NEWS RELEASE
January 29, 2021
For Immediate Release
Investment Corporation
Japan Real Estate Investment Corporation
Yutaka Yanagisawa, Executive Director(TSE code: 8952)
Asset Management Company
Japan Real Estate Asset Management Co., Ltd.
Naoki Umeda, President & CEO
Contact: Masaru Motooka
Executive Officer & General Manager
Planning Department
Phone: +81‐3‐3211‐7951

Announcement of Selection to “Model Cases in the
Model Creation Projects on Sustainability‐Linked Loans 2020”
by the Ministry of the Environment
Japan Real Estate Investment Corporation (“JRE”) hereby announces that its borrowings from The
Norinchukin Bank (sustainability‐linked loans), publicized in “Announcement of Debt Financing(Sustainability‐Linked Loans)” dated January 18, 2021, have been selected as a model case by theMinistry of the Environment of Japan, cited to serve as a model in terms of environmental awarenessand represent a pioneering fund procurement method. Details are described below.
1. About the Model Creation Projects on Sustainability‐Linked Loans
The Ministry of the Environment of Japan prepared and announced the Green Loan andSustainability Linked Loan Guidelines 2020 (the “Guidelines”) in March 2020, aiming to further
increase the domestic use of sustainability‐linked loans which are an effective tool to introduce
private funds towards companies’ business activities that contribute to countermeasures against
global warming and prevention of natural capital deterioration.
The projects provide information, etc. on sustainability‐linked loans that conform to the Guidelines
and sustainability‐linked bonds equivalent to those loans, both of which can serve as a model,
especially in terms of environmental awareness, as well as information, etc. on pioneering cases ofother fund procurement methods following the Guidelines, etc.
Website of the Ministry of the Environment: https://www.env.go.jp/press/108001.html (in Japanese)12. Overview of the Borrowings selected as a Model Case
Loan 1

Loan 2

(1)
(2)
(3)
(4)

Lender:Loan amount:
Borrowing date:Principal repayment date:

The Norinchukin Bank
JPY 5,000 million
JPY 5,000 million
January 29, 2021
January 29, 2021
July 31, 2031
January 30, 2032

(5)Interest rate

0.35625% (fixed)

0.37750% (fixed)

However, the applicable interest rate will be lower by
0.01% for each, on the condition that either one of thefollowing targets set as SPTs are achieved for theperformance levels set for the end of July 2021, July 2024
and July 2028 (as well as July 2031 for Loan 2 only),respectively, for the period until the performance level isnext confirmed (for the time of final confirmation, therepayment date). The interest rate applicable after theperformance level is confirmed will be announced eachtime.
・SPT 1: Reduce CO2 emissions by 35% by fiscal 2030
(Base year: Fiscal 2013 / Carbon intensity basis)・SPT 2: Own five ZEBs (zero‐energy buildings) (Note 1) byfiscal 2030
(Note 1) The ZEBs that is certified by BELS (Building‐Housing Energy‐efficiency Labeling System) shall include
buildings that are Nearly ZEB, ZEB Ready and ZEB Oriented.

Furthermore, the framework of JRE’s sustainability‐linked loans selected as the model case has been
confirmed to conform to the Guidelines by Ministry of the Environment and its contractors (JapanCredit Rating Agency, Ltd. and E&E Solutions Inc.).
Website of the Ministry of the Environment:
http://www.env.go.jp/press/109054.html (in Japanese)
Going forward, JRE will continue to take sustainability seriously in its asset management.

This is the English translation of the announcement in Japanese dated January 29, 2021.
No assurance or warranties are given for the completeness or accuracy of this English translation.

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