@unpublished{theses_frw3407,
          author = {Peter-Jan Reinders},
           title = {BREEAM certification and Gross Rental Yield of Dutch retail real estate},
            year = {2020},
             url = {https://frw.studenttheses.ub.rug.nl/3407/},
        abstract = {Current literature on the relation between sustainability and financial performance of real estate is primarily focused on the US and UK office sector. Hence, there is relatively limited focus on the Dutch retail real estate sector, specifically. This research is therefore focused on the relation of the sustainability label BREEAM, presented as relative score or number of obtained Stars, and the financial performance of retail real estate in the Netherlands. To that extent, research is conducted on the Gross Rental Yield (GRY) of 89 retail buildings at 40 locations in the Netherlands. Based on retail real estate
investor data, a hedonic pricing model is designed and applied to research the GRY as a function of BREEAM, plus additional control variables. Obtaining a BREEAM label or not gives a counterintuitive model outcome. The GRY however decreases by 0.024 base points, with a 1\% increase in BREEAMscore. Results on achieving a higher order of BREEAM certification, more Stars, remain however
inconclusive for retail buildings in general, except for achieving a 2 Star certification, indicating a 0.833
basepoint decrease in GRY. Regression results on two different types of retail real estate, Comparison
and Convenience, show that the expected relations are present, however remain statistically inconclusive. Nevertheless, when 2 Star Convenience buildings are compared to 0 Star buildings GRY lowers with 0.859 base points. Further research, with a broader and more specified dataset, is recommended to deepen insights and provide improved statistical significance.}
}