Green Bond Fact Sheet

United Urban Investment

Date: 23/05/2019

Issue date: 23-05-2019 Maturity date: 22-05-2026 Tenor: 7Issuer Name

United UrbanInvestment

Amount Issued

JPY10bn/USD90.5m

Country of riskJapan

CBI Database

Included

Issuer Type1

Financial Corporate

Bond Type

N/A

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

Green1☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The issuer will disclose a proceed allocation plan as well as annual reporting of unallocatedproceeds on their website after obtaining management approval. Additionally, the issuer will
disclose the number of properties that obtained external certification, along with theirelectric power consumption, gas consumption, CO2 emissions, and water usage on theirwebsite annually. UUR stated that they will also consider obtaining a third-party review ofthe accuracy of the reporting status once a year from the Japan Credit Rating Agency until
the bond matures.
United Urban Investment (UUR) is a Real Estate Investment Trust (REIT), which was listedon the Tokyo Stock Exchange J-REIT section in December 2003 as a diversified J-REIT,investing in a varied property portfolio. As of November 30th, 2018, its asset AUM wasYPN613.9bn (USD5.6bn), making United Urban is one of the largest among all J-REITs.
UUR is actively aiming to strengthen its ESG efforts to achieve "sustainable growth". It has
already achieved its target of raising the coverage ratio of various types of environmental
certifications for properties owned to 50% by 2020. In addition, JRA has for example signed
the Principles for Responsible Investment (PRI) and implemented an environmental
management system (EMS), ISO 14001.

Firsts, records andcertifications
Proceeds description

UUR will use the bond to finance and refinance a pre-defined portfolio of properties inJapan. These include five office buildings, two hotels, a retail unit and a shopping centre.
The assets must have acquired or be expected to obtain DBJ Green Building certification(three stars or more), CASBEE real estate certification (A rank or higher), and BELSevaluation (two stars or more).

Climate Bonds view

Japanese REIT issuance continues growing: United Urban Investment’s bond is the seventh,bringing total volume from this issuer segment in the country to JPY40.6bn/USD367m. UUR
has followed market best practice by obtaining a Green Bond Rating from JCR as well as
having committed to reporting on the environmental impacts of its asset portfolio (and anychanges to it post-issuance). We encourage the issuer to seek third-party verification for its
reporting to further enhance its credibility and transparency.

Underwriters
Deal comments
Credit Rating
Pricing summary
Investors summary

Coupon: 0.448% p.a.

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign