To Our Unitholders

Yasuyuki Kuratsu Executive Director Industrial & Infrastructure Fund Investment Corporation

I would like to take this opportunity to express my sincere gratitude to all investors for your ongoing support.

This report provides an update on IIF’s performance for the fiscal period ended January 31, 2020 (the 25th period). In this fiscal period, IIF decided to acquire five properties (total acquisition price: 25.3 billion yen) using the approximately 13.3 billion yen raised through our ninth public offering conducted on December 2019. We already acquired IIF Gifu Kakamigahara Logistics Center which is one of the five properties. These additions brought the total number of properties under management to 72 and our total asset size to 300.5 billion yen (on an acquisition price basis) as of the end of this period.

With regards to existing properties, IIF disposed of its trust beneficiary right in the IIF Atsugi Logistics Center (50% co-ownership interest) at the beginning of this fiscal period.
As in the previous year, we continued to strengthen our ESG initiatives. For the seventh consecutive year, we obtained Green Star, the highest rating for GRESB Real Estate. IIF Misato Logistics Center, IIF Shin-Kawasaki R&D Center, and IIF Shinagawa IT Solution Center received S-rank ratings and IIF Yokohama Tsuzuki Logistics Center received A-rank ratings for CASBEE Real Estate Certification.
Going forward, we will continue to contribute to the realization of a sustainable society by promoting continuous ESG initiatives in addition to the stable operation of ESG as in the past.
And in terms of financial matters, we signed new loan contracts totaling 14.0 billion in addition to the fund procurement through the ninth public offering.

As a result of these activities, the distribution per unit (including distribution in excess of profit) for this period was 3,085 yen. IIF will work to maximize unitholder value by implementing external growth through public offering and continued internal growth measures, and we look forward to your continued support.



Yasuyuki Kuratsu
Executive Director
Industrial & Infrastructure Fund Investment Corporation