Third Party Assessment

GRESB Real Estate Assessment

GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social, and Governance) integration of real estate companies and funds. It was founded in 2009 by a group of major European pension funds who played leading roles in launching Principles for Responsible Investment (PRI). The GRESB Real Estate Assessment is characterized by evaluating sustainability initiatives of real estate companies, REITs, and real estate funds, rather than targeting individual real estate.

In the 2023 GRESB Real Estate Assessment, INV received a "3-Star" GRESB Rating, which is based on overall GRESB scores and its quintile position among participants. INV was also awarded a "Green Star" designation for the third consecutive year by achieving high performance in both the "Management Component" that evaluates policies and organizational structure for ESG promotion, and the "Performance Component" that assesses environmental performance and tenant engagement of properties owned.

Further, INV was highly evaluated for its ESG information disclosure efforts and received an "A Level" the highest level for GRESB Public Disclosure for the third consecutive year, which assesses the breadth of ESG disclosure.

Please refer to the press release for details.
"Notice concerning GRESB Real Estate Assessment Results" dated October 3, 2023 (PDF)

CASBEE Certification for Buildings and Certification for CASBEE for Real Estate

CASBEE is a method that comprehensively assesses the quality of a building, and evaluates features such as interior comfort and scenic aesthetics, in consideration of environment practices including use of materials and equipment that save energy or achieve smaller environmental loads.

CASBEE Certification for Buildings (Existing Buildings) scores buildings based on the environmental quality and the environmental load reduction of buildings that are at least one year old after completion. Assessment results by CASBEE are indicated on a scale with the following five ranks: Rank S "★★★★★", Rank A "★★★★", Rank B+ "★★★", Rank B- "★★", and Rank C "★".

Certification for CASBEE for Real Estate was developed with the aim of making use of the results of the environmental assessment of buildings by CASBEE in real estate evaluation. It scores buildings under each of the evaluation items in five categories, comprising "1. Energy & Greenhouse Gases", "2. Water", "3. Use of Resources & Safety", "4. Biodiversity & Site", and "5. Indoor Environment". Based on the scores, assessment results are given one of four ranks: Rank S "★★★★★", Rank A "★★★★", Rank B+ "★★★", and Rank B- "★★".

INV acquired CASBEE Certification for Buildings (Existing Buildings) for three hotels, and Certification for CASBEE for Real Estate for three residential properties.

Please refer to the press release for details.
"Notice concerning Acquisition of CASBEE Certification for Buildings,
Certification for CASBEE for Real Estate, and BELS Certification" dated March 31, 2023 (PDF)
"Notice concerning Acquisition of CASBEE Certification for Buildings
and Certification for CASBEE for Real Estate" dated March 25, 2024 (PDF)

BELS Certification

BELS is the third-party certification system that evaluates and certifies the energy-saving performance of a building that the operators are required to make efforts to display under the Act on Improving Energy Consumption Performance for Architectural Structures. Houses and buildings are evaluated based on the value of BEI (Building Energy Index) derived from the primary energy consumption based on the government-designated energy consumption performance standard of architectural structures. The evaluation result is rated on a five-star scale based on energy conservation performance (from one star "★" to five stars "★★★★★"), with five stars meaning the highest energy conservation performance. Also, two stars or more represent that the building meets the existing energy conservation standard.

INV acquired BELS certification for 19 hotels.

Please refer to the press releases for details.
"Notice concerning Acquisition of BELS Certification" dated November 15, 2022 (PDF)
"Notice concerning Acquisition of CASBEE Certification for Buildings,
Certification for CASBEE for Real Estate, and BELS Certification" dated March 31, 2023 (PDF)
"Notice concerning Acquisition of BELS Certification" dated January 25, 2024 (PDF)

JCR Green Finance Framework Evaluation

INV has obtained "Green1 (F)" rating, the highest rating in the "JCR Green Finance Framework Evaluation", from Japan Credit Rating Agency, Ltd. ("JCR").


For details, please refer to followings
INV's Green Finance Framework (as of August 2023) (PDF)
JCR Green Finance Framework Evaluation

The List of Certified Properties

The following is a list of INV's Certified Properties that will meet the eligibility criteria under the Green Finance Framework. (as of March 2024)