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“WE ARE GREEN” Bond Policy

1. Basic Policy for ESG bond issuance

(i) Objective

The Tokyu Land Group (the “Group”) shall obtain comprehensive and continuous approval of its ESG approach from bond investors and other stakeholders. Moreover, Tokyu Land Corporation (the “Company”) shall offer stable ESG bond investment opportunities to bond investors and strengthen and expand its fundraising foundations through ESG bond issuance.

(ii) Targets

The Company aims to have ESG bonds account for 50% or more of the total corporate bond issuance volumes by the end of FY2025, and 70% or more by the end of FY2030.

(iii) Allocation of capital raised from ESG bonds, etc.

Capital raised from ESG bonds, etc. shall be allocated in accordance with the themes to work on for value creation (materiality) established in the long-term vision “GROUP VISION2030.”

(iv) Forms of ESG bonds

Green bond, social bond, sustainability bond and sustainability-linked bond.
For new issuance, obtaining certification from a third-party certification body shall be obligatory. Moreover, forms of ESG bonds may be added or deleted, depending on changes in the principles, which are the premise of certification, of each third-party certification body, etc.

2. Policy for information disclosure

(i) Information disclosure criteria

The Group shall disclose information in accordance with the Financial Instruments and Exchange Act and other applicable laws and regulations and the Timely Disclosure Rules established by Tokyo Stock Exchange, Inc. (TSE)

(ii) Method of information disclosure

Information which falls under statutory disclosure items in accordance with the Timely Disclosure Rules shall be disclosed by registering it with the Timely Disclosure network (TDnet) provided by TSE. Moreover, securities report and other disclosure documents shall be publicly disclosed through the Electronic Disclosure for Investors’ Network (EDINET) provided by the Financial Services Agency.
The Company shall promptly post on its webpage information disclosed through the timely information disclosure system of the stock exchange. It shall also work to transmit other information to bond investors at reasonable times in accordance with the objective of timely disclosure.

3. Policy for constructive dialogue with bond investors

(i) Officers in charge of dialogue with investors

Through collaboration among officers in charge of corporate communication, financial affairs and corporate planning, the Company shall facilitate a constructive dialogue with bond investors.
Moreover, it shall work to deepen bond investors’ understanding through dialogue between them and President and officers in charge to the extent necessary and reasonable.

(ii) Collaboration with departments in charge and related departments

The Finance Group has been established under the aegis of the Group Finance Department to take charge of financing activities, and through collaboration with IR Office, Corporate Sustainability Office and other departments related to corporate planning, it shall facilitate a constructive dialogue between bond investors and the President, officers in charge and personnel in charge.

(iii) Initiative for enhancing methods of dialogue

The Group shall hold periodic meetings with bond investors to thoroughly communicate the status of the Group’s ESG-related initiatives, progress of ESG bonds, etc. Moreover, it shall call for opinions, suggestions, etc. from bond investors through meetings. These opinions shall be shared with senior management and shall be reflected in the Group’s ESG initiatives. In this way, the Group strives to deepen bond investor engagement through bilateral communication.

About the Sustainability Linked Bond

As a corporate group that continues to create value, Tokyu Fudosan Holdings resolves social issues through its business activities and aims to achieve a sustainable society and growth together with our stakeholders, as stated in its long-term GROUP VISION 2030. The Company has formulated the "WE ARE GREEN" Bond Policy, a policy for the issuance of ESG bonds for the long term, as a framework for financing under the group vision.
Under the policy, the Company will issue a sustainability-linked bond.

Overview

Issue Name Tokyu Fudosan Holdings Corporation 26th Unsecured Corporate Bond (limited inter-bond pari passurider) (Sustainability Linked Bond)
Pricing Date October 5, 2021
Issue Date October 11, 2021
Maturity Date October 10, 2031
Term 10-year
Total Issue Amount 10 billion yen
Interest Rate 0.300％
Credit Rating A（Japan Credit Rating Agency, Ltd.）
Conformity assessment (i) The Sustainability-Linked Bond Principles 2020 (ICMA)
(ii) Green Loan and Sustainability Linked Loan Guidelines 2020 (Ministry of the Environment)
SPTs SPT1: Reducing greenhouse gas emissions 46.2% in FY2030
SPT2: Achieving carbon negative in FY2025
(The Company's contributions to CO2 emissions reductions, including the generation of renewable energy, exceeding its CO2 emissions)
Characteristics of the bond after assessment If any failure to achieve SPTs is determined in assessment, the amounts below will be paid on the redemption date to entities to which donations are made in the Midori wo Tsunagu Project or other similar organizations making environmental contributions.
SPT1: 0.25％ of the amount of issuance
SPT2: 0.25％ of the amount of issuance
Other The sustainability-linked bond has been chosen as a model in the Ministry of the Environment's 2021 Green Finance Model Creation Project. Its conformity is certified by Rating and Investment Information, Inc. and Green Pacific Co., Ltd., contractors of the Ministry of the Environment. The Company has received a third-party opinion from Japan Credit Rating Agency, Ltd.

Third-Party Review Concerning Alignment

A third-party opinion by the Ministry of the Environment and its contractors (Rating and Investment Information, Inc. and Green Pacific Co., Ltd.)

A third-party opinion by Japan Credit Rating Agency, Ltd.

Investment Announcements for Tokyu Fudosan Holdings Corporation Sustainability Linked Bond

Please see the following investors that have announced their investments in the Tokyu Fudosan Holdings Corporation Sustainability Linked Bond
(As of October 5,2021, / Alphabetical order)

  • BlackRock Japan Co., Ltd.
  • FUJINOMIYA SHINKIN BANK
  • Hanno Shinkin Bank
  • Iwaki Shinkumi,Ltd.
  • JA-aichiama
  • Mitsui Sumitomo Insurance Company, Limited
  • NAGANO SHINKIN BANK
  • SaitamaDoctor Bank
  • SHINONOME SHINKIN BANK
  • The Dai-ichi Life Insurance Company, Limited
  • THE GIFU SINKIN BANK
  • The Prudential Life Insurance Company, Ltd.
  • Tokio Marine Asset Management Co., Ltd.
  • Yuki Shinkin Bank
  • DaitokyoShinkumi Credit Cooperative
  • HAMAMATSU IWATA SHINKIN BANK
  • Iizuka Shinkin Bank
  • JA GAMAGORI
  • KIRYU SHINKIN BANK
  • Miyazaki Daiichi Shinkin Bank
  • Nissay Asset Management Corporation
  • Shinkin Central Bank
  • SUWA SHINKIN BANK
  • The Gamagori Shinkin Bank
  • THE KURE SHINKIN BANK
  • The Seto Shinkin Bank
  • Tokyo City Shinkin Bank

Targets and SPTs related to climate change in the Company's environmental management

Targets and SPTs related to climate change in the Company's environmental management

Donations as part of the characteristics of the bond

The Midori wo Tsunagu Project chooses alliances in its forest conservation activities in consideration of the following: (i) appropriate management, (ii) records of use of produced wood, (iii) promotion of decarbonization (including use of J-Credit System), and (iv) initiatives to achieve the SDGs. The Company will continue to choose entities to which it will make donations, based on similar considerations if it fails to achieve SPTs.

For detailed information, visit the websites below.

Background and purpose of the formulation of long-term vision GROUP VISION 2030

Achieving SBT certification and signing the Business Ambition for 1.5°C

The Midori wo Tsunagu Project

News Release

The sole purpose of the creation of this information is disclosing information on the issuance of bonds by the Company. It is not created for any solicitation of investment or similar acts in Japan or overseas.

About the Sustainability Bond

Tokyu Fudosan Holdings Corporation (“the Company”) addresses social issues through its business operations, with the aim of realizing a sustainable society and continuously creating value of the Tokyu Fudosan Holdings Group (“the Group”).　
The Company has decided to issue a Sustainability Bond in order to more widely communicate the Group’s initiatives for addressing the environmental and social issues to broader stakeholders and contribute to the realization of a sustainable society through the projects financed with the proceeds from the bonds.
The issuance of the Sustainability Bonds is based on the Company’s Sustainability Finance Framework formulated in line with the “Green Bond Principles 2018,” the “Social Bond Principles 2018,” the “Sustainability Bond Guidelines 2018” and the “Green Loan Principles 2018” published by the International Capital Market Association (“IMCA”) and the “Green Bond Guidelines 2020” published by Japan’s Ministry of the Environment and has obtained an evaluation from a third-party assessment agency to verify the alignment with such principles and guidelines.

Overview

Issue Name Tokyu Fudosan Holdings Corporation the 2nd Unsecured Subordinated Bonds with the Optional Interest Payment Deferral and Optional Early Redemption Clauses (Sustainability Bond)
Pricing Date December 9, 2020
Issue Date December 17, 2020
Maturity Date December 17, 2060
Optional Early Redemption The bonds may be redeemed prior to maturity at the discretion of the Company on any interest payment date on or after December 17, 2030
Total Issue Amount 30 billion yen
Interest rate 1.24% per annum (*1)
Use of Proceeds All funds were fullly allocated to the redemption funds of the commercial paper, for the refinancing funds related to expenditures or investments concerning the existing or new assets of the five projects: 1. TOKYO PORTCITY TAKESHIBA; 2. Kudan Minami 1-chome Project (tentative name); 3. Membership-based Shared Office Business, “Business-Airport;” 4. Start-up Support and Co-creation Business; and 5. Senior Housing Business.
Credit Rating BBB+ (Japan Credit Rating Agency, Ltd.)

(*1) The fixed interest rate shall be applied from the day immediately following December 17, 2020 until December 17, 2030 and variable interest rates shall be applied from the day immediately following December 17, 2030 (Coupon Step-up shall be effective on December 18, 2030)

Third-Party Review Concerning Alignment

Investment Announcements for Tokyu Fudosan Holdings Corporation Sustainability Bond

Please see the following investors that have announced their investments in the Tokyu Fudosan Holdings Corporation Sustainability Bond
(As of December 9, 2020 / Alphabetical order)

  • Akita Shinkin Bank
  • Asahi Mutual Life Insurance Company
  • Asset Management One Co., Ltd.
  • Daiwa Asset Management Co.Ltd.
  • ECHIZEN SHINKIN BANK
  • Fukue Shinyokumiai
  • FUKUOKA HIBIKI SHINKIN BANK
  • GUNMAMIRAI Shinkumi Bank.
  • Himifusiki Shinkin Bank
  • Hokkaido Zennsinnbunnhannbaijuugyouinnfukurikyoukai
  • Ichinoseki Shinkin Bank
  • IIDA SHINKIN BANK
  • KANAGAWA PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL CO-OPERATIVES
  • KITAMI SHINKIN BANK
  • Koto Shinkin Bank
  • Kyoei Community Bank
  • Manulife Investment Management (Japan) Limited
  • Medical Corporation Nanzankai
  • Meiji Gakuin Educational Foundation
  • Meiji Yasuda Asset Management Company Ltd.
  • Midori Life Insurance Co., Ltd.
  • Mitsubishi UFJ Trust and Banking Corporation
  • Moka Shinkumi Bank
  • Nagahama Shinkin Bank
  • Nagano Prefecture credit federation of agricultural cooperatives
  • Nagaoka Shinkin Bank
  • NAGASAKI MITSUBISHI CREDIT UNION
  • Niigata credit union
  • Niigata daiei shinkumi bank
  • NISHI CHUGOKU SHINKIN BANK
  • Nishihyogo Shinkin Bank
  • Public Corporation for Housing Improvement and Development
  • SAGA PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL COOPERATIVES
  • SAGAHIGASHI SHINYOUKUMIAI
  • Seiwa Shinkumi Bank
  • Sumitomo Mitsui DS Asset Management Company, Limited
  • Sumitomo Mitsui Trust Asset Management Co., Ltd.
  • TAIYO LIFE INSURANCE COMPANY
  • The Aichi Bank, Ltd.
  • The Aichikenchuo Credit cooperative
  • THE CHUNICHI SHINKIN BANK
  • The Ishinomaki Shinkin Bank
  • The Kimitsu Credit Cooperative
  • THE MISHIMA SHINKIN BANK
  • THE MIZUSAWA SHINKIN BANK
  • The Nara Shinkin Bank
  • THE SANJO SHINKIN BANK
  • THE TANYO SHINKIN BANK
  • THE YAMATO SHINKIN BANK
  • Tokio Marine Asset Management Co., Ltd.
  • Toryo Shinkumi

Allocation Report

On March 12, 2021, the proceeds from this sustainability bond were fully allocated to redemption of existing commercial paper to refinance the construction funds related to the five projects: "TOKYO PORTCITY TAKESHIBA"; "KUDAN-KAIKAN TERRACE"; Membership Shared Office Business, “Business-Airport”; Support For Start-ups and Co-creation Business; and Senior Housing Business.

Proceeds from this sustainability bond
(After deducting the estimated issuance expenses) 		Appropriations Used
JPY 29,711 million The "TOKYO PORTCITY TAKESHIBA"：JPY 12,000 million
The "KUDAN-KAIKAN TERRACE"：JPY 4,000 million
Membership Shared Office Business, the “Business-Airport”：JPY 1,000 million
Support for Start-ups and Co-creation Business：JPY 300 million
Senior Housing Business：JPY 12,411 million

Sustainability projects to be financed with the proceeds from the Sustainability Bonds

■TOKYO PORTCITY TAKESHIBA

TOKYO PORTCITY TAKESHIBA is a large-scale complex construction project that aims to connect people, information and businesses across the world with a focus on “Digital x Content,” creating a new lifestyle where people live close to their workplaces. The project develops an international business base by utilizing the land owned by the Tokyo metropolitan government and promotes the area management through an industry-government-academia collaboration.

For an overview of the project, please refer to the following news release.

【Social initiatives taken in the TOKYO PORTCITY TAKESHIBA】
  • Secures space for accepting stranded commuters in the event of a disaster
  • Provides storage warehouses for emergency supplies
  • Furnishes child-rearing support facilities
  • Develops barrier-free facilities designed to improve convenience of elderly and disabled people
【Environmental initiatives taken in the TOKYO PORTCITY TAKESHIBA】
DBJ Green Building Certification 5 Stars
The property has been certified as Japan’s top-class environmentally and socially conscious building under the “DBJ Green Building Certification,” the certification system established by Development Bank of Japan to certify real estate demonstrating exceptional environmental and social considerations.

■KUDAN-KAIKAN TERRACE

KUDAN-KAIKAN TERRACE opened on October 1, 2022 (Saturday) as a multi-use facility consisting of 17 floors above ground and 3 floors below with a total square foot of approximately 68,000m2, including office and commercial facilities. Based on the concept of "retro-modernism in bloom along the waterfront," the former Kudan Kaikan, a registered tangible cultural property, was partially preserved while being reconstructed to embody various contemporary needs, including the use of the latest technology and corporate health management.

For an overview of the project, please refer to the following news release.

【Social initiatives taken in KUDAN-KAIKAN TERRACE】
  • Secures space for accepting stranded commuters in the event of a disaster
  • Provides storage warehouses for emergency supplies
  • Develops barrier-free facilities designed to improve convenience of elderly and disabled people
【Environmental initiatives taken in KUDAN-KAIKAN TERRACE】
DBJ Green Building Plan Certification 5 Stars
The project has been certified as a construction plan for Japan’s top-class environmentally and socially conscious building under the “DBJ Green Building Plan Certification,” the certification system established by Development Bank of Japan to certify real estate demonstrating exceptional environmental and social considerations.

■Membership Shared Office Business, “Business-Airport;”

The Group operates the membership shared office business, “Business-Airport” in Shibuya, Ebisu, Marunouchi and other centers of business in Tokyo to offer quality workplaces to all businesspersons seeking growth.

For an overview of the business, please visit the following website.

【Social initiatives taken in the Membership Shared Office Business ”Business-Airport”】
  • Provides basic infrastructure for start-ups to pursue business opportunities and growth
  • Provides places enabling business start-ups to exchange information and collaborate with each other as well as interact with major corporations and investors

■Support For Start-ups and Co-creation Business

The Group operates its co-creation facilities supporting business start-ups in the greater Shibuya area under the brands of “Plug and Play Shibuya Powered by Tokyu Land Corporation” and “GUILD.” The purpose of the project is to attract start-ups to the greater Shibuya area and facilitate them to create their open innovation capabilities. Additionally, the Group aims to develop an innovation (venture) eco system that underpins growth of quality small-to-medium-sized companies through partnerships with venture capitals and financial assistance for start-ups.

For an overview of the business, please visit the following website.

【Social initiatives taken in the Support For Start-ups and Co-creation Business】
  • Provides basic infrastructure for start-ups to pursue business opportunities and growth
  • Provides places enabling business start-ups to exchange information and collaborate with each other as well as interact with major corporations and investors

■Senior Housing Business

The Group operates the “Grancreer” senior housing series offering senior residences (for self-supporting residents) and nursing homes (for residents needing nursing care), with the aim of creating housing that enables senior citizens to enjoy their own lifestyles. Particularly, Grancreer Setagaya Nakamachi and Creer Residence Yokohama Tokaichiba are complexes of senior residences and general condominiums for sale, developed based on the concept of facilitating communications among generations in order to realize the “Intergenerational Interactive City Development.”

For an overview of the business, please visit the following website.

【Social initiatives taken in the Senior Housing Business】
  • Provides barrier-free facilities indispensable for senior citizens
  • Offers 24-hour 365-day nursing care services (nursing home)
  • Offers compound facilities consisting of senior residences for self-supporting residents and nursing homes

About the Green Bond

Tokyu Fudosan Holdings Corporation ("the company") strives to create solutions for social issues through its businesses in order to realize a sustainable society and enhance the Tokyu Fudosan holdings Group's value.
The company has decided to issue a green bond to spread awareness of the company's positive attitude for ESG and actions to a broad base of stakeholders.
The green bond issued by the company obtained the reviews that the green bonds to be issued is based on the framework that is in align with the Green Bond Principles 2018 published by the International Capital Market Association (ICMA) and the Green Bond Guidelines 2017 published by Ministry of the Environment Japan, by the third party reviewer.

Overview

Name Tokyu Fudosan Holdings Corporation 22th Unsecured Corporate Bond (limited inter-bond pari passu rider) (Green Bond)
Alias : Tokyu Fudosan Holdings Corporation Green Bond
Pricing Date January 17, 2020
Issue Date January 23, 2020
Maturity Date January 23, 2025
Term 5-year
Total amount of issue JPY 10,000 million
Interest rate 0.190％
Use of proceeds All funds were fullly allocated to the redemption funds of the commercial paper, for the refinancing funds related to the construction of the "SHIBUYA SOLASTA" and the development of the "ReENE Matsumae Wind Farm".
Bond Rating A (Japan Credit Rating Agency, Ltd.)

Third-Party Review Concerning Alignment

Investment Announcements for Tokyu Fudosan Holdings Corporation Green Bond

Please see the following investors that have announced their investments in the Tokyu Fudosan Holdings Corporation Green Bond.
(As of January 17, 2020 / Alphabetical order)

  • Asset Management One Co., Ltd.
  • Daitokyo shinkumi credit corporative
  • KANAGAWA PREFECTURAL CREDIT FEDERATION OF AGRICULTURAL CO-OPERATIVES
  • Kanonji Shinkin Bank
  • Naraken Japan Agricultural Co-operatives
  • NUMAZU SHINKIN BANK
  • Meiji Yasuda Life Insurance Company
  • OITA-KEN CREDIT COOPERATIVE
  • OTEC CORPORATION
  • PineBridge Investments Japan Co., Ltd.
  • Sumitomo Mitsui DS Asset Management Company, Limited
  • Sumitomo Mitsui Trust Asset Management Co., Ltd.
  • SUWA SHINKIN BANK
  • THE KAGAWA BANK, LTD.
  • The Kita Osaka Shinkin Bank
  • The Rokinren Bank
  • Tokyo University of Agriculture Educational Corporation
  • Western Asset Management Company Ltd

Allocation Report

On February 14, 2020, the funds raised by this green bond were fully allocated to the redemption funds of the commercial paper, for the refinancing funds related to the construction of the "SHIBUYA SOLASTA" and the development of the "ReENE Matsumae Wind Farm".

Funds raised by this green bond
(After deducting the estimated issuance expenses) 		Appropriations Used
JPY 9,952 million Refinancing funds related to the construction of the "SHIBUYA SOLASTA"：JPY 8,000 million
Refinancing funds related to the development of the "ReENE Matsumae Wind Farm"：JPY 1,952 million

"SHIBUYA SOLASTA" Project

"SHIBUYA SOLASTA" is the office building with 21 floors above ground, 1 below ground, approximately 107 meters high, and a leased area of approximately 27,769㎡. In Mar 2019, we completed the construction of "SHIBUYA SOLASTA", reconstructing the former site areas of 4 buildings in the district including the Shin-Nampeidai Tokyu Building, where the company and TOKYU LAND CORPORATION were headquartered.

Please see the following press release for information on "SHIBUYA SAOLASTA"

■Environmental Initiatives of “SHIBUYA SOLASTA”

CASBEE（Comprehensive Assessment System for Built Environment Efficiency）S rank, the best rating
"SHIBUYA SOLASTA" was given an S rank rating, which indicates its high environmental performance, in the evaluation system that comprehensively inspects the environmental performance of buildings based on the "Building Environmental Performance Indication" under the act on promotion of measures to prevent global warming.
DBJ Green Building Certification 5 Stars
"SHIBUYA SOLASTA" was certified as a building with the highest level of environmental and social considerations in Japan under the DBJ Green Building Certification which certifies real estate with outstanding environmental and social considerations by Development Bank of Japan.
Creature Symbiosis Office Certification System（ABINC Certification）
"SHIBUYA SOLASTA" has been recognized for its promotion of green spaces that take biodiversity conservation into consideration, and was given ABINC Certification.
EDO-MIDORI Registration Green Zone（registration system for the planting of the native species）
"SHIBUYA SOLASTA" is registered with the "EDO-MIDORI Registration Green Zone", the system to register native species. This is because "SHIBUYA SOLASTA" is taking steps to restore the environment suited to living things in Tokyo, including insects, birds and other animals, through the planting of plants (native species) that are naturally distributed in Tokyo.

"ReENE Matsumae Wind Farm" Project

"ReENE Matsumae Wind Farm" is the wind power plant that was developed in Matsumae-machi, Matsumae-gun, Hokkaido, mainly by Tokyu LAND CORPORATION and started operation on Apr 3, 2019.

Please see the following press release for information on "ReENE Matsumae Wind Farm"

Positive Impact Finance

Tokyu Fudosan Holdings Corporation (Headquarters: Shibuya-ku, Tokyo; President: Hironori Nishikawa) announces that it concluded Positive Impact Finance (PIF) (loans whose uses are not specified to an operating company) agreements on March 31, 2021 (an agreement on 5.0 billion yen) and September 28, 2021 (an agreement on approximately 7.2 billion yen) with Sumitomo Mitsui Trust Bank, Limited.

PIF is a loan to be extended in line with the Principles for Positive Impact Finance(*1) and its implementation guidelines established by the United Nations Environmental Programme Finance Initiative (hereinafter “UNEP FI”)(*2), for the purpose of providing continuing support for corporate activities with a positive impact to the environment, society and the economy based on comprehensive analysis and the evaluation of both positive and negative impacts of the activities. The most notable characteristics of PIF is that the degree of contribution from corporate activities in achieving the Sustainable Development Goals (SDGs) is used as evaluation indicators and monitored based on publicly disclosed information.

In concluding the agreements, the following themes in the Company’s key issues of sustainability were assessed qualitatively and quantitatively as initiatives that have a particular impact on achieving SDGs.
The progress and results of these initiatives will be disclosed in sustainability reports, etc. (*3) published by the Company.

Theme Description Targets and Indicators (KPIs) SDGs
Improvement in quality of life, formation of communities for mutual assistance Solve changing social issues through Life Story Town, Lifestyle Creation 3.0 and other initiatives.

Targets

a. Improve quality of life, create communities and contribute to the regional economy through value creation on the time axis and on the spatial axis in city planning.

b. Raise customer satisfaction in the Tokyu Cosmos Club survey to 90% or more in FY2030.

c. Implement 10 or more projects to revitalize communities annually from FY2021 and 100 or more projects in FY2030.

d. Provide 10 or more products or services that contribute to Lifestyle Creation 3.0 annually from FY2021 and 100 or more products and services in FY2030.

Indicators (KPIs)

a. Status of initiatives for creation of new lifestyles, value creation in a wide range of business domains and value improvement in local communities

b. Customer satisfaction in the Tokyu Cosmos Club survey

c. Number of community revitalization projects

d. Number of products and services provided that contribute to Lifestyle Creation 3.0

 SDGs
Resilience of cities Develop disaster-resistant urban functions.

Targets

Contribute to safety and security in local communities and urban areas.

Indicators (KPIs)

Status of initiatives to offer safe and secure housing

 SDGs
Environmental protection Urban development for coexistence with the environment

a) Initiatives to reduce CO2 emissions

Targets

  • Net zero CO2 emissions (Scopes 1, 2 and 3) in 2050
  • 46.2% reduction (vs. FY2019) in CO2 emissions (Scopes 1, 2 and 3) in FY2030
  • CO2 emissions (Scopes 1 and 2) falling below contributions to CO2 emissions reductions, which are the sum total of renewable energy power generation (converted using the percentage of ownership) and forest conservation credits

Indicators (KPIs)

  • CO2 emissions (Scopes 1, 2 and 3)
  • Contributions to CO2 emissions reductions

b) Expand the use of renewable energy

Targets

Source 100% of electricity consumed in all business activities of the Tokyu Fudosan Group from renewable energy by 2050. Aim to reaching a milestone of 60% by 2030 and another milestone of 90% by 2040 (*4).

Indicators (KPIs)

Percentage of renewable energy in electricity consumed in all business activities of the Group

c) Promote achievement of environmentally friendly real estate certification

Targets

All (100%) of new large office buildings and commercial facilities achieve environmentally friendly certificate (CASBEE: A and higher, DBJ: 4 stars and higher, BELS: 4 stars and higher).

Indicators (KPIs)

Rate of properties that achieve environmentally friendly real estate certificate

d) Appropriate management and use of water resources

Targets

Reduce water use from a year earlier every year until FY2030.

Indicators (KPIs)

Water consumption per a certain floor area at business bases of and the real estate portfolio

e) Reduction of waste emissions

Targets

Reduce waste volume 11％ in FY2030 (vs. FY2019).

Indicators (KPIs)

Waste emissions per a certain floor area at business bases and the real estate portfolio

 SDGs

Third-party assessment, etc. on conformity

(*1) Principles for Positive Impact Finance: The principles were established by UNEP FI in January 2017. Under the principles, companies disclose KPIs that indicate their contributions to achieving the SDGs. Banks evaluate the positive impact of companies' contributions and provide funds. As a result, companies that receive funds make efforts to increase the positive impact and reduce the negative impact. Banks that give loans monitor indicators as responsible financial institutions and confirm that the impact is continuing.

(*2) The United Nations Environmental Programme Finance Initiative (UNEP FI): A subsidiary body of the United Nations established in 1972 as an implementing agency for the Declaration of the United Nations Conference on the Human Environment and the International Environment Action Programme. UNEP FI is a broad and close partnership between UNEP and more than 200 global financial institutions. Since its establishment in 1992, it has been working with financial institutions, policy-makers and regulatory authorities to transform itself into a financial system that integrates economic development with environmental, social and governance (ESG) considerations.

(*3) The page for integrated reports published annually and the sustainability site
Integrated report:
https://www.tokyu-fudosan-hd.co.jp/english/ir/library/annualreport/
Sustainability site:
https://tokyu-fudosan-hd-csr.disclosure.site/en

(*4) Tokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo; President & CEO: Masashi Okada) aims to achieve the RE100 target, renewable energy accounting for 100% of electricity needed for corporate activities, in 2022.
News releases of Tokyu Land Corporation:
https://www.tokyu-land.co.jp/news/2021/001204.html

Sustainability-linked loan for TOKYO PORTCITY TAKESHIBA

Albero Grande Co., Ltd., an operating company established by Tokyu Land Corporation, a subsidiary of the Company, and Kajima Corporation to facilitate the development of TOKYO PORTCITY TAKESHIBA (hereinafter the "Property"), has signed an agreement for a syndicated sustainability-linked loan (*1) with Mizuho Bank, Ltd. and MUFG Bank, Ltd. This sustainability-linked loan is a no-recourse loan backed by the Property.
The signing of the sustainability-linked loan with the two banks reflects a positive evaluation of the initiatives implemented by the operating company to resolve environmental and social issues. The sustainability-linked loan, whose use is limited to green or social projects, will be allotted for the development of the Property, a qualifying asset. In addition, a second party opinion has been acquired from Japan Credit Rating Agency, Ltd., a third-party evaluation organization, to ensure the loan is in compliance with all of the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Green Loan Principles.

(*1) A loan to which the Sustainability Bond Guidelines apply. Complies with the Green Loan Principles as well.

Overview

Contractant Albero Grande Co., Ltd.
Lenders Mizuho Bank, Ltd. and MUFG Bank, Ltd.
Amount 90 billion yen
Agreement execution date December 23, 2020
Use of funds Expenses for the development of TOKYO PORTCITY TAKESHIBA (*2)

(*2) A part of the funds made available through the sustainability hybrid bonds issued by the Company on December 17, 2020 will also be used for the development of TOKYO PORTCITY TAKESHIBA.

Third-party evaluation of conformity

About the Property

TOKYO PORTCITY TAKESHIBA is a large-scale complex construction project that aims to connect people, information and businesses across the world with a focus on “Digital x Content,” creating a new lifestyle where people live close to their workplaces. The project develops an international business base by utilizing the land owned by the Tokyo metropolitan government and promotes the area management through an industry-government-academia collaboration.

For an overview of the project, please refer to the following news release.

【Social initiatives taken in the TOKYO PORTCITY TAKESHIBA】
  • Secures space for accepting stranded commuters in the event of a disaster
  • Provides storage warehouses for emergency supplies
  • Furnishes child-rearing support facilities
  • Develops barrier-free facilities designed to improve convenience of elderly and disabled people
【Environmental initiatives taken in the TOKYO PORTCITY TAKESHIBA】
DBJ Green Building Certification 5 Stars
The property has been certified as Japan’s top-class environmentally and socially conscious building under the “DBJ Green Building Certification,” the certification system established by Development Bank of Japan to certify real estate demonstrating exceptional environmental and social considerations.

Press Release

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