APREA Japan REIT Forum

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.

From 2015 to 2023, he served as the President & CEO of Sumisho Realty Management, a subsidiary of Sumitomo Corporation, and expanded its AUM to over ¥700 billion. He diversified the firm's investments in structures such as SOSiLA Logistic REIT(publicly-traded) and SC Realty Private REIT(privately-placed) alongside a broad spectrum of separate accounts.

Earlier, at Sumitomo Corporation, he held pivotal roles and managed a comprehensive real estate portfolio in both Japan and the US, encompassing residential, commercial, and logistics sectors.

From 2024 to April 2025, he served as Director and Head of Strategic Business Division at ES-CON Japan. He is currently with Fortress Investment Group, where he is engaged in J-REIT related operations.

He graduated from Kyoto University in 1983 with a bachelor’s degree in architecture. Also, he is a licensed architect in Japan, an esteemed ARES Certified Master, APREA Board Member/Japan Chapter Chairperson and RICS Japan, MEG Co-chairperson (FRICS).

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.

Makoto Sakuma is Asia Pacific Co-Head of Research and Strategy and focuses primarily on Japanese real estate markets and on sharing global market insights with Japanese investors.

Makoto rejoined LaSalle in 2025, after a previous stint at the firm from 2019 to 2020, during which he specialized in investment strategy and research for the Japanese and South Korean real estate markets. Before rejoining LaSalle, Makoto was Senior Researcher at NLI Research Institute and held roles at Sumitomo Mitsui Trust Bank and INPEX Corporation.

Makoto gained his PhD in Policy and Planning Sciences from University of Tsukuba and also holds a Bachelor of Economics from Osaka University.

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。

Keita Araki appointed President & Representative Director of KJR Management in February 2025. Prior to his appointment, he served as Executive Officer and General Manager of Metropolitan Division of the company for almost 10 years, contributing to
the growth of the Japan Metropolitan Fund Investment Corporation. He joined KJR Management (formerly Mitsubishi Corp.-UBS Realty Inc.) in 2003. After serving as Head of Asset Management Department, he was appointed Executive Officer and
Head of Retail Division in 2015 and Executive Officer and Head of Metropolitan Division in 2021. He led the merger of Japan Retail Fund Investment Corporation and MCUBS MidCity Investment Corporation. He was appointed Executive Officer and
Head of Metropolitan Division in March 2021. After the merger, he led the development of Japan Metropolitan Fund Investment Corporation by implementing various strategies, including the asset replacement of 200 billion yen. In 1992, he joined
Nomura Real Estate Development Co., Ltd., working in a Housing Sales Division, International Division, and Corporate Sales Department. He received a B.A. from Waseda University School of Law. He is a real estate appraiser.

Masaya Sato is President and CEO of Kasumigaseki REIT Advisors Co., Ltd., and also serves as Executive Officer of Kasumigaseki Hotel REIT, Inc. In 2023, he joined Kasumigaseki Capital Co., Ltd. as Executive Officer (Head of the REIT Preparation Office), where he led the launch of a listed REIT.

Masaya began his career in real estate appraisal at Tanizawa Sogo Appraisal Co., Ltd. He has spent many years engaged in real estate investment and asset management at Grosvenor Fund Management Japan, and Diamond Realty Management.

He has extensive experience across a wide range of areas, including appraisal, investment analysis, investor relations (IR), and the acquisition, management, and disposition of assets. He has a proven track record in investing in and managing diverse asset types such as hotels, offices, logistics, and retail properties.

He holds a graduate degree from the Graduate School of Finance at Waseda University.

Yuma Kawatsuji is President of GLP Japan Advisors, Inc., where he focused on investment activities and overseeing business operations of GLP Japan Advisors, the asset management company for GLP J-REIT, one of the largest logistics focused J-REITs. He also serves as Executive Director of GLP J-REIT. 

Previously, Mr. Kawatsuji was Vice President at GLP Japan Inc., where he focused on multiple activities including sourcing industrial assets and fund management of Japan focused logistics development funds. Mr. Kawatsuji started his career at Merrill Lynch Japan Securities in Tokyo, where he focused on providing mergers and acquisitions advisory services. 

Mr. Kawatsuji holds a LL.B from the University of Tokyo and a MPP form Graduate School of Public Policy, the University of Tokyo

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。

2026年4月よりみずほ銀行の不動産ファイナンス営業部にてREITチームを統括。
REITのファイナンスや、ノンリコースローンのアレンジメント業務を担当。

2006年にみずほフィナンシャルグループに入社、旧みずほコーポレート銀行（現みずほ銀行）の本店営業部にて不動産会社のカバレッジを担当。
2008年より同行の不動産ファイナンス営業部にて私募ファンドのノンリコースローンやREIT向けのファイナンスアレンジメント業務に従事。
2014年よりみずほ証券の不動産投資銀行部にて、私募REITやファンドの組成を担当。
2020年よりJR東日本グループに業務出向。不動産ファンドの組成、アセットマネジメント会社の設立、REIT検討に関する業務を遂行。
2022年よりみずほ信託銀行の不動産投資顧問部にて不動産ファンドのファイナンスアレンジメントを担当。

Junichi Yoshimura has led the REIT team in Mizuho Bank's Real Estate Finance Department since April 2026.
Responsible for REIT finance and arrangement of non-recourse loans.

He joined Mizuho Financial Group in 2006 and was in charge of real estate companies in the head office sales department of the former Mizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.)
Since 2008, he had been engaged in non-recourse loans for private funds and financial arrangements for REITs in the Real Estate Finance Department of Mizuho Bank, Ltd.
Since 2014, he had served as a financial advisor for private REITs and real estate funds at the Real Estate Investment Banking Department of Mizuho Securities Co., Ltd.
In 2020, he was seconded to the JR East Group. Conducted a formation of real estate funds, and an establishment of the asset management company and REIT.
Since 2022, he had been in charge of financing arrangements for real estate funds in the Real Estate Investment Advisory Department of Mizuho Trust & Banking Co., Ltd.

He joined Mitsubishi Corporation in April 1993 and has been involved in domestic and overseas financial, real estate and urban development projects for over 30 years. From April 2007, he was seconded to Diamond Realty Management Inc. (DREAM) for five years, where he served as Executive Vice President and Head of the Business Planning Division. Upon returning to Mitsubishi Corporation, he was transferred to MC Financial Services Ltd. in New York State in August 2012, where he served as Executive Vice President, and the following year he served as Managing Director, Head of Business Development and COO of MC Asset Management Holdings, LLC in Connecticut. After returning to Japan, he has been promoting domestic and international business at Mitsubishi Corporation's Industrial Finance, Logistics & Development Group, Urban Development Group and Urban Development & Infrastructure Group since May 2016. In April 2025, he was transferred back to DREAM and became President and CEO.

Takayuki Higashi was appointed Head of Private REIT Department at Kenedix Real Estate Fund Management, Inc. in February 2026 and subsequently appointed Director and COO in March 2026. He oversees the operations of Kenedix Private Investment Corporation.

He joined Kenedix in 2007, and has played a key role in the growth of Kenedix Private Investment Corporation, leading the asset management and investment teams for the private REIT since 2019.

Prior to joining Kenedix, Takayuki began his career in Recruit Building Management Corporation in 1999. Since then, he has been engaged in tenant leasing, real estate brokerage and the real estate fund business.

He has over 25 years of experience in the real estate investment industry.

Katsuhiro Matsunami has served as Representative Director and President of JINUSHI Asset Management Co., Ltd. since February 2025. And as Executive Officer of JINUSHI Private REIT Investment Corporation since March 2025.

He joined JINUSHI Co., Ltd. (formerly Nippon Commercial Development Co., Ltd.) in 2019 and was subsequently seconded to JINUSHI Asset Management Co., Ltd.

Prior to joining JINUSHI, he joined Mitsubishi Corp.-UBS Realty Inc. (currently KJR Management Co., Ltd.) from 2011, where he was responsible for real estate investment operations for mainly Japan Retail Fund Investment Corporation (currently Japan Metropolitan Fund Investment Corporation). Earlier in his career, he joined Nomura Real Estate Development Co., Ltd. in 2007 and was seconded to Nomura Real Estate Investment Management Co., Ltd. (currently Nomura Real Estate Asset Management, Inc.). In this role, he was primarily engaged in real estate investment activities across multiple sectors, including commercial properties and restructuring CMBS cases. He began his professional career in 2005 at Sumitomo Trust & Banking Co., Ltd. (currently Sumitomo Mitsui Trust Bank, Limited), where he was involved in brokerage and consulting services for real estate transactions.

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.