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Message from the President

We will contribute to the realization of a
sustainable society by enhancing
"A Love for the Earth," pursuing urban
development that creates new value.

Junichi Yoshida

President & Chief Executive Officer
Mitsubishi Estate Co., Ltd.

Responding to COVID-19 as an opportunity for change

COVID-19, which has spread around the world since 2020, has shaken the economy and people's lives and values, giving rise to major changes in the issues that companies need to address.

It was in this environment that we established the Mitsubishi Estate Group Sustainability Vision 2050 (the "2050 Vision") as our vision for the year 2050, and launched the Mitsubishi Estate Group 2030 Goals for the SDGs as part of the Long-Term Management Plan 2030 in order to realize our vision.

These vision and goals were announced just prior to the outbreak of the pandemic and we did not formulate these goals based on the current situation of the pandemic's global spread. However, the 2050 Vision and the Long-Term Management Plan 2030 form a clear statement of the general direction the Group will aim for in the future, and this will not change despite the pandemic. As we look toward 2030 and then 2050, we will continue to live up to our mission of contributing to creating a truly meaningful society through urban development. I believe that is what we should always be striving for.

While COVID-19 has caused great damage to society, it has also accelerated digital innovation through AI and robotics, and given rise to new workstyles, which include teleworking and satellite offices. The Mitsubishi Estate Group must also regard the COVID-19 pandemic as an opportunity for transformation and respond to it in a firm and steady manner. In particular, in office leasing, which is the Group's core business, the question is how to respond to the increasingly diverse ways of working. Going forward, companies will continue searching for the ideal office space that will genuinely enhance communication, attract talented people, and help promote collaboration with the outside world. In an environment in which conventional ideas no longer apply and there are no definite right answers, we need to deepen our communication with tenant companies and work with them to "create spaces" that meet their individual needs. It is not just about providing the physical space of the building itself, but also about enhancing the value and attractiveness of the neighborhood as a whole, creating opportunities to meet new people and come into contact with new information. I believe this will be an important factor in tenants choosing Mitsubishi Estate.

Promoting urban development where people are center stage

A city carries the history, traditions, and culture of the land, as it changes and develops with the times. The value of a city is created not by the buildings, but by the people who live, work, play and relax there. It is always the people who play the leading roles. We believe it is our mission to create cities that will be embraced by many for years to come while enriching the hearts of those who gather there.

The Mitsubishi Estate Group's history of urban development goes back to 1890 when Mitsubishi purchased land stretching across the Marunouchi area from the Meiji government. The Marunouchi area (the Otemachi, Marunouchi and Yurakucho districts) subsequently grew into Japan's iconic business district as the country developed. Since 1998, based on the concept of the "the world's most interactive and vital urban area," the Mitsubishi Estate Group has been working on the Marunouchi Redevelopment Project with the aim of transforming it from an efficient business-oriented commercial district into a diverse city that is bustling with people even on weekends and holidays, thereby contributing to the international competitiveness of Tokyo as a global city.

From 2020, we positioned urban development in the Marunouchi area as "Marunouchi NEXT Stage" and launched "Marunouchi Re-Design: Establishing Co-Creation Platform for Innovation through Companies, Employees, and Visitors." Many communities have already been formed in the Marunouchi area, and the entire city has become a site for various projects to verify new ideas and technologies. In this area, where new business creation and innovation can be expected, we hope to create new value for the city as we act as initiators of diverse trends in collaboration with myriad companies, individuals, and government agencies.

TOKYO TORCH (scheduled for full completion in 2027), which we are currently developing in partnership with stakeholders in the Tokiwabashi district, located in front of the Nihombashi Exit of Tokyo Station, exemplifies these efforts. Under the project vision of "bringing light and energy to Japan," we aim to create a place where many will want to stop when they visit Japan or where they always have new encounters and discoveries whenever they go there.

Enhancing our contribution to achieving the SDGs under
the 2050 Vision

We formulated our Mitsubishi Estate Group Sustainability Vision 2050 by reflecting on what we ought to be today based on what we wish to achieve in 2050 and what we envision our purpose is in society at large. Within this context, we have declared ourselves to be the "Ecosystem Engineers" that provide the spaces and infrastructure (ecosystem) where diverse individuals and corporations are able to coexist sustainably and thrive together ―economically, environmentally, and socially.

To achieve this vision, we have set out the Mitsubishi Estate Group 2030 Goals for the SDGs as part of the Long-Term Management Plan, in which we established four key themes, which are environment, diversity & inclusion, innovation, and resilience. We will provide more profound value to a wider range of stakeholders based on the targets and KPIs established in each of these key areas.

OMY SDGs ACT5, launched in 2020, is one of our initiatives aimed realizing the 2050 Vision. The project promotes various activities in the Marunouchi area aimed at helping achieve the SDGs through collaboration between companies and individuals both inside and outside of the area to create a community oriented toward solving social issues.

I believe that firmly addressing the SDGs is a precondition for urban development. Of course, what we do at the Mitsubishi Estate Group has a strong affinity with Goal 11: Sustainable Cities and Communities, but the connections go further than that. Urban development is related to all aspects of human life, and there is no part of it that is not connected to the 17 Goals of the SDGs, including food and water, gender, and the abundance of the oceans and forests.

We deal in real estate which is a finite asset. All the economic and social value of real estate comes from the earth, and urban development is not complete without consideration for the global environment. The brand slogan of the Mitsubishi Estate Group is "A Love for People, A Love for the City," and I feel strongly that "A Love for the Earth" is also imperative.

I believe that the SDGs will encourage each and every one of us to be aware of their responsibility as a global citizen.

Addressing environmental and human rights issues with a focus on the whole supply chain

In the area of environmental issues, initiatives aimed at decarbonization have become increasingly important in the global community in recent years. Momentum has also been gathering pace in Japan since the government's declaration of Carbon Neutral 2050. The Mitsubishi Estate Group also has set out GHG emissions reduction targets (SBTi approved in April 2019) and its targets for the percentage of renewable energy-derived power consumption (joined RE100 in January 2020) and we have been continuing to promote initiatives to achieve these goals. We plan to switch all electricity used in 19 office buildings, mainly in the Marunouchi area, including individual-use areas, to renewable energy-derived power during fiscal 2021 followed by all the buildings we own in the Marunouchi area in fiscal 2022. We will also actively introduce renewable-energy-derived power in other areas.

In urban development, it is essential to consider the environment more broadly than just in terms of energy. It is also essential that we pay attention to natural capital and biodiversity, and to promote a circular economy. Focusing on nature, such as trees and all living things around us, enriches our hearts. By providing such opportunities and mechanisms, we aim to engage in urban development that fosters a spirit of consideration for the environment.

Respect for human rights is also an important aspect for realizing a sustainable society. In order to ensure respect for the basic human rights of all stakeholders, we established the Mitsubishi Estate Group Human Rights Policy and implemented human rights due diligence in fiscal 2018.

Since fiscal 2020, we have been promoting the use of timber that complies with the Sustainable Sourcing Code* (certified lumber or Japan-grown timber) for the concrete formwork panels used in construction of office buildings and housing. This initiative promotes use of certified lumber or Japan-grown timber to ensure traceability and thereby prevent the taking of indigenous people's land and illegal logging in the producing countries. Even if procurement costs increase, we believe that addressing the issues of human rights and the environment resolutely will enhance our corporate value over the long term. These issues are not limited to concrete formwork panels, so we must go further to strengthen our supply chain initiatives.

We face various challenges in expanding our business overseas, so we need to address them with an awareness of the characteristics of each area. In February 2021, there was a coup d'état in Myanmar, which was a major sociopolitical event. As a company engaged in business in the region, we are closely monitoring the situation and would like to be aligned with the will of the people.

  • The code, in which international agreements and guidelines for sustainability in different sectors are used as a reference, specifies guidelines and methods of operation aimed at implementing sustainability-oriented procurement, among other matters.

Nurturing diversity and encouraging active participation by
all employees

It is the individual people of the Mitsubishi Estate Group that will implement the 2050 Vision and the Long-Term Management Plan. The role of our management team is to create a working environment where all employees can work to the best of their abilities, which in turn will create innovation.

In fiscal 2019, Mitsubishi Estate began operating a new permission-based second job system in addition to significantly expanding a seamless workstyle that seamlessly combines online and offline working in response to the spread of COVID-19 infection.

We have been enhancing our systems year by year, but I believe an even higher level of flexibility in workstyles is imperative for us to be a sustainable company going forward. For example, it should be possible for some people to take advantage of their expertise to work second or even third jobs. We must aim to create a workplace that is conducive and attractive even for people who will achieve self-fulfillment in a wide range of fields beyond the confines of the Mitsubishi Estate Group. It is also important to truly understand and embrace the diversity of employees with various backgrounds and create an environment that allows them to play active roles.

I feel reassured to see that awareness of sustainability tends to be higher among the younger generation in general. A generation that has grown up and entered adulthood in the midst of frequent disasters caused by the degradation of the global environment and its accompanying uncertain economic outlook is more likely to view social issues with particular concern. We must think of measures to help these people work while gaining happiness and fulfillment in their lives without imposing outmoded traditional values on them.

Continuing to take on challenges every day while looking 100 years into the future has always been embedded in the Mitsubishi Estate Group's DNA. Amid major social change, we will come back to this starting point again and marshal all our forces to advance. We will work to enhance corporate value and help realize a sustainable society through urban development that creates new value by enhancing our brand slogan "A Love for People. A Love for the City" plus "A Love for the Earth."