MIRAI aims to establish a strong financial base by maintaining a conservative LTV ratio and establishing a lender formation comprising mainly mega-bank groups.
Credit ratings(Note 1)
As of December 16, 2016
|(Note 1)||MIRAI obtained a long-term issuer rating from Japan Credit Rating Agency, Ltd. (JCR). This is not the rating of MIRAI’s investment units.|
Initiative to align the interests of unitholders and sponsors
1. Equity Co-investments
MIRAI aims to align the interests of unitholders, sponsors and the Asset Manager and achieve medium and long-term improvement in unitholders’ value through Equity Co-investments adopted as a governance initiative.
- Equity Co-investments by the two sponsors
- The sponsors own around 3.4% of the total number of investment units issued by MIRAI.
(Mitsui & Co.: Around 1.7%, IDERA: Around 1.7%)
MIRAI’s strong commitment to improving unitholders’ value
2. Asset management fee structure linked to unitholder profit
|Asset management fee I
(based on AUM)
|Up to 0.5% per year of total assets|
|Asset management fee II
(based on DPU)
|Adjusted DPU (See Note) x NOI after depreciation x 0.001%(as an upper limit)
Note: Adjusted DPU = Unappropriated retained earnings before deducting AM Fee 2 / Number of investment units outstanding
|Acquisition fee||Up to 1.0% of the acquisition price|
|Disposition fee||Up to 1.0% of the disposition price|
|Merger fee||Up to 1.0% of the appraisal value at the time of merger of real-state-related assets held by the counterparty of the merger at the time of merger|