I represent an Asset Manager, managing funds investing in real estate and where we as asset manager are responsible for managing the funds, investing in real estate and managing and developing the real estate portfolios. Are we a Financial Institution according to the SBTi definition and should for the Financial Institution route or are we considered an ordinary company and should go for the corporate company route? And if so, as we are less than 500 employees can we go for the SME route?
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The SBTi defines financial institutions as companies whose business involves the dealing of financial and monetary transactions, including deposits, loans, investments, and currency exchange. If more than 5% of revenue comes from these activities then you must use the FI framework.
Hence it depends if you would consider the business a pure Asset Manager or an equity based REIT.
For REITs we typically divide all mortgage based REITs as FIs and all equity based REITs as regular companies. Hence the majority of REITs currently use the regular framework for target setting. If you would classify yourself as an Equity based REIT, then you could use the regular company framework (and the SME route if under 500 employees).