Green Bond Fact Sheet

Nomura Real Estate Master Fund

Date: 19/09/2019

Issue date: 20-09-2019 Maturity date: 20-09-2029 Tenor: 10Issuer Name

Nomura Real Estate
Master Fund

Amount Issued

JPY3bn/USD28m

Country of riskJapan

CBI Database

Included

Issuer Type1

Financial corporate

Bond Type

Senior unsecured

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

JCR - Green 1(F)☐ 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 emissionvehicles☐ 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
ReportingIssuer information

If the entire amount of funds is not allocated to Green Eligible Assets at an early stage orimmediately, a report showing the appropriateness of the procured funds will be publishedon the issuer’s website until the funds are fully allocated. As long as the balance of Green
Finance remains, this will also include an update on the carrying and liability amount of green
assets, balance of green finance and a number of environmental impact indicators (includingbuilding certifications).
The issuer is a comprehensive Japanese REIT backed by the Nomura Real Estate Group. InOctober 2015, the company listed on the Tokyo Stock Exchange (real estate investment
trust securities market). Its current portfolio consists of a total of 289 properties and is thelargest in terms of the total asset size and comprehensive J-REIT portfolio, which is worth
over JPY1tn (USD9bn) based on acquisition prices.

Firsts, records andcertificationsProceeds description

Climate Bonds view

The issuer will financed/refinance the acquisition of green buildings. Eligible assets include
those that have acquired or are expected to acquire any of: 3 stars or more of DBJ Green
Building Certification; B+ Rank or higher of CASBEE Real Estate; 3 stars or more of BELS
Certification.
The eligibility criteria are strong but we encourage issuers to seek ever more ambitious
levels of energy performance and certification for property, given the sector’s existing highcarbon footprint and impact potential.
The Japanese GB market continues to expand strongly. 2019 is already a record year for thecountry, with 35 of 81 bonds (in total) issued so far this year (31 in 2018). J-REITs have been
particularly active issuers over the past 6 months. The level of disclosure is good, with mostissuers obtaining external reviews at issuance in the form of Green Bond Ratings from JCR.

Underwriters

Mitsubishi UFJ Morgan Stanley Securities, Mizuho Securities, Nomura Securities, SMBC
Nikko Securities

Deal comments
Credit Rating
Pricing summary
Investors summary

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