Kajima Green Bonds
We issued Kajima Green Bonds (46th Unsecured Corporate Bonds) in February 2020 in order to help a broad range of stakeholders recognize our advanced environmental initiatives. The Kajima Group formulated the Kajima Environmental Vision: Triple Zero 2050 as the basis of its environmental initiatives and it actively promotes initiatives to create a sustainable society. To reflect the signing of the Paris Agreement, we aim to reduce our greenhouse gas emissions compared to fiscal 2013 by 80% or more no later than 2050. We have also identified "contributing actively to society’s transition to a low carbon footprint," as one of our material issues in 2019.
The funds raised through this issue of green bonds are allocated to the development of green buildings that conform to the Kajima Environmental Vision.
Overview of Green Bonds
|Name||Kajima Corporation 46th Unsecured Corporate Bonds
(with a special pari passu condition applied to corporate bonds only) (green bonds)
|Alternative name||Kajima Green Bonds|
|Date of issuance||February 28, 2020|
|Date of setting terms||February 21, 2020|
|Total issue amount||10 billion yen|
|Interest rate of issue||0.110%|
|Use of proceeds||(1) Yokohama Gate Tower: Refinance construction costs (¥6 billion) (scheduled)
(2) KT Building: Refinance construction costs (¥4 billion) (scheduled)
|Lead managing underwriters||SMBC Nikko Securities Inc., Daiwa Securities Co. Ltd. Nomura Securities Co., Ltd., Mizuho Securities Co., Ltd.|
|SMBC Nikko Securities Inc.|
|Assigned rating||A+ (Rating and Investment Information, Inc.)|
Eligibility as Green Bonds
For the issuance of green bonds, the Company established a green bond framework that is aligned with the Green Bond Principles 2018 (Note 1) and the Japanese Green Bond Guidelines 2017 (Note 2).
As a third-party evaluation of green bonds, we have obtained from Rating and Investment Information, Inc. (R&I) a second-party opinion which states that R&I Green Bond Assessment has found that our green bond framework is in line with the Green Bond Principles 2018 and Japanese Green Bond Guidelines 2017. In addition, our green bonds have received from R&I the highest level of evaluation, GA1 (Note 3).
Furthermore, R&I, which is a supporter of the Company’s issuance of green bonds, has received from the Green Finance Organization a notice informing that the Company has been chosen as a recipient of a subsidy with respect to the acquisition of a third-party evaluation for the Issuance under a FY 2019 project to support the organization of green bond issuance promotion systems operated by the Ministry of the Environment of Japan.
Announcement of Investments in Our Green Bonds
This section lists investors that announced investments in our green bonds.
List of investors that announced investments
- Asset Management One Co., Ltd.
- The Bank of Iwate, Ltd.
- FA Foundation
- OTEC CORPORATION
- THE KITAOSAKA SHINKIN BANK
- The Bank of Kyoto, Ltd.
- KOMAIHALTEC INC.
- SUMITOMO LIFE INSURANCE COMPANY
- Daitokyo Credit Cooperative
- THE BANK OF NAGOYA, Ltd.
- NIHON DENGI CO., LTD.
- HIGASHI-NIPPON BANK, Ltd.
- The Fukui Bank, Ltd.
- BlackRock Japan Co., Ltd.
- Mie Prefecture credit federation of agricultural cooperatives
Overview of the Green Project
We issued Kajima Green Bonds in order to refinance the construction of the Yokohama Gate Tower, which is currently underway in Block 58 in the Minatomirai 21 Central District in Nishi-ku, Yokohama City, Kanagawa, and of KT Building, whose construction was completed in August 2016 in Motoakasaka 1-chome, Minato-ku, Tokyo.
|Name of building||Yokohama Gate Tower|
|Project owners||KAJIMA CORPORATION, SUMITOMO LIFE INSURANCE COMPANY, Mitsui Sumitomo Insurance Company, Limited|
|Scheduled site||12 lots including 1-2-50 Takashima, Nishi-ku, Yokohama City|
|Main intended usage||Offices, crowd attraction facilities, stores, parking|
|Site area||9,307.95 square meters|
|Total floor area||Approx. 84,000 square meters|
|Structure||Steel-frame structure (Vibration suppression structure)|
|Floors||1 basement story and 21 aboveground stories|
|Maximum height||109 meters|
|Designed/supervised by||KAJIMA CORPORATION|
|Built by||Joint venture of KAJIMA CORPORATION, TEKKEN CORPORATION, and OMATA KK.CORPORATION Inc.|
|Construction began in||April 2019|
|Construction completes in||Around autumn of 2021 (scheduled)|
|Main environmental certifications||・CASBEE Yokohama self-assessment class A BEE=1.8 BEI=0.83|
|Name of building||KT Building|
|Project owner||KAJIMA CORPORATION|
|Address||1-3-8 Motoakasaka, Minato-ku, Tokyo|
|Main intended usage||1st to 12th floors: office space|
|Site area||1,866.03 square meters|
|Total floor area||11,791.87 square meters|
|Structure||Steel-frame structure (CFT structure); partly RC structure|
|Floors||1 basement story, 12 aboveground stories, 1 PH story|
|Maximum height||54.91 meters|
|Designed/supervised by||KAJIMA CORPORATION|
|Built by||KAJIMA CORPORATION|
|Construction began in||September 2014|
|Construction completed in||August 2016|
|・CASBEE Class S third-party certification BEE=8.1
・BELS certification (☆☆☆☆☆) BEI=0.46 First office building in Japan to receive ZEB Ready certification.
・Selected as one of the FY2014 Leading Housing/Building Projects for CO2 Emissions Reductions (currently, Sustainable Building and Other Leading Projects)
・Received the 57th Society of Heating, Air-Conditioning and Sanitary Engineers of Japan (SHASE) Technology Award (Building Facilities Section) in May 2019
Achievement: Achieved ZEB Ready with the aim to spread it in KT Building
Until all the raised funds are allocated to eligible projects, Kajima publishes reports on the status of the allocation of the raised funds on our website. We also report on environmental impact related to the metrics of eligible projects on our website once a year starting one year after the issuance of green bonds until they are redeemed.