On Tuesday 9 December 2025, AREF members came together at Farrer & Co for a breakfast seminar exploring the distinction between social value and social impact in real estate, and how the industry can drive meaningful, measurable change for communities.
The session brought together leading voices from across the sector to share real-world examples, practical insights and emerging approaches to defining, delivering and reporting social outcomes - with a particular focus on intentionality, measurement and long-term impact.
Welcome and context setting
The seminar opened with welcome remarks from Jessica Reed, Partner at Farrer & Co, who highlighted the increasing importance of social considerations within real estate investment and governance, and the role AREF plays in promoting best practice across the industry.
Jessica set the context for the morning by reflecting on the growing expectations of investors, communities and policymakers, and the need for greater clarity and consistency in how social value and social impact are understood and applied.
Keynote address: framing social value and social impact
The keynote address was delivered by Alexandra Notay, Hon MRTPI, Chair of the RBT Housing Commission, who also moderated the session.
Alex provided a clear framework for understanding the distinction between social value and social impact, drawing on regulatory context, industry guidance and practical examples. She explored:
- How social value has traditionally been measured, particularly in development and procurement contexts
- Why intentionality is central to social impact investing
- The importance of focusing on outcomes and lived experience, rather than activities alone
- How place-based approaches can deliver long-term benefits for people and communities
She also reflected on the wider policy and investment landscape, and the increasing expectation that social considerations are embedded within core decision making.
Case studies: social value and social impact in practice
The seminar then moved onto a series of case studies illustrating how these concepts are being applied in practice.
Social value in asset management
Alice Teboul, ESG Manager – Property Investments at Columbia Threadneedle Investments, shared examples of how social value can be created as a by-product of good investment and asset management.
Her presentation explored initiatives across retail and mixed-use assets, including community events, partnerships with local charities and public health interventions, demonstrating how existing built infrastructure can support social wellbeing and community connection.
Impact investing and intentional outcomes
Gabriella Peerman, Portfolio Manager at Schroders Capital, focused on social impact investing, where generating measurable social outcomes is an explicit part of the investment strategy.
Gabriella shared examples from Schroders Capital’s Real Estate Impact Fund, including investments in affordable housing, town centre regeneration and social infrastructure such as healthcare and education. She emphasised the importance of clear intent, measurable outcomes and alignment with financial returns, as well as the risks of “impact washing”.
Panel discussion: challenges, measurement and communication
The case studies were followed by a panel discussion featuring:
- Jane Anderson, Investment Manager, Homes England
- Peter Cornforth, Board Trustee, John Whitgift Foundation
- Gabriella Peerman, Schroders Capital
- Alice Teboul, Columbia Threadneedle Investments
The panel explored the practical challenges organisations face when defining, measuring and communicating social outcomes, including establishing meaningful baselines, balancing qualitative and quantitative measures, and aligning social outcomes with financial and operational objectives.
Audience Q&A and closing reflections
The session concluded with a lively Q&A session, with the panel inundated with questions.
Discussion reinforced the value of collaboration and shared learning across the industry, and the importance of continuing to develop common language and frameworks around social value and social impact.
Event resources
Presentation Slides
Download the slides by clicking here, or on the image below:
Recording
The recording of the event can be accessed by AREF members by clicking the image below:
Report
AREF’s ESG and Impact Investing Committee is delighted to be launching a report, ‘Demystifying Social Impact Investing and Social Value in Real Estate’ to sit alongside the event. The report will shortly be published here.
Thank you
AREF would like to thank Farrer & Co for kindly hosting the seminar, and the AREF ESG & Impact Investing Committee for their support in shaping the session.
Author
