Japan Real Estate Investment Corporation

Date: 19-Nov-2018

Issue date: 01-Nov-2018 Maturity date: 01-Nov-2023 Tenor: 5Issuer NameJapan Real EstateInvestment
CorporationAmount Issued

Country of riskJapan

CBI Database

Issuer Type1

Non-financial
corporate

Bond TypeGreen Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ 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☒ Energy performance☒ 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
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

JPY10bn (USD 89m)
Included

Unsecured

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components ☐Adaptation & resilience☐ 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 commits to report on an annual basis on its website on the allocation ofproceeds (portion of financed and refinanced projects) and impact of the use ofproceeds (water usage and energy performance estimated % reduction or ante vspost project CO2 emissions).
Japan Real Estate Asset Management Co. (JRE) is an asset management firm withasset size above one trillion yen. Its major shareholder is Mitsubishi Estate Co. Ltd(90% shares) and they have been an investment management entity since 2001

Firsts, records andcertifications
Proceeds description

Proceeds will be used to finance and refinance buildings that have or will obtainthe top three levels of green building certification schemes including DBJ Green
Building Certification, BELS and CASBEE. Refurbishments of buildings are also
eligible if they meet the framework requirements, such as achieving a one level
improvement of the green building certification, or a minimum 10% reduction inCO2 emissions, energy consumption or water consumption.

Climate Bonds view

We hope that this deal, together with issuance from Mitsubishi Real Estate and a
few REITs, will encourage more real estate players to come to market. We would,
however, prefer to see issuers implement stricter eligibility criteria for green
buildings, namely targeting the highest levels of green building certifications and aminimum of 20%, but preferably over 25%, in energy efficiency improvements forrefurbishments and upgrades.

Underwriters

Mizuho Securities Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.,SMBC Nikko Securities Inc, Daiwa Securities Co. Ltd.

Deal comments
Credit Rating

A1 (Moody’s Japan), A+ (S&P), AA (R&I)

Pricing summary

The order is of 10000 JPY, bears an interest of 23 basis points and has final
redemption on November 1st 2023

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