APREA Japan REIT Forum: Revitalizing J-REITs

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 CEO of KJRM Holdings and Chairman of KJR Management, a KKR subsidiary and the largest manager of listed J-REITs. Naoki joined KJR Management (ex. Mitsubishi Corp.-UBS Realty Inc.) 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 leadership role. 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.

Member of the House of Representatives the National Diet of Japan
Parliamentary Vice-minister of Justice
Party Affiliation： Liberal Democratic Party(LDP)

Education

• Faculty of Economics, University of Tokyo, Japan
• Graduate School, Yale University, USA
  (Major in International and Development Economics)

Career

• Bank of Japan's Employee
• Financial Services Agency
• Nippon Life Insurance Company
• Executive Officer of Money Forward
• Managing director, Fintech Association of Japan
• Parliamentary Vice-Minister of Cabinet Office
• Parliamentary Vice-Minister of Justice

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)

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.

#1 in Extel (Institutional Investor) Rank by Analyst：REITs（2012-2025）

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.

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.

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.