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Socially responsible investment (SRI), responsible property investment (RPI) and urban regeneration in the UK and Europe:partnership models and social impact assessment

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This discussion paper examines the evolution of the concepts of Socially Responsible Investment (SRI) (or Responsible Investment (RI)) and Responsible Property Investment (RPI) and compares their meanings with Corporate Social Responsibility (CSR) (or Corporate Responsibility (CR)) and Corporate Governance (CG) within the context of the wider sustainability agenda. The increasing emphasis of financial institutions and private sector real estate developers to focus on urban regeneration projects in the UK and Europe is examined in the context of (1) the growth of public and private partnership arrangements (PPPs), one of a range of joint venture and partnership vehicles which have emerged, and (2) real estate asset allocation by financial institutions as part of a diversified investment portfolio. The development of these PPP arrangements is discussed, in terms of models emerging the UK and Europe which have been developed to underpin urban regeneration partnerships. The problems and issues surrounding the measurement of social impacts arising from institutional investment, bank lending and property-based projects (including urban regeneration) are discussed in the context of SRI and RPI. Relevant experience from the USA is also reviewed in this respect. The paper concludes by drawing out the lessons learned from ‘best practice’ measurement within CSR/SRI/RPI and within real estate-based projects (including regeneration), drawing on PPP-based vehicles in terms of delivery and social impact assessment in the UK and Europe, highlighting the need for further research in the field, and developing a conceptual model for this work.

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en

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http://eprints.lse.ac.uk/35953/

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