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.

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.

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.