Source disclosure: February 18, 2026
Nomura Real Estate Master Fund,Inc. [3462.T]
TOKYO — Nomura Real Estate Master Fund, Inc., identified by its code number 3462, announced on February 18, 2026, that it has decided to refinance existing debt of ¥11.6 billion due on February 26, 2026, through new borrowings scheduled to be executed on February 24, 2026.
The refinancing will involve multiple term loan agreements with various lenders, including the Nomura Trust Bank, Shinkin Central Bank, Fukuoka City Bank, Seventy-seven Bank, SBI Sumishin Netto Bank, Eighty-Two Nagano Bank, Hundred Fourteen Bank, Mitsui Sumitomo Insurance Co., Yamaguchi Bank, Mitsubishi UFJ Bank, and Sumitomo Mitsui Banking Corporation. The interest rates range from fixed rates to those based on the Tokyo Interbank Offered Rate (TIBOR), adjusted periodically according to market conditions. For instance, the rate for the loan from the Sumitomo Mitsui Trust Bank is set at the base rate plus 0.32%, while the Mitsubishi UFJ Bank loan includes sustainability-linked features where the interest rate can adjust based on certain performance targets (SPTs).
Specifically, the loan from the Mitsubishi UFJ Bank is structured as a Sustainability-Linked Loan (SLL). This means that the interest rate could decrease by 0.01% if specified sustainability performance targets (SPTs) are met during the loan period. Conversely, if greenhouse gas emissions increase beyond the 2019 baseline, the rate may rise by 0.01%. These adjustments are designed to incentivize sustainable practices and align with the company's green finance framework.
Nomura Real Estate Master Fund plans to allocate the proceeds entirely towards refinancing previously acquired green assets such as PMO Tamachi, PMO Ginza Hachimae, and PMO Shibakoen. Further details about the green financing strategy can be found on their website under "Green Finance."
Regarding the impact on future operations, the fund expects no significant changes to its operational forecast for the fiscal periods ending August 2026 and February 2027. The total amount of interest-bearing liabilities remains unchanged at ¥52.22 billion after the refinancing transaction. However, there will be a shift in the composition of these liabilities, with a reduction in short-term borrowings offset by an equivalent increase in long-term borrowings.
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