1. What is green finance?
Green finance means bonds (green bonds) and borrowings (green loans) with restrictions on the use of proceeds for business activities that take the environment into consideration.
The Investment Corporation believes that employing proceeds from green finance for the acquisition of assets which satisfy certain eligibility criteria for environmental improvement effects (“Green Buildings”) and providing the Green Buildings as infrastructure assets to society will contribute to the environment and society.
Green finance is defined as a method of expanding funding vehicles of the Investment Corporation. It will grasp expected levels of ESG (Environment, Society & Governance) through dialogues with institutional investors who are interested in ESG in the course of funding and apply the details of the expected levels to its asset management.
2. Green finance framework
Evaluations of external institutions
The Investment Corporation has been assigned “Green 1 (F),” the highest grade in the JCR Green Finance Framework Evaluation with respect to eligibility for green finance framework by Japan Credit Rating Agency, Ltd. (“JCR”), a green finance assessment body.
For more details, please visit the JCR website.
Use of proceeds
Proceeds from green finance will be used to fund acquisitions of Green Buildings or repayments and redemptions of borrowings (including green loans) and investment corporate bonds (including green bonds) for such acquisitions.
The Investment Corporation defines properties that have acquired, have updated or are scheduled to acquire or update any third-party assessment body certification or assessment described in (i) to (iii) below as Green Buildings.
Management of proceeds
|(Note)||The amount of upper limit of green eligible liabilities is calculated by multiplying the total acquisition price of Green Buildings by the interest-bearing debt ratio (LTV ratio) as of the end of the most recent fiscal year.|
The status of fund appropriations procured through green finance will be disclosed and updated yearly on the Investment Corporation website as long as the balance remains.
|CRE Logistics REIT, Inc.
1st Unsecured Investment Corporation Bond
(CRE Green Bond)
|2020/09/08||2025/09/08||2,000 million yen||2,000 million yen||―|
|Name||Issuance date||Redemption date||Amount of
The total acquisition price for Green Buildings, the balance of green eligible liabilities and the balance of proceeds from green finance will be reported yearly as long as the balance of proceeds from green finance remains.
|Property name||Acquisition price
(millions of yen)
|M-1||LogiSquare Kuki||9,759||－||Real Estate Rank A
Saitama Pref. Rank A
|M-2||LogiSquare Hanyu||6,830||－||Real Estate Rank A
Saitama Pref. Rank B+
|M-3||LogiSquare Kuki Ⅱ||2,079||－||Saitama Pref. Rank A||★★★★★||●|
|M-4||LogiSquare Urawa Misono||13,060||－||Real Estate Rank S
Saitama Pref. Rank A
|M-5||LogiSquare Niiza||6,960||－||Saitama Pref. Rank A||★★★★★||●|
|M-6||LogiSquare Moriya||6,157||－||Real Estate Rank A||★★★★★||●|
|M-8||LogiSquare Kasukabe||4,900||－||Saitama Pref. Rank A||★★★★★||●|
|M-9||LogiSquare Soka||8,109||－||Real Estate Rank A
Saitama Pref. Rank A
|M-10||LogiSquare Yashio||5,073||－||Saitama Pref. Rank A||－||●|
|M-11||LogiSquare Mizuho A||2,794||－||－||－|
|M-12||LogiSquare Mizuho B||3,584||－||－||－|
|M-13||LogiSquare Ageo||4,908||－||Saitama Pref. Rank A||★★★★★||●|
|M-14||LogiSquare Miyoshi||11,700||－||Saitama Pref. Rank A||★★★★★||●|
|M-15||LogiSquare Sayama Hidaka||14,066||－||Saitama Pref. Rank A||★★★★||●|
|M-16||LogiSquare Kawagoe Ⅱ||3,244||－||－||★★★★★||●|
|O-3||LogiSquare Kobe Nishi||3,479||－||Kobe Rank A||★★★★||●|
|Total / Average (Note2)||112,316||ー%||86.4%||82.6%||94.3%|
|（Note1）||"Real Estate Rank S" and "Real Estate Rank A" are CASBEE Real Estate Certification.
"Saitama Pref. Rank A","Saitama Pref. Rank B+" and "Kobe Rank A" are assessments by the builder.
|（Note2）||Average is based on acquisition price.|
|As of February 17, 2021|
|Acquisition price of Green Buildings||105,938 million yen|
|LTV Ratio（As of December 31, 2020）||45.0%|
|Upper limit of green eligible liabilities||47,638 million yen|
|Balance of proceeds through green finance||2,000 million yen|
|(i)||Amount of electricity consumption|
|(ii)||Amount of water consumption|
|(iii)||Amount of CO2 emission or reduction|
Environmental data is here.
|As of January 28, 2021|
|Item||Amount of consumption
or emission (reduction)
|Amount of electricity consumption||11,288,290Kwh||Fiscal 2019|
|Amount of water consumption||1,006,900㎥||Fiscal 2019|
|Amount of CO2 emission or reduction||0.29t||Fiscal 2019|