APREA 2026 Market Outlook Seminar & New Year’s Party – Tokyo

Joined Daiwa Securities in 2001. Started covering the REIT sector in 2006 after serving as an analyst of the property investment market for the Daiwa Research Institute (pension management consulting).

Moved to SMBC Nikko Securities in 2010. Advises the FSA's Financial System Council as a J-REIT expert, and provides the TSE with advice on how to expand and invigorate the J-REIT market.

Extel Rank: Ranked No. 1 in the Analyst REIT category for 15 consecutive years from 2012 to 2026. ARES Certified Master. Member of the Subcommittee on Qualification Education of ARES.

Chris Cheah, Executive Chairman of TrustCapital, a leading private equity real estate firm headquartered in Singapore and widely recognised for its deep expertise in Australian real estate.

Since its inception 17 years ago, TrustCapital has completed more than A$4 billion of transactions in Australia, and was notably the most prolific Asian investor in the Australian office sector between 2011 and 2017.

Its Australian Office Fund 1, established in 2010, and Australian Office Fund 2, established in 2013, achieved IRRs of 11% and 24% respectively upon exit in 2017.

In 2022, TrustCapital completed a landmark Purpose-Built Student Accommodation transaction, involving a sovereign wealth fund acquiring a 49% stake in an Australian portfolio valued at A$1.1 billion, which was successfully exited in 2024 at an IRR of 35%.

More recently, TrustCapital launched its Australian Office Fund 3, targeting to raise A$500 million, to invest up to A$1 billion. It has already acquired its first asset, 750 Collins Street, Melbourne for A$383 million.

TrustCapital’s investor base includes sovereign wealth funds, pension funds, insurance companies, listed corporates and private funds, underscoring the institutional confidence in its strategy and execution.

Prior to TrustCapital, Chris was with ANZ Bank, where he spent 16 years and held the role of Head of Property Asia. During his tenure, he was instrumental in establishing ANZ as the leading bank financing and advising major Asian investors into Australian real estate.

Chris holds a Bachelor of Commerce from the University of Queensland, is a Fellow of Chartered Accountants Australia and New Zealand, and is widely regarded as one of the most experienced Asia-based experts in Australian real estate investment.

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.