GLP J-REIT Issues JPY 6 Billion of Sustainability-Linked Bonds
World's first reward-type SLB in the public bond market that entitles GLP J-REIT to a 0.05% interest rate reduction when targeted ESG improvements are achieved
Tokyo, 17 September 2021– GLP Japan Real Estate Investment Trust (“GLP J-REIT”) (TSE: 3281) has priced JPY 6 billion (approximately US$55 million) of sustainability-linked bonds ("SLB") with a seven year term featuring the world's first reward-type structure in the public bond market that entitles GLP J-REIT to a 0.05% interest rate reduction when targeted ESG improvements are achieved.
GLP J-REIT has set a goal to aim to certify more than 80% of its portfolio with green building certifications by 2024.
The SLB will be subscribed by the subsidiaries of Dai-ichi Life Holdings, Inc., which are The Dai-ichi Life Insurance Company, Limited, The Dai-ichi Frontier Life Insurance Co., Ltd., and The Neo First Life Insurance Company, Limited, which is one of the largest life insurance company groups in Japan with total assets of JPY 63.6 trillion.
GLP J-REIT is a leader in the issuance of ESG bonds (sustainability bonds and green bonds) and has obtained the highest possible Green1 rating from the Japan Credit Rating Agency, Ltd. (JCR), a third-party evaluation agency. Including this issuance, GLP J-REIT has issued approximately JPY 37.6 billion (US$340 million) of ESG bonds, the highest amongst all J-REITs.
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