BD+C: Warehouses & Distribution Centers rating system. All assets are certified under LEED® (or equivalent), with the majority achieving Platinum and one achieving Gold.

          
        ESG Core
Newdock integrates Environmental, Social, and Governance principles into its core strategy, embedding sustainability across investment, development, and asset management activities — reflecting a long-term commitment to responsible value creation and risk management. Assets are developed and managed in line with advanced sustainability criteria, prioritising indoor environmental quality, health and safety, resource efficiency, responsible material use and community impact throughout the lifecycle. These elements enhance asset resilience, reduce risks, and strengthen the long-term attractiveness of the portfolio for investors and tenants.

#	Asset	Location	Country	2025 Status	PC Year	GLA (sqm)
1	Cártama	Fahala	ES	Operational	2022	57,826
2	Illescas I	Toledo	ES	Operational	2022	56,566
3	Carpetania	Madrid	ES	Operational	2022	24,025
4	Le Havre	Le Havre	FR	Operational	2023	103,662
5	Arroyomolinos	Madrid	ES	Operational	2023	38,935
6	Illescas II – Gruma	Toledo	ES	Operational	2024	81,037
7	Gavilanes 02	Madrid	ES	Operational	2024	9,526
8	Gavilanes 01	Madrid	ES	Construction	2025	85,071
9	Castel Guelfo Phase 1	Bologna	IT	Construction	2025	78,126
10	Loriguilla Phase 1	Valencia	ES	Construction	2026	73,725
11	Trecate	Novara	IT	Construction	2026	49,223

Environmental Strategy

Advancing towards net zero

Newdock's sustainable, low-carbon mission extends from development through to operational activities — embedding decarbonisation, resource efficiency, and climate resilience across the full asset lifecycle.

Life cycle assessment & embodied carbon

All Newdock buildings incorporate a Life Cycle Assessment (LCA) analysis during the construction phase. Utilising One Click LCA software, the methodology evaluates embodied carbon impact across material production, construction activities, and operational performance.

During 2025, Newdock continued to conduct LCA analyses for all developments. Across the four 2025 development sites, embodied carbon averaged 334 kgCO₂e/m² in intensity, totalling 93.74 Mt CO₂e in absolute terms. All sites present significantly lower embodied carbon than the Western European logistics benchmark average of 494 kgCO₂e/m²[2]. This approach is aligned with internationally recognised sustainability frameworks and contributes to LEED and BREEAM certification.

Embodied carbon intensity by asset (kgCO₂e/m²) — 2025 developments vs. Western European benchmark[2]
Total absolute embodied carbon across the four development sites: 93.74 Mt CO₂e

Loriguilla Phase 1

396

Portfolio average

334

Trecate

316

Castel Guelfo Phase 1

314

Gavilanes 01

309

WE Benchmark

494

Western European logistics benchmark average (494 kgCO₂e/m²) · Source: One Click LCA, 2025 dataset

Energy efficiency & carbon footprint

Over 2025, the operational portfolio averaged 16.9 kWh/m² in energy use intensity (EUI) — a reduction of ~14 kWh/m² (~45%) compared to 2024[3], even as occupancy and operational stability increased across stabilised assets such as Cártama and Le Havre.

This performance is notably strong even against the Deepki Index's top 15% benchmark[4] and ASHRAE Standard EUI thresholds for warehouses by climate zone[5]. In carbon footprint terms, Newdock's operational energy translates to 353 tCO₂e in absolute GHG emissions, or 1.8 kgCO₂e/m².

Energy use intensity (kWh/m²) — Newdock portfolio average vs. industry benchmarks, 2024 to 2025
Newdock outperforms both benchmarks in 2024 and improves further in 2025

2024

Newdock

30.98

ASHRAE

31.4

Deepki top 15%

2025

Newdock

16.9

ASHRAE

31.4

Deepki top 15%

Newdock portfolio average ASHRAE 3B Warm-Dry threshold[5] Deepki Index, European logistics top 15%[4]

16.9 kWh/m²

Energy use intensity (2025 avg)

353 tCO₂e

Absolute GHG emissions (operational)

1.8 kg/m²

GHG emission intensity

−45 %

EUI reduction vs. 2024

Renewable energy

All buildings across the portfolio have been designed with roof structures adapted to accommodate photovoltaic systems, facilitating the integration of solar energy installations and maximising on-site renewable energy generation and self-consumption.

Green lease provisions encourage tenants to adopt 100% renewable electricity tariffs, ensuring assets are powered by a combination of on-site generation and off-site renewable energy procurement.

100% on-site and off-site renewable energy use across the operational portfolio[1], with all assets implementing solar PV since construction.

Water cycle

Across the portfolio, water efficiency measures are systematically implemented during development to support future occupants in reducing potable water demand and promoting responsible water management.

These include the integration of rainwater harvesting systems for non-potable uses and the selection of low-impact landscaping species with low or no irrigation requirements, contributing to maintaining the same level of water performance compared with 2024, demonstrating only a 0.5% increase, despite increased tenant activity.

41.85L/m²

Water use intensity[6]

10,449m³

Absolute water use (100% portfolio)

Climate risk management

Newdock's climate resilience approach aligns with Goldman Sachs Asset Management's physical and transition risk frameworks. Transition risk is assessed through scenario analysis applying financial shocks under different climate policy pathways, including periodic CRREM misalignment analysis (at least every three years) alongside biannual reviews of energy and carbon performance against a 1.5°C pathway.

Results from the 2024 CRREM assessment indicate all assets remain aligned with pathways beyond 2050 in terms of carbon emissions intensity. However, four assets (across operational and development stages) show a higher risk of misalignment as early as 2028 with respect to energy use intensity. CRREM alignment will be reassessed as more complete operational data becomes available.

A portfolio-wide physical climate risk assessment using Jupiter's methodology identified Flood, Heat, Hail, Drought, and Precipitation as key risks, with Heat and Drought affecting the largest number of assets.

Overall, the objective is to identify, assess, and manage climate-related risks with potential financial implications, supported by ongoing monitoring of ESG regulations and quarterly legislative reviews conducted by a third-party specialist.

Resource management

Newdock integrates waste management considerations into the development and construction of our logistics assets, with a focus on minimising waste generation and maximising material recovery. Contractors are expected to implement site-specific waste management plans that prioritise waste prevention, segregation, and recycling of key material streams (e.g. concrete, metals, packaging). Performance is monitored through construction-stage reporting, enabling oversight of waste volumes and diversion rates, and supporting continuous improvement across projects. Good waste management and minimisation of unnecessary added resources, in parallel, contribute to our embodied carbon assessment and reduction ambitions.

We are equally committed to data monitoring and transparency of waste at the operational stage. Operational practices equally prioritise recycling and recovery streams, supported by tenant engagement and on-site guidance. Performance is monitored through annual data collection and review, enabling identification of further improvement opportunities and alignment with local regulatory requirements.

Category	Description	2025 Examples
Community Engagement	Activities to integrate parks into daily community life	Ice cream & hot chocolate distributions; blood donation campaign
Tenant & Employee Engagement	Initiatives to strengthen communication and engagement	Tenant surveys; networking events; congress and media participation
Training & Wellbeing	Programmes to improve employee skills and health awareness	Stroke awareness training; cross-skill development sessions
Social Inclusion & Employability	Collaboration with NGOs to support vulnerable groups	Programmes for people at risk of social exclusion; charity sports events
Partnerships with NGOs	Initiatives with local organisations for positive social impact	SEUR Foundation project; toy donation campaign; monetary donations
Corporate Volunteering	Employee volunteering to support local communities	Food Bank volunteering and food sorting campaign

Governance Strategy

Integrated governance & responsible practice

Newdock adopts an integrated governance approach that embeds risk management, regulatory compliance, and ESG considerations across investment, development, and asset management activities — supported by alignment with GRESB, SFDR, and TCFD frameworks.

Green Leases

Sustainability principles are integrated into leasing practices through green lease clauses that establish shared commitments to improve environmental performance, including alignment with energy and efficiency targets. Tenants are encouraged to adopt responsible operational practices supported by data sharing and awareness initiatives.

Sustainable Procurement

Procurement processes prioritise responsibly sourced materials with transparent environmental and health credentials, supported by Environmental Product Declarations and Health Product Declarations. Low-emission and circular materials are promoted alongside ethical supplier alignment.

Building Certification

All Newdock assets are certified under LEED or equivalent Building Design and Construction schemes, demonstrating a consistent approach to sustainable development. The majority have achieved LEED Platinum certification, with one asset certified at Gold level.

Risk Oversight

Oversight is maintained at both firmwide and entity levels with clearly defined roles and responsibilities for managing financial and non-financial risks, including climate-related risks.

Regulatory framework alignment

Newdock's governance framework is supported by internal policies aligned with recognised standards including GRESB, SFDR, and TCFD, in line with Goldman Sachs Asset Management requirements.

Ongoing engagement with investors, tenants, and suppliers supports transparency and continuous adaptation to evolving regulatory expectations, including quarterly legislative reviews conducted by a third-party specialist.

ESG in decision-making

ESG factors are incorporated into decision-making throughout the development lifecycle, ensuring alignment with long-term value creation. The framework supports responsible material use, selection of low-emission and circular materials, and supplier alignment with ethical and sustainability standards.

Life Cycle Assessments are used to inform decision-making during design and construction, improving resource efficiency and reducing lifecycle impacts across the portfolio.

Looking ahead

Continued sustainability journey

Building on proven progress for 2026 and beyond.

Building on the strong progress achieved in 2025, Newdock has continued to embed ESG considerations across its development and operational activities, strengthening its approach to sustainability, stakeholder engagement, and risk management. Key achievements include the continued delivery of high-performing certified assets and the expansion of social initiatives supporting both employees and local communities.

Looking ahead to 2026, Newdock aims to maintain its robust ESG strategy and proven achievements, remaining committed to both environmental and social objectives. The priority is to further strengthen data-driven insights to track and enhance performance across the development lifecycle and operational management alike.

Through this continued evolution, Newdock's portfolio is well positioned to deliver resilient, sustainable logistics assets that meet stakeholder expectations and contribute positively to the communities in which we operate. We remain committed to continuous improvement and to playing an active role in advancing sustainability within the European logistics sector.

[1] The portfolio has a margin of fossil fuel use at one site, Le Havre, utilised on a need-to basis for temperature control or for sprinkler networks and for stored product at one tenant space. This fuel usage falls outside of this statement.

[2] Average GWP impact of Western European warehouses (494 kgCO₂e/m²) based on 2025 data collated by One Click LCA. Sample predominantly UK (54%) and Italy (11%); accounts for embodied impacts relating to all building parts including building technology, but excludes external areas. Projects displaying aberrant values or inconsistency excluded from the sample.

[3] 2025 data comprise six occupied assets — Arroyomolinos, Carpetania, Cártama, Gavilanes 02, Illescas I, and Le Havre — and one unoccupied asset, Illescas II – Gruma. Intensity is weighted by occupancy rate at each site. 2024 data comprise four occupied assets: Carpetania, Cártama, Illescas I, and Le Havre. Remaining sites were either under construction or vacant during their respective reporting years. The same principle applies for GHG and water data.

[4] Deepki Index — top 15% benchmark performance used for energy use intensity comparison.

[5] ASHRAE Standard EUI thresholds for warehouses are used as comparison points and are applied as intensity thresholds in the GRESB Real Estate Assessment from 2025. The 31.4 kWh/m² line in the chart reflects the lowest threshold (Spanish sites in 3B Warm-Dry zone). Cártama is classified 3A Warm-Humid (36.7 kWh/m²); Le Havre is 4A Mixed-Humid (52.2 kWh/m²).

[6] This includes a small portion of outdoor water use data available only for Cártama — excluding outdoor water use, the portfolio's average water use intensity comes slightly lower to 39.0 L/m². For remaining sites, water data is a mix of indoor and outdoor use, and further demarcation is not yet visible.