Environmental, Social, and Governance (ESG) criteria are no longer a “nice to have”—they’re becoming core to how real estate is developed, financed, and operated. While this transformation is still evolving across Latin America, more and more stakeholders are embracing a value proposition that goes beyond financial returns to include environmental stewardship, community impact, and transparent governance. At Portafolio Inmobiliario, we’ve taken an active role in pushing this shift forward, championing more sustainable and responsible urban development. But we’re also clear-eyed: the road ahead still holds many challenges.

We started by transforming from within. Before we could help reshape cities, we knew we had to reshape our own corporate culture—getting everyone in the organization aligned around our purpose: driving development to transform urban life.

For us, progress must be sustainable, inclusive, and resilient. That’s why we recently launched our 2025–2030 Corporate Strategy, grounded in a double materiality framework.

In Costa Rica, few companies have adopted a double materiality lens in their business strategies. But taking this approach means more than just meeting compliance or publishing sustainability reports. It’s about actively managing the impact we have on the environment and society, while also understanding how external ESG risks and opportunities affect our business. At Portafolio Inmobiliario, we embraced this long-term perspective because we believe it strengthens our operational resilience—and reinforces our reputation as responsible drivers of national transformation.

This shift isn’t just about ethics; it’s about staying relevant in a rapidly evolving market. Investors are reallocating capital into climate-aligned portfolios, corporate clients are demanding green-certified spaces, and communities are more informed and empowered than ever. Ignoring ESG isn’t just a missed opportunity—it’s a growing operational and reputational risk.

A flagship example of our ESG approach is Aleste, our mixed-use urban development on the east side of San José. From day one, sustainability was part of the blueprint. Aleste includes over 20,000 m² of protected natural areas, infrastructure to promote active mobility, and a dedicated Biodiversity Plan that guides decision-making based on the protection of ecosystem services. Our work earned us the Ecological Blue Flag in Biodiversity, making us the first real estate developer in Costa Rica to achieve this honor, along with the Urban Habitat Award from the Council on Tall Buildings and Urban Habitat (CTBUH).

But beyond the accolades, the real value lies in the ripple effect. We’ve seen how our projects activate local value chains, generate quality employment, build trust with surrounding communities, and elevate the overall quality of the urban environment.

At the same time, we’ve reinforced our ESG governance. We implemented a dedicated ESG management framework, with clear goals, assigned accountability, and ongoing performance tracking. Our annual sustainability report, aligned with Global Reporting Initiative (GRI) standards, helps us communicate transparently about both progress and challenges—raising the bar for the industry as a whole.

The real estate sector has a pivotal role to play in addressing climate change, driving economic recovery, and fostering social cohesion. At Portafolio Inmobiliario, we embrace that responsibility with conviction—because we believe the most enduring value is the kind we create together.