2024.2.16
From Revitalizing Vacant Homes to Creating Social Impact — Engagement with KATITAS
At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Collaborative relationships with internal and external stakeholders are essential to achieving our mission. We therefore seek to deepen the relationship of trust with our stakeholders by disclosing specific details of our activities, including dialogue with the companies in which we invest.
This month, we'll report on the following activities.
Our Dialogue with KATITAS CO., Ltd.
Cadira Capital Management engages with Katitas in a supportive manner.
Katitas is a company that buys, renovates and then sells existing properties throughout Japan. The company delivered 6,091 units in FY2022. This is approximately 16 times the 377 units delivered by their closest competitor (the second largest in the category), indicating that Katitas has established a dominant position in the domestic market.
Social Issues addressed by Katitas
Let's take a look at the social issue that Katitas is working to address.
As of 2018, there are 8.49 million vacant homes in Japan, and this number is expected to increase rapidly in the future due to population decline. Nomura Research Institute Ltd. estimates that the number will exceed 20 million by 2038. Abandoned and vacant homes are at risk of collapse, posing a public safety hazard and blighting the landscape. Katitas is helping to curb the problem of vacant homes, which is expected to worsen in the future, by repurposing existing homes. In Japan, the proportion of used homes in the housing distribution market is very low at 14.5% in 2018, compared to 86% in the UK and 81% in the US. However, as homebuyers increasingly look for existing homes, business opportunities for Katitas may expand.
In addition to the vacant home issue, Katitas' business has another positive social impact. For example, the homes offered by Katitas are about half the sales price of a typical new home, making it possible to provide affordable housing for low- and middle-income families. In addition, from an environmental perspective, their repurposed homes have a lower impact on the environment, using 87% less wood and producing 73% less CO2 emissions than new construction.
Further improvement of Katitas's Impact Management
During the meeting with Katitas, we discussed how they could further improve their impact management. Although they have ramped up their efforts by publishing an ESG report in 2021 and an improved integrated report in 2023, we were concerned that there was a lack of feedback from other investors, which could reduce the company's motivation to become more impact-oriented. As a countermeasure, we began to provide more support for the company's impact measurement and disclosure.
One example is organizing a collaborative engagement meeting with approximately 15 impact experts. Below are the company's feedback comments on the meeting, which indicate that the company found the collaborative engagement meeting to be very meaningful.
Feedback comments from Katitas:
Thank you very much for the opportunity to participate in the study session on impact investing.
We were able to receive candid opinions from the participants, which made us reflect on the fact that we had produced the report based on our own subjective viewpoints and how meaningful it is to exchange information with investors and others involved in impact investment, who are the recipients of the information, rather than agonizing over the issue on our own.
In order for Katitas to be more highly regarded in the field of impact investment, where business growth is achieved while solving social issues, we would be happy if we could continue to engage with everyone involved in impact investment through study sessions in the future.
Cadira Capital Management will continue to engage with Katitas and provide lateral support for its value creation.
Learn More
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