Green Finance

Fund Procurement through Green Finance

INV manages its assets with consideration for "Environmental, Social and Governance (ESG)" and as part of its efforts, aims to realize a sustainable environment and society through the implementation of green finance (green bonds, green loans, etc.).


Green Bond Overview

A green bond is a bond issued to raise funds allocated to environmentally friendly projects, and is generally issued in accordance with the "Green Bond Principles" set forth by the International Capital Markets Association.


Green Loan Overview

A green loan is a borrowing to raise funds to be allocated to environmentally friendly projects, similar to green bonds, and is issued in accordance with the "Green Loan Principles", which are international guidelines.


Green Finance Framework

INV has formulated a green finance framework (the "Green Finance Framework") in accordance with the "Green Bond Principles" and "Green Loan Principles" to conduct green financing including the issuance of green bonds.

Please refer to the following for the detail of the Green Finance Framework.
INV's Green Finance Framework (as of June 2024) (PDF)

Overview of the Green Finance Framework

  1. Use of the funds procured through the green finance
    INV will appropriate all the funds procured through green bonds or green loans for the acquisition or renovation of Green Buildings that meet eligibility criteria, or for the refinance of those funds used for the acquisition or renovation of Green Buildings. The eligibility criteria are as follows;

    "Eligibility Criteria"
    (1) Green Building
    Properties that have or will have one of the following third-party certifications in effect as of the date of payment of the green bond or as of the date of borrowing of the green loan.
    (i) BELS Certification
    • BELS Certification (2016 fiscal year standards): five stars, four stars, or three stars *excludes BEI = over 0.75 for logistic facilities
    • BELS Certification (2024 fiscal year standards):
      • non-residential buildings: level 6, level 5, or level 4
      • residential buildings with renewable energy facilities: level 6, level 5, level 4, or level 3
      • residential buildings without renewable energy facilities: level 4 or level 3
    (ii) CASBEE Certification
    • CASBEE Certification for Buildings and Certification for CASBEE for Real Estate : rank S, A, or B+
    • Municipal version of CASBEE: rank S, A, or B+ * limited to buildings within 3 years from the date of completion of construction
    (iii) DBJ Green Building Certification: five stars, four stars, or three stars
    (iv) LEED Certification: Platinum, Gold, or Silver * v4 or later for LEED BD+C

    (2) Renovation
    Renovation of facilities that meets either of the following (i) or (ii).
    (i) Renovation work intended to improve the number of stars or the rank by one or more for properties that have or will have one of the third-party certifications listed in Eligibility Criteria-1.
    (ii) Renovation work that is expected to reduce either energy consumption, greenhouse gas emissions, or water consumption by 30% or more.

  2. Project evaluation and selection process
    The Finance Department and Asset Management Department of CIM will select the eligible projects for which funds will be appropriated, and the Sustainability Committee will make the final decision. The President and CEO of CIM is the final decision-maker for the Sustainability Committee.

  3. Management of proceeds
    The amount of debt calculated by (a) the amount obtained by multiplying the total acquisition value of the Green Buildings × (b) the interest-bearing debt ratio (as of the end of the most recent fiscal period) ＋ (c) the amount invested in renovation (the "Eligible Green Debt Amount"), will be the upper limit of the amount that can be procured through green finance, and we will manage the balance of green finance so that it does not exceed the Eligible Green Debt Amount.
    4. (a) Amount of the total acquisition value of the Green Buildings (Note 1) JPY 272.3 billion
    (b) Interest-bearing debt ratio (Note 1) 49.2％
    (c) Amount invested in renovation -
    Eligible Green Debt Amount (a)×(b)＋(c) JPY 133.9 billion

    (Note 1) As of December 31, 2025.


  4. Reporting
    (1) Fund Allocation Status Reporting
    INV's appropriation of funds related to Green Finance is as follows;
    5. Total amount of outstanding green bonds JPY 3,500 million
    Total amount of unappropriated green bonds -
    Total amount of outstanding green loans JPY 41,947 million
    Total amount of unappropriated green loans -

    Green Bonds

    Name Issue
    Amount
    (JPY million)    		 Unappropriated
    Amount
    (JPY million)    		 Interest
    Rate    		 Issue
    Date    		 Redemption
    Date     		Allocation Status
    9th series unsecured
    corporate bonds (green bonds)    		 1,700 - 1.200％ Sep. 21,
    2023    		 Sep. 21,
    2028    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Premier Akasaka, a green building that satisfies the eligible criteria
    10th series unsecured
    corporate bonds (green bonds)    		 1,800 - 1.297％ Dec. 14,
    2023    		 Dec. 14,
    2028    		 Aappropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Fuji Onsen Resort, a green building that satisfies the eligible criteria

    Green Loans

    Name / Lenders Borrowing
    Amount
    (JPY million)    		 Unappropriated
    Amount
    (JPY million)    		 Interest
    Rate    		 Borrowing
    Date    		 Maturity
    Date     		Allocation Status
    New Syndicate Loan (012)
    Mizuho Bank, Ltd.
    MUFG Bank, Ltd.
    Sumitomo Mitsui Banking Corporation
    Sumitomo Mitsui Trust Bank, Limited
    Development Bank of Japan, Inc.
    San ju San Bank, Ltd.
    The Nomura Trust and Banking Co., Ltd.     		8,970 - 3-month
    TIBOR
    +0.60000%    		 Jan. 16,
    2024    		 Mar. 14,
    2030    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Fuji Onsen Resort and Royal Parks Momozaka, both green building that satisfy the eligible criteria.
    New Syndicate Loan (013)
    Mizuho Bank, Ltd.
    MUFG Bank, Ltd.
    Sumitomo Mitsui Trust Bank, Limited
    Development Bank of Japan, Inc.    		 1,029 - 3-month
    TIBOR
    +0.60000%    		 Mar. 14,
    2024    		 Mar. 14,
    2030    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel Epinard Nasu, a green building that satisfies the eligible criteria.
    Term Loan (022)
    Mizuho Bank, Ltd.    		 1,250 - 1-month
    TIBOR
    +0.65000%    		 Oct. 11,
    2024    		 Mar. 14,
    2031    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Sapporo Station, a green building that satisfies the eligible criteria.
    Term Loan (023)
    Sumitomo Mitsui Banking Corporation    		 1,250 - 1-month
    TIBOR
    +0.65000%    		 Oct. 11,
    2024    		 Mar. 14,
    2031
    Term Loan (024)
    Sumitomo Mitsui Trust Bank, Limited    		 1,060 - 1-month
    TIBOR
    +0.65000%    		 Oct. 11,
    2024    		 Mar. 14,
    2031
    New Syndicate Loan (016)
    Mizuho Bank, Ltd.
    Sumitomo Mitsui Trust Bank, Limited
    Sumitomo Mitsui Banking Corporation
    The Yamaguchi Bank, Ltd.
    Aozora Bank, Ltd.
    SBI Shinsei Bank, Limited    		 8,897 - 1-month
    TIBOR
    +0.60000%    		 Jan. 16,
    2025    		 Mar. 14,
    2031    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Matsuyama and Hotel MyStays Haneda, both green building that satisfy the eligible criteria.
    New Syndicate Loan (017)
    Mizuho Bank, Ltd.
    Sumitomo Mitsui Banking Corporation
    Sumitomo Mitsui Trust Bank, Limited
    Development Bank of Japan, Inc.
    SBI Shinsei Bank, Limited
    Aozora Bank, Ltd.
    The Nomura Trust and Banking Co., Ltd.
    The Bank of Fukuoka, Ltd.
    The Shizuoka Bank, Ltd.
    Aichi Bank, Ltd.
    The Kagawa Bank, Ltd.    		 6,269 - 1-month
    TIBOR
    +0.50000%    		 Mar. 17,
    2025    		 Mar. 14,
    2030    		 Appropriated to repay borrowings raised as part of the acquisition of Royal Parks Seasir Minami-Senju, Hotel MyStays Haneda, and Hotel Epinard Nasu, all green buildings that satisfy the eligible criteria.
    New Syndicate Loan (017)
    Mizuho Bank, Ltd.
    MUFG Bank, Ltd.
    Sumitomo Mitsui Banking Corporation
    Sumitomo Mitsui Trust Bank, Limited
    Development Bank of Japan, Inc.
    SBI Shinsei Bank, Limited
    Aozora Bank, Ltd.
    The Yamaguchi Bank, Ltd.
    The Bank of Fukuoka, Ltd.
    The Kagawa Bank, Ltd.    		 3,745 - 1-month
    TIBOR
    +0.60000%    		 Mar. 17,
    2025    		 Mar. 14,
    2031
    Term Loan (025)
    San ju San Bank, Ltd.    		 1,000 - 1-month
    TIBOR
    +0.60000%    		 Apr. 15,
    2025    		 Mar. 14,
    2031    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Sapporo Station, a green building that satisfies the eligible criteria.
    New Syndicaten Loan (018)
    Mizuho Bank, Ltd.
    MUFG Bank, Ltd.
    Sumitomo Mitsui Banking Corporation
    Sumitomo Mitsui Trust Bank, Limited
    Aozora Bank, Ltd.
    The Nomura Trust and Banking Co., Ltd.    		 7,477 - 1-month
    TIBOR
    +0.40000%    		 Jul. 16,
    2025    		 Jul. 16,
    2029    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Haneda, Hotel MyStays Premier Kanazawa, and Art Hotel Ishigakijima, green buildings that satisfy the eligible criteria.
    Term Loan (026)
    MUFG Bank, Ltd.    		 500 - 1-month
    TIBOR
    +0.45000%    		 Oct. 15,
    2025    		 Mar. 14,
    2030    		 Appropriated to repay borrowings raised as part of the acquisition of Hotel MyStays Sapporo Station, a green building that satisfies the eligible criteria.
    Term Loan (027)
    Sumitomo Mitsui Banking Corporation    		 500 - 1-month
    TIBOR
    +0.45000%    		 Oct. 15,
    2025    		 Mar. 14,
    2030

    (2) Impact Reporting
    To the extent practicable, the following information will be disclosed on an annual basis on INV's website.


    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 May 2026)

    Property
    No.    		 Property Name Acquisition
    Price
    (mn JP)    		 BELS CASBEE DBJ Green
    Building
    D01 Hotel MyStays Kanda 2,851 ★★★★
    D04 MyStays Shin-Urayasu Conference Center 4,930 ★★★
    D08 Hotel MyStays Sakaisuji-Honmachi 2,514 ★★★
    D24 Hotel MyStays Haneda 7,801 ★★★★★
    D44 Hotel Epinard Nasu 21,002 ★★★ B+
    D45 Hotel MyStays Fukuoka Tenjin 8,059 ★★★★★
    D47 Hotel MyStays Premier Kanazawa 13,761 ★★★★ B+
    D52 Kamenoi Hotel Beppu 8,870 ★★★
    D53 Hotel MyStays Sapporo Station 7,880 ★★★★
    D54 Hotel MyStays Yokohama Kannai 5,326 ★★★★★ B+
    D57 Hotel MyStays Oita 1,604 ★★★★★
    D60 Hotel MyStays Premier Akasaka 20,691 ★★★★★ A
    D61 Hotel MyStays Premier Sapporo Park 16,731 A
    D64 Hotel MyStays Sapporo Aspen 15,543 ★★★
    D65 Art Hotel Ishigakijima 9,731 ★★★
    D66 Hotel MyStays Fuji Onsen Resort 9,405 ★★★★
    D73 Art Hotel Asahikawa 3,197 B+
    D74 Hotel MyStays Matsuyama 3,098 ★★★★★
    D82 Hotel MyStays Premier Narita 10,593 ★★★
    D83 Art Hotel Morioka 5,643 ★★★
    D84 Fusaki Beach Resort Hotel & Villas 40,293 ★★★
    D85 Tateshina Grand Hotel Takinoyu 8,365 ★★★
    D87 Hotel MyStays Aomori Station 2,445 ★★★★
    D90 Art Hotel Osaka Bay Tower & Solaniwa Onsen (Note 1) 31,185 ★★★★
    D91 Hakodate Kokusai Hotel 16,830 ★★★★
    D92 Art Hotel Nippori Lungwood 16,335 A
    D97 Art Hotel Kokura New Tagawa 4,672 ★★★
    D102 Irago Ocean Resort 6,900 ★★★
    D103 Kirishima Kokusai Hotel 6,534 ★★★
    A103 Royal Parks Momozaka 2,910 A
    A104 Royal Parks Shinden 5,024 A
    A106 Royal Parks Seasir Minami-Senju 2,683 A
    （Note 1）
    The certification is granted to "Art Hotel Osaka Bay Tower", the hotel portion of the property. The acquisition price includes the amount for Solaniwa Onsen.

    Energy Consumption, Greenhouse Gas Emission, Water Usage and Waste Volume

    Please refer to "Environmental Targets" in "Initiatives for Environment".

Sustainability