Green Finance

Green Finance Framework

MIRAI Corporation (hereinafter the “MIRAI”) has established a “Green Finance Framework” (hereinafter the “Framework”) for the implementation of green finance.

MIRAI also received “Green 1(F) rating” in the “JCR Green Finance Framework Evaluation” of Japan Credit Rating Agency, Ltd. in October 2021.

JCR Green Finance Framework Evaluation URL

Use of Funds Procured

Net proceeds from green finance will be used for the acquisition of green buildings and renovation that meet the following eligibility criteria, as well as for the repayment and redemption of loans or investment corporation bonds required for these projects.

Green Eligibility Criteria 1 Assets that have achieved or will achieve any following certification:
  • (a) Five, four, three stars in DBJ Green Building Certification
  • (b) S, A, B+ rank in CASBEE for Real Estate
  • (c) Platinum, Gold, Silver rank in LEED Certification
  • (d) Five, four, three stars in BELS Certification
Green Eligibility Criteria 2 Renovation work for environmental improvements.:
(expected to reduce consumption or emissions by 30 % or more compared to previous levels)

Process for Evaluation and Selection of Projects

Finance and Planning Div. of Mitsui Bussan & IDERA Partners Co., Ltd. (hereinafter the “Asset Manager”) selects the project for which the procurement funds will be used, and Sustainability Committee deliberates and confirms compliance with the eligibility criteria.
Subsequently, the board of directors resolves the implementation of green finance in accordance with the rules of MIRAI and the Asset Manager.

Management of Procured Funds

MIRAI will manage the procured funds in the following ways if there is any green finance outstanding under the Framework.

Upper Limit of Green Finance MIRAI will manage the sum of green finance outstanding so that it will not exceed the upper limit of green finance, which is calculated by multiplying the total amount of eligible green projects the total ​acquisition price of assets that meet Green Eligibility Criteria 1 + the total expenditure for renovations that meet Green Eligibility Criteria 2 by LTV as of recent fiscal period.
Use of Procured Funds MIRAI will manage the use of the procured funds for eligible green projects. Unappropriated funds to be raised will be held in cash and cash equivalents.

Overview of Eligible Green Projects

As of April 30, 2022

Total Amount of Eligible Green Projects 53,821 million yen
Total Amount of Acquisition Price
(Green Eligibility Criteria 1)
53,821 million yen
Number of Assets 5
Total Gross Floor Area 339,591.55㎡
Total Expenditure for Renovations
(Green Eligibility Criteria 2)
LTV 48.8%
Upper Limit of Green Finance 26,264 million yen

Please refer here for the certification status of each property.

Overview of Green Finance

As of April 30, 2022

Total Amount of Green Finance 5,200 million yen
Bonds
Total Amount of Green Bond 1,200 million yen
Unappropriated amount of the proceeds
Loans
Outstanding Green Loan 4,000 million yen
Unappropriated amount of the proceeds

Please refer to here for the status of each green finance.

Reporting

MIRAI will disclose following information at least once a year regarding the management of procured funds and the environmental impact as long as there is any green finance outstanding under the Framework.

Reporting of the Use of Funds
  • 1.All the procured funds that are used for the eligible green project under the Framework.
  • 2.The sum of the green finance outstanding does not exceed the upper limit of the green finance.
Impact Reporting MIRAI will disclose the indicators below as far as practically possible.
  • (a) Acquisition of environmental certifications
  • (b) Energy consumption
  • (c) GHG emission/ GHG emission intensity
  • (d) Water consumption
  • (e) Waste consumption

Please refer to “Third-party Accreditation”, “Environmental Measures” in addition to this page for reporting details.

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