APREA Japan REIT Forum: Revitalizing J-REITs

Akemi specializes in tax consulting for financial institutions/real estate companies, supporting her clients with the development of various investment funds and financial products. She has 30 years of experience, from the start of the J-REIT market, dedicated to serving fund managers and investors (multinational companies, pension funds), advising on both inbound and outbound strategies for tax effective market entry, distribution arrangements and investment structuring.

Akemi is an active participant in tax policy discussions, advising as well as attending workshops and committees sponsored by government agencies and industry associations.

Akemi has authored various articles and books on the tax treatment of investment structures, JREITs, cross-border securitization and on topical financial services tax issues. Akemi is a member of the Japanese Institute of Certified Public Accountants (CPA) and Japanese Licensed Tax Accountant (LTA) Association. She is a graduate of the Law Faculty of Kyoto University.

鬼頭　朱実
PwC税理士法人
マネージング　ディレクター

PwC入所以来、金融、特に投資運用業の税務を専門とし、J-REITを含む不動産投資ファンド、プライベートエクイィティ、ベンチャ―投資ファンドやヘッジファンド、資産流動化をはじめとする金融取引・不動産取引に関する税務コンサルティングに約30年にわたり従事。 J-REITやプライベートエクイティ投資の創生期からファンド立上の税務アドバイスを行っており、インバウンド・アウトバウンド双方のクロスボーダー案件のアドバイス経験を豊富に有している。海外年金や海外ファンドによる日本の金融資産や不動産投資案件に係るアドバイスの他、日本の年金や法人投資家による海外ファンド投資や日本の投資家を対象とする海外投資ファンド組成に係る案件に多数関与。また、官公庁やファンド業界団体の税制改正等に関する検討会メンバーを数多く務めるとともに、官公庁の各種調査業務を担当してきた。

主な著書には「投資ストラクチャーの税務」（至第11訂版）、「信託の税務」　（税務経理協会） 「不動産投信の実務」「基礎解説　証券化の税務」（中央経済社）等がある。

公認会計士・税理士　京都大学法学部卒。

Sigrid is the Chief Executive Officer of Asia Pacific Real Assets Association (APREA). Based in Singapore, she is responsible for overseeing the strategic direction, initiatives and operations of the association across Asia Pacific. Under her leadership, APREA repositioned to an industry trade group focusing on real estate and infrastructure.

Sigrid joined APREA’s executive team in January 2019.

Prior to APREA, she served as Managing Director of Asia Pacific Research and Advisory Services of Cushman & Wakefield (C&W) from 2010 through 2018, where she was responsible for research, thought leadership, strategy formulation and client management.  Before relocating to Singapore, she was based in Washington, D.C. and led C&W’s U.S. research group in the Mid-Atlantic region, overseeing all aspects of market research activities in the Washington, DC; Virginia; Suburban Maryland, Baltimore; and Philadelphia areas. Prior to joining C&W, Sigrid served as a Senior Economist for the National Association of Realtors (NAR). In that position, she developed NAR’s office, warehouse, retail, multi-family housing, and international research programs.

A recognized expert in global economic, public policy and real estate issues, Sigrid is a frequent speaker at industry events.  Her commentary on commercial and residential real estate markets is also regularly featured in a wide array of global publications, including the Wall Street Journal, Financial Times, Bloomberg, New York Times and Reuters. Additionally, she has made several television appearances on financial networks and radio such as CNBC, Bloomberg, CNN, National Public Radio and Channel News Asia.

Sigrid holds a Master of Business Administration from Cornell University’s Johnson Graduate School of Management and a Master’s degree in Economics from Pennsylvania State University. She is a member of several civic groups including the Rotary Club of Raffles City in Singapore, where she has served in various leadership positions, and serves in the Executive Committee of the Crohn’s & Colitis Society of Singapore.

Naoki Suzuki is President of KJR Management, a KKR subsidiary and the largest manager of listed J-REITs, since April 2022 as well as Chief Sustainability Officer since January 2020. Naoki joined Mitsubishi Corp.-UBS Realty Inc. (current KJR Management) in January 2012 as Head of Research, and later served as Deputy President of the subsidiary, MCUBS MidCity, as well as Deputy President of Mitsubishi Corp.-UBS Realty Inc. before taking the current position. Prior to that, Naoki worked as an equity and real estate security analyst and fund manager at Lupus alpha Asia, Schroders, UBS Asset Management and LTCB and F&C Investment Management. Chartered Financial Analyst (CFA). Bachelor of Law, The University of Tokyo.

Graduated from the National Defense Academy, received a master's degree in engineering from Japan University, and received a Ph.D. in engineering from the University of Tokyo. Engaged in research on the application of computational geometry and artificial intelligence (machine learning) to real estate price evaluation and urban design. While studying abroad at the University of Cambridge in the UK, he founded a new practical study "Real Estate and Financial Engineering".

He has been in his current position since 2004. He has been a visiting professor at the University of Tokyo, Kyoto University, and Keio University. In 2013, he became the President of the Asian Real Estate Academic Society. Since 2007, he has been president of the Japan Society for Real Estate and Financial Engineering.

After graduating from the Faculty of Engineering at Kyoto University in 1991, he joined Taiyo Kobe Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation). After gaining experience at domestic branches, he worked in the Markets Division, managing the short-term money market. During the credit uncertainty in 1997, he supported the bank’s cash management in the Treasury Group of the Finance Department.

In 2001, he was seconded to a major real estate company, where he handled PFI projects and the first project under the Private Urban Renewal Business Plan Certification System. After returning to the bank, he has been consistently involved in real estate finance since 2003. He has experienced the expansion of non-recourse loans to funds, restructuring during the Lehman Shock, securitization through CRE strategy proposals, support for launching REITs, and domestic and international private equity real estate investments.

In April 2018, he was appointed as the General Manager of the Real Estate Finance Sales Department, and in April 2022, he became the Executive Officer, Deputy Head of the Financial Solutions Headquarters (current position).

Mr. Oshima joined Nissay Asset Management in 2007 and has consistently been engaged in investments in J-REITs. Since 2014, he has also served as a fund manager for Asian REITs. Prior to that, he was involved in investments in J-REITs and CMBS at a foreign insurance company's investment division.

He holds a master's degree and a BA in economics from Keio University. He is a Certified Member Analyst of the Securities Analysts Association of Japan.

• Apr-2008 - Morgan Stanley Securities Co., Ltd. (currently Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.)
• Jun-2012 - The Bank of Tokyo-Mitsubishi UFJ, Ltd. (currently MUFG Bank, Ltd.)
• Jan-2014 - Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
• Mar-2021 - LaSalle Investment Management K.K
• Mar-2021 - Seconded to LaSalle REIT Advisors K.K.
• Mar-2021 - Head of Fund Management
• Dec-2021 - LaSalle LOGIPORT REIT Substitute Executive Director
• Mar-2023 - LaSalle REIT Advisors K.K. Director
• May-2023 - LaSalle LOGIPORT REIT Executive Director (present)
• May-2023 - LaSalle REIT Advisors K.K. President and CEO (present)

大和総研、大和証券SMBCを経て2010年より現職。20年近くにわたりJ-REIT市場の調査・分析に従事。Institutional Investor誌「All-Japan Research Team」REIT部門で2012～22年で11年連続1位。日経ヴェリタス誌「アナリストランキング」REIT部門で2016～2022年で7年連続1位。一般社団法人不動産証券化協会認定マスター。一般社団法人不動産証券化協会資格教育小委員会分科会委員。

I joined Sumitomo Mitsui Trust Bank in 1993. I have been engaged in real estate investment and portfolio management for 22 years, since 2002. For two of those years, I was seconded to a J-REIT asset management company, where I was responsible for making transactions of properties. I have been managing our J-REIT strategy since 2009. Currently, I belong to the Active Management Department of Sumitomo Mitsui Trust Asset Management Co., Ltd.

Satoshi Yamaguchi is the Chief Executive Officer of Prologis REIT Management, the asset management company for Nippon Prologis REIT, Inc., a role he has held since April 2022.

He has also served as Executive Director of Nippon Prologis REIT, Inc. since September 2022.

Since joining Prologis, Mr. Yamaguchi has led several strategic initiatives, including the structuring of joint venture schemes in Japan, and has developed strong relationships with key customers and Japanese institutional investors.

He previously served as Chief Investment Officer of Prologis REIT Management from June 2012 to June 2018, and as Head of Operations at Prologis Japan from July 2018 to March 2022.

With over 30 years of experience in the finance and real estate sectors—and more than 15 years at Prologis—Mr. Yamaguchi brings deep industry insight and leadership expertise.

Before joining Prologis, he worked at Sumitomo Mitsui Trust Bank, Limited, a leading trust bank and real estate brokerage firm, where he was engaged in real estate investment and advisory services.

Mr. Yamaguchi holds a Bachelor’s degree in Engineering from Osaka University.

He is a Licensed Real Estate Appraiser, Member of the Royal Institution of Chartered Surveyors (MRICS), and an ARES Certified Master.

Tadaaki Komatsubara, CMA, is a co-founder of Ibbotson Associates Japan and chief investment officer at Ibbotson Associates Japan, a registered investment advisor and subsidiary of Morningstar, Inc. (former Ibbotson Associates, Inc.) Entrusted to create asset allocation models for many of the largest companies in the finance and investment industries, Ibbotson Associates Japan is a leading provider of investment consulting services to institutional investors in Japan.

Komatsubara has been with Ibbotson Associates Japan for almost 24 years. He has played a key role in the development of investment consulting and investment advisory services. He contributes to asset allocation and investment processes. Prior to joining Ibbotson Associates Japan, he worked as a portfolio manager for UBS Asset Management and LTCB Investment Management. He was managing Japanese equity portfolios and developed Asset Allocation models and ALM for pension fund sponsors.

Komatsubara has expertise in asset allocation, fund allocation, nontraditional assets, and hedge fund. His writings have appeared in the proceedings of Nippon Finance Association and The Japanese Association of Financial Econometrics and Engineering. He won Securities Analysts Journal Prize 2008 in “The Explanatory Power of Policy Asset Allocation”. Komatsubara received a bachelor’s degree in administration engineering from KEIO University.

Certified Member Analyst of the Securities Analysts Association of Japan. Associate Member of the Institute of Actuaries of Japan. Director of the Japan Finance Association, Councilor and Director of the Japan Insurance and Pension Risk Association. Executive director of the MPT Forum.

Graduated from the National Defense Academy, received a master's degree in engineering from Japan University, and received a Ph.D. in engineering from the University of Tokyo. Engaged in research on the application of computational geometry and artificial intelligence (machine learning) to real estate price evaluation and urban design. While studying abroad at the University of Cambridge in the UK, he founded a new practical study "Real Estate and Financial Engineering".

He has been in his current position since 2004. He has been a visiting professor at the University of Tokyo, Kyoto University, and Keio University. In 2013, he became the President of the Asian Real Estate Academic Society. Since 2007, he has been president of the Japan Society for Real Estate and Financial Engineering.

Mr Ryuta Takeuchi is responsible for JLL’s Capital Markets platform across Japan and works with the firm’s extended global Capital Markets team to facilitate inbound investment opportunities into Japan’s commercial real estate market and advise domestic capital owners on outbound investment.  He joins JLL from Mitsubishi Corporation where he was President and CEO of Diamond Reality Management Incorporated, its global real estate investment arm. For Mitsubishi Corporation, Mr Takeuchi oversaw assets under management of over US$8 billion through private real estate investment trusts (REITs) and private funds in Japan and other global markets in this position from 2021 to 2023.  Mr Takeuchi joined Mitsubishi Corporation in 1996 and held a variety of leadership positions including Head of Executive Management and Strategy Planning Office in its Urban Development Group, Managing Director and CEO of MC Asset Management in Europe. He was also Co-CEO of UBS-Mitsubishi Corporation General Partner – UBS- PREMF Limited, a joint venture private funds business with UBS.

浅野晃弘 略歴

1994 年 4 月に三菱商事株式会社入社。同社の開発・建設部門に配属後、三菱商事・UBS リ アルティ株式会社へ出向。2004 年 1 月にケネディクス株式会社の不動産投資アドバイザリ ー部門に移籍。2009 年 1 月には三井物産ロジスティクス・パートナーズ株式会社の社外取 締役も務める。

ケネディクス株式会社の執行役員戦略投資部担当部長兼投資第 1 チーム長を経て、2014 年 9 月にケネディクス不動産投資顧問株式会社取締役最高業務執行者(COO)商業リート本部 長に就任し、2014 年 10 月にはケネディクス商業リート投資法人の執行役員にも就任。

2020 年 2 月にケネディクス株式会社の財務・会計部門に異動し、同年 3 月に取締役財務・ 経理部長(総務・人事部管掌)、また、2021 年 3 月より上席執行役員 CFO 財務経理部長(総 務・人事部管掌)に就任。

2024 年 3 月にケネディクス不動産投資顧問株式会社の代表取締役社長に就任し、現在に至 る。

Akihiro Asano joined the Development and Construction Division of Mitsubishi Corporation in April 1994, and was seconded to Mitsubishi Corp.-UBS Realty Inc. He transferred to the Real Estate Investment Advisory Department of Kenedix, Inc. in January 2004. He was appointed as an Outside Director of Mitsui & Co., Logistics Partners Ltd., in January 2009.

After serving as Executive Officer, General Manager of Strategic Investment Team 1 at Kenedix, Inc., he became Director and COO, General Manager of Retail REIT Division at Kenedix Real Estate Fund Management, Inc., in September 2014. He was additionally appointed as Executive Director of Kenedix Retail REIT Corporation in October 2014.

Since 2020, he has been transferred to the Finance & Accounting Department of Kenedix, Inc., and in March 2020, he was appointed as Director, Head of Finance & Accounting Department (Responsible for General Administration & Human Resources Department). From March 2021, he served for three years as Senior Executive Officer CFO, Head of Finance & Accounting Department (Responsible for General Administration & Human Resources Department) at Kenedix, Inc.

In March 2024, he was appointed as President & CEO of Kenedix Real Estate Fund Management, Inc., a position he currently holds.