Our fourth Physical Climate Risk Appraisal Methodology (PCRAM) case study is the first to focus on real estate, showing why tailored, sector‑specific approaches are essential for managing climate risks. This study was developed collaboratively by IIGCC, AXA IM Alts, Mott MacDonald, and Swiss Re.
The asset, a last‑mile logistics warehouse in Barcelona, Spain, is part of a well‑diversified portfolio of high‑quality logistics assets in Western Europe’s core markets. The site is managed by AXA IM Alts on behalf of its client, and leased to a major e-commerce conglomerate, which is responsible for all site operations.
Several key performance indicators were identified and explored to guide this case study, most notably the connectivity of the site.
The study illustrates the value of:
- portfolio‑level screening,
- systems thinking,
- tenant and municipal authority engagement,
- adaptation pathways.
This case study is part of four new real-world case studies which have improved the methodology and broadened its application. You can find out more about PCRAM 2.0 and its related case studies here.