APREA Private REIT Forum 2026

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.

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.

Keita Onozawa has served as President and Representative Director of Dai-ichi Life Realty Asset Management Co., Ltd. since April 2025.

Throughout more than 30 years with the Daiichi Life Group, he has been engaged in a broad range of asset management activities, including real estate investment. Following his experience in business investments in the United States and the management of group companies, he participated in the integration of the domestic real estate businesses of the Daiichi Life Group and Marubeni, and was involved in the establishment of the Daiichi Life Marubeni Real Estate Group (DMRE Group).

He currently oversees the management of private REIT and private real estate fund businesses as a member of the DMRE Group and focuses on driving the growth of the real estate asset management business.

Mr. Ichikawa began his career with Mitsui Trust and Banking Co., Ltd. (currently Sumitomo Mitsui Trust Bank, Limited）in 1990, where he was engaged in real estate finance and related businesses. In 2005, he joined Touchstone Investment Management Co., Ltd., where he led the launch of the asset management business ofTouchstone Capital Management Co., Ltd. He also served concurrently as a director of the company until June 2012. In 2006, he transferred to Touchstone Capital Securities Co., Ltd., where he served as Managing Director of the Investment Banking Department. In 2012, he was seconded to Kenedix, Inc., where he was involved in the management of Kenedix Residential Investment Corporation, the first listed J-REIT established after the global financial crisis. In 2013, he joined Kenedix, Inc. After serving as Head of the Finance& Accounting Department and the Business Administration Department at Kenedix Real Estate Fund Management, Inc., he was appointed Director, Chief Operating Officer（COO）and Head of the Private REIT Division in 2020. In April 2026, he was appointed President and CEO of Mitsubishi HC Capital Realty Advisers Inc. He also serves as Executive Director of Mitsubishi HC Capital Private REIT, Inc., and continues in these roles to date.

He graduated from the Faculty of Economics, Keio University. He is a Licensed Real Estate Appraiser and a Chartered Member of the Securities Analysts Association of Japan.

Tetsuya Masuda is President & Chief Executive Officer of Mitsubishi Jisho Investment Advisors, Inc. (MJIA), the real estate investment management arm of Mitsubishi Estate Group. He is responsible for overseeing a diverse investment platform comprising a listed logistics REIT, private REITs, and private real estate funds. He also serves as a Group Executive Officer of Mitsubishi Estate Co., Ltd.

Mr. Masuda joined Mitsubishi Estate Co., Ltd. in 1990 and has more than 35 years of experience in real estate investment management and international business. In 2001, he was seconded to MJIA upon its establishment, where he spent nearly nine years involved in the domestic private fund business and the development of one of Japan’s pioneering private REIT platforms.

From 2013 to 2018, he was seconded to Rockefeller Group International, Inc. in the United States. In 2016, he was appointed Co-President & CEO of the company. After returning to Japan, Mr. Masuda served as General Manager of the International Business Planning Department at Mitsubishi Estate. He assumed his current role as President & CEO of MJIA in April 2022 and continues to lead the firm's growth and strategic development in real estate investment management.

Koki Matsubayashi is an Executive Director at Mitsubishi UFJ Morgan Stanley Securities (MUMSS), where he oversees the firm's private real estate fund and private REIT platform. Since joining MUMSS in 2018, he has advised on numerous private REIT formations, capital raising transactions, and real estate M&A projects, including Japan’s first-ever private REIT merger. Through these initiatives, he has also contributed to the growth and development of Japan’s private REIT market.

Prior to joining MUMSS, he worked for Tokyu Land Corporation and its affiliated asset management company, where he was involved in acquisitions and financing activities for private REITs, private real estate funds, and J-REITs. Having worked on both the issuer and advisory sides of the industry, he brings extensive experience and a well-rounded perspective on real estate investment management and capital markets.

Masafumi Shibagaki serves as an Executive Director of the Real Estate Investment Department at Japan Post Bank. He joined Japan Post Bank in September 2016 as a founding member of the real estate investment team. Since then, he has been dedicated to launching domestic real estate investment and overseas non-recourse loan investment programs. Currently, he serves as the head of domestic real estate investments, overseeing investment decision-making and execution, as well as managing and operating a domestic real estate portfolio worth approximately 450 billion yen.

Masafumi possesses extensive knowledge and experience in real estate financing, investment, and appraisal. He is also well-versed in structuring real estate securitization both domestically and internationally. With approximately 20 years of experience in the real estate sector, he has established a broad network within the industry. Prior to joining Japan Post Bank, he held a position at SBI Shinsei Bank, where he was involved in real estate financing and investment-related business. As the leader of the domestic team, he has demonstrated consistent success, achieving results amounting to 320 billion yen in real estate non-recourse loans and 198 billion yen in real estate investments. Prior to his current role, he served as a government official at the Ministry of Land, Infrastructure, Transport, and Tourism, where he contributed to the planning and drafting of policies related to road and aviation administration, budget proposals, and law revision. Through interactions with politicians and negotiations with relevant organizations, he developed the skills to drive projects forward.

He holds a Bachelor's and Master's degree in Civil Engineering from Nagoya University Graduate School, as well as a Master of Business Administration in Finance from Waseda University Graduate School of Business. He also holds professional qualifications in the real estate field, including Real Estate Appraiser, Land and House Surveyor, and Real Estate Transaction Manager, as well as the ARES Certified Master qualification from the Association for Real Estate Securitization (ARES).

Hodaka Okahara is a financial executive with over 20 years of experience in banking, alternative investments, credit underwriting, real estate finance, and asset management. Since joining Norinchukin Bank in 2009, he has held a series of senior positions spanning alternative investments, credit risk management, and real estate-related businesses. From December 2021 to March 2026, he was seconded to NOCHU JAML Investment Advisers Co., Ltd., where he served as CFO of a private REIT, with responsibility for financial strategy, investor reporting, governance, and fund operations.

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.

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.