Mitsubishi Estate Green Bond

The Basic Mission of the Mitsubishi Estate Group states that, "By building attractive, environmentally sound communities where people can live, work and relax with contentment, we contribute to creating a truly meaningful society." To spread awareness of the company's proactive ESG initiatives to a broader spectrum of stakeholders and raise funds for a portion of the company's business activities, the company issued a green bond to convey our message of environmental friendliness based on internationally objective indices of greenness.

Overview

Name Mitsubishi Estate Co., Ltd. 127th unsecured corporate bonds (Mitsubishi Estate Green Bond)
Date of determination of issuance terms June 20, 2018
Date issued June 26, 2018
Maturity date June 26, 2023
Term 5 years
Total amount issued 20 billion yen
Use of proceeds All funds will be used to finance the construction of Tower A of the Tokyo Tokiwabashi Project facing Tokyo Station.

Project website (Japanese only)

Bond rating AA- (Rating and Investment Information, Inc.)
A+ (Standard & Poor's Global Ratings Japan)
A2 (Moody's Japan)

Third-Party Ratings Concerning Eligibility

Second party opinion

The bonds were issued based on a framework that followed the Green Bond Principles published by the International Capital Market Association, and the company obtained opinions from a third party certification organization regarding the bond's eligibility as a green bond.

Second Opinion from Sustainalytics (PDF 665KB)

Green bond assessment

The R&I Assessment evaluates the extent to which funds raised through green bonds are invested in business projects that solve environmental projects. This project received the highest rank of GA1 in the Assessment.

[R&I Green Bond Assessment] Mitsubishi Estate Co., Ltd. Mitsubishi Estate Green Bond: GA1 Assessment (PDF 799KB)

Ministry of the Environment issuance model cases

The company filed an application for the bond to be considered as a model case by the Ministry of the Environment for its Models of Green Bond Issuance in 2018. It was selected and has confirmed with the Ministry and its contractors that the bond complies with the Green Bond Guidelines 2017.

Pre-Issuance Report (PDF 1.37MB) (Japanese only)

Mitsubishi Green Bond Investment Announcements

Allocation Report

The use of funds appropriated for the Tokiwabashi District Redevelopment Project Tower A in front of Tokyo Station as of the end of March of each fiscal year will be disclosed on our website until the time when all funds procured from the issue of green bonds to finance the construction of the building have been used.

Procured Appropriations Appropriations Used Appropriations to Be Used
19,931 million yen 250 million yen 19,680 million yen

As of March 31, 2019

Details of the Tokiwabashi District Redevelopment Project

  • A large-scale redevelopment project covering a total area of 3.1 hectares, the largest in the vicinity of Tokyo Station. It includes the development of an approximately 390 m super high-rise tower that will become a new landmark for the city of Tokyo and a spacious plaza measuring approximately 7,000 m² that will transform the area in front of Tokyo Station, all of which will be developed and equipped in stages. The project is a designated project for the National Strategic Special Zone Program.
  • The project will be carried out in stages over a 10-year period while maintaining and updating vital infrastructure functions including sewage pumps and transformer substations within the district.
  • As a designated project for the National Strategic Special Zone Program, this project will be located in the middle of the Tokyo's chief business center and is positioned to be known as the Tokyo Global Financial Center. To that end it is intended to contribute to urban redevelopment in the following ways:
    1. Renewal of urban infrastructure, creation of a pedestrian network, preparation of a plaza, etc.
    2. Creation of a hub to enhance international competitiveness (finance/business exchange and urban tourism).
    3. Creation of superior disaster management and an eco-conscious urban environment.

Project website (Japanese only)

Please see the following press release for a summary of the project.

First ever green bond issued in Japan by a comprehensive real estate company
Announcement of the issuance of the Mitsubishi Estate Group Green Bond to be used to fund the construction of Tower A of the Tokiwabashi District Redevelopment Project in front of Tokyo Station (PDF 743KB) (Japanese only)

Image:Projected image of the whole project

Projected image of the whole project

DBJ Green Building Certification

Tower A for the Tokiwabashi District Redevelopment Project in front of Tokyo Station has been awarded the Development Bank of Japan (DBJ) Green Building certification as a building that exhibits the highest level of “environmental and social awareness” in Japan. (Certification obtained March 29, 2019.)

画像:DBJ Green Building 2018 Plan

CORPORATE INFORMATION

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