ARES Global Real Estate
Investment Forum 2019

Masaaki Shirakawa

Former Governor of the Bank of Japan
Distinguished Guest Professor, Aoyama Gakuin University

Masaaki Shirakawa was previously Governor of the Bank of Japan. He was appointed as Governor in April 2008, and left the Bank in March 2013. He was also Vice-Chairman of the Board of Directors of the Bank for International Settlements—an organization often described as the central bank of central banks—between January 2011 and March 2013. Currently, he is a Distinguished Guest Professor at Aoyama-Gakuin University and a member of the Group of Thirty—a private, non-profit, international body composed of senior policymakers from central banks, supervisory agencies, the financial sector, and academia.

Masaaki Shirakawa joined the Bank of Japan in 1972. At the Bank, he held various key positions, including the Bank's Chief Representative in the Americas and Executive Director in charge of monetary policy. Other professional experiences include professorship at the Kyoto University School of Government from July 2006 to March 2008.

Masaaki Shirakawa was born in Kitakyushu-city, Fukuoka prefecture in September 1949. He studied economics at the University of Tokyo (B.A.) and at the University of Chicago (M.A.).

Chris Brooke FRICS

President, Royal Institution of Chartered Surveyors (RICS)

Chris is the Co-Founder of Brooke Husband Limited, a consulting firm based in Hong Kong which provides strategic market insight, development consulting and investment advisory services to real estate owners, developers and investors throughout the Asia Pacific region.

Chris is also an Independent Non-Executive Director of Link Asset Management Limited, the manager of Link Real Estate Investment Trust.

Chris has 28 years of experience in various fields of the property industry, including 12 years with CBRE during which he held senior management roles in both China and Asia, as well as overseeing consulting activities throughout Asia Pacific.

Prior to becoming President of RICS, Chris was the Chair of RICS Asia Pacific World Regional Board, a member of RICS Governing Council, and has served as Interim Secretary to the Profession for the past year.

Yoko Takeda

Chief Economist / General Manager, Research Center for Policy and Economy,
Mitsubishi Research Institute, Inc.

Ms. Yoko Takeda is a chief economist and General Manager of Research Center for Policy and Economy at Mitsubishi Research Institute, Inc. After joining the Bank of Japan in 1994, Yoko Takeda was engaged in a wide-ranging policy work, specializing in global financial market analysis and global economic research of the Bank. She joined the Mitsubishi Research Institute, Inc. in 2009. After a brief stint as visiting researcher for the House of Councillors, she holds memberships in a variety of councils of the Japanese government, such as Pension Committee of the Social Security Council in MHLW, Investment Committee of the Government Pension Investment Fund (GPIF), the Council for the Promotion of Social Security System Reform, Fiscal System Council in MOF, the Council for the Realization of Work Style Reform, and Industrial Structure Council in METI. She graduated from Waseda University earning her BA degree in economics in 1994. She then completed her graduate study in Washington DC, obtaining a Master's degree from the Public Policy Institute of Georgetown University.

Shuji Tomikawa [Moderator]

President & CEO
Mitsui Fudosan Investment Advisors, Inc.

Previously Mr. Tomikawa was Managing Officer and Chief Operating Officer of Real Estate Solution Services Division of Mitsui Fudosan.
He was one of the founding members of MFIA established in October of 1997, where he served as Managing Director in charge of Client Relations.
Between 1989 and 1995 he was Vice President at Mitsui Fudosan's New York subsidiary, Mitsui Fudosan (New York), Inc. and oversaw the asset management of Mitsui Fudosan's East Coast portfolio including 1251 Avenue of the Americas and 461 Fifth Avenue buildings.

Mr. Tomikawa was Chairman of ULI Japan between 2016 and 2018.
He was an adjunct lecturer at Keio University between 1998 and 2007.
He was a member of University of Cambridge's Real Estate Finance Advisory Board between 2004 and 2007.

He received a B.A. in Economics in 1983 from Keio University and an MBA in 1988 from Harvard Business School.

Jon H. Zehner

Global Co-Head of Client Capital Group, LaSalle Investment Management

Mr. Zehner joined LaSalle in March 2012 as Global Head of the Client Capital Group and is a member of LaSalle's Global Management Committee. In July 2016, Jon became Global Co-Head of the Client Capital Group. Based in London, he is jointly responsible for leading LaSalle's global activities relating to capital raising, new product development, merchant banking and large-scale, cross-border strategic investments. He is a member of the European Debt and Special Situations Investment Committee.

Prior to joining LaSalle, Mr. Zehner was a Senior Director at AREA Property Partners where he was responsible for client relationships, deal origination and strategic development.

Prior to AREA, Mr. Zehner spent 28 years at JP Morgan Chase, where he held a number of senior positions including Global Head of Real Estate Investment Banking and Head of sub-Saharan Africa. Jon is an active leader in several industry organisations.

Mr. Zehner currently serves as Chair of the Cambridge Land Economy Advisory Board of the University of Cambridge and is the immediate past European Chairman of the ULI. He has served twice on the Global Board of Directors of ULI and remains a Trustee of the ULI. Past industry activities include founding and serving on the Executive Board of the European Public Real Estate Association (EPRA).

He holds an MBA from the Harvard Business School and an AB in Economics from Dartmouth College.
He also served on the Board of Advisors of the John Sloan Dickey Center for International Understanding at Dartmouth and is the EMEA Co-Chair of Dartmouth's current capital campaign.

François Trausch

Global CEO, Allianz Real Estate

Allianz Real Estate is the dedicated real estate investment specialist for the Allianz Group.
Starting with a direct equity portfolio of ca. 20.5bn Euro in 2008, Allianz Real Estate now manages a global portfolio of over 60bn Euro across direct and indirect equity investments as well as senior debt financings.

Prior to this position, Mr. Trausch was CEO of Asia Pacific for GE Capital Real Estate and also served as President & CEO for GE Capital Real Estate Japan. He held earlier GE leadership roles in Western Europe and France, and had previous assignments in acquisition, risk and asset management.
Before joining GE, Mr. Trausch worked for Tishman Speyer in New York and Berlin, and Goldman Sachs in London.

Mr. Trausch is a ULI Trustee and member of the ULI Global Board.
He has earned a business degree from ESCP in Paris and an MBA from Harvard Business School.

Ray Lawler

Co-CEO - Asia Pacific Region, Hines

Mr. Lawler is Hines' Asia Pacific Region Profit Center Officer in charge of the Asia Pacific Region. Member of Hines' Executive Committee.
He is responsible for overseeing all development, acquisitions, and operational activities in the Asia Pacific Region. The region consists of the development and acquisition of 15 projects totaling 12 million square feet and valued in excess of $5 billion.

In his prior role as Senior Managing Director in Southern California, Mr. Lawler was responsible for over 8 million square feet of office, residential, industrial, and retail valued in excess of over $3 billion. His responsibilities included development, entitlement, leasing, and financing, as well as leading all new business and acquisition efforts.

Prior to joining Hines, Mr. Lawler was a Captain in the United States Marine Corps and a Naval Aviator for nearly a decade. He completed numerous combat and non-combat assignments around the world. Mr. Lawler received the Bronze Star with Valor, Combat Action Ribbon, Presidential Unit Citation and was awarded three Air Medal/Strike Flight Awards for flying numerous flight missions in combat.

Mr. Lawler is a member of YPO SoCal and previously served as a board member of NAIOP, and as a Planning Commissioner for the City of Newport Beach.
He holds a BA in Marine Biology, Magna Cum Laude, from Boston University and an MBA from Harvard Business School.

Steven A. Wechsler

President & CEO, Nareit

Steven A. Wechsler is Nareit's president and chief executive officer. As the CEO, Mr. Wechsler directs all programs and services for the association. He is also responsible for coordinating federal and state REIT and publicly traded real estate policy development and implementation, and he is one of the industry's principal spokespersons.
Steve joined Nareit in 1997 from the National Realty Committee (NRC), now known as The Real Estate Roundtable. As NRC's CEO from 1990 -1997, he helped represent the nation's leading real estate owners, advisors, builders, investors, lenders and managers on national policy matters. He first joined NRC in 1983 as general counsel.
Prior to joining NRC, Steve practiced law with Stein, Miller and Brodsky, a law firm specializing in real estate matters. Earlier in his career, he served as counsel to Thevenot, Murray and Scheer, a government relations consulting firm.
Steve is a graduate of the Boston University School of Communications and the Cleveland State University College of Law. He is a member of the Board of Directors of both the American Council for Capital Formation (ACCF) and GRESB, B.V. He is also a member of the District of Columbia Bar.

Sigrid Zialcita

CEO, Asia Pacific Real Estate Association (APREA)

Sigrid is the Chief Executive Officer of Asia Pacific Real Estate Association (APREA). Based in Singapore, she is responsible for overseeing the strategic direction, initiatives and operations of the association across Asia Pacific. Established in 2005, APREA is an industry association that represents and promotes the real estate asset class in the Asia Pacific region. Over the years, APREA has established a dominant presence in the real estate industry through its work with governments to facilitate robust investment ground rules and tax systems that actively encourage deep and liquid capital markets, including “state of the art” REIT rules in all Asian countries. APREA’s member companies have an estimated US$1 trillion of assets under management. In addition, APREA helps members connect to exciting business opportunities, and delivers investor interface, market intelligence, learning and networking services. Sigrid joined APREA’s executive team in January 2019.

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 brings to APREA more than 20 years of experience in in economic and real estate research, consulting and business strategy. From 2010 through 2018, she served as Managing Director of Asia Pacific Research and Advisory Services of Cushman & Wakefield (C&W), 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.

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.

Toshiro Nishioka

Senior Expert Advisor, Business Development & Advisory Department,
Japan Real Estate Institute

Toshiro Nishioka is Senior Expert Advisor, Business Development & Advisory Department, Japan Real Estate Institute. Toshiro is responsible for developing their research and consulting business for the agriculture, timber and infrastructure markets. He re-joined JREI in July 2017 from the Sumitomo Mitsui Trust Research Institute where he has provided a research service on the Japanese real estate investment markets as well as the timber investment markets with the asset managers, the investors and the banks. Prior to this, he worked for Investment Property Databank (currently MSCI) as Managing Director of its operation in Japan to establish the IPD Japan Property Index and the benchmarking service. His work career started at JREI in 1988. He has Master degrees from University of Reading and Tokyo Metropolitan University and is a Certified Real Estate Appraiser.

Yuki Yasui [Moderator]

Asia Pacific Region Co-ordination Manager, UNEP Finance Initiative

Yuki Yasui, Asia Pacific Region Co-ordination Manager, UNEP Finance Initiative, has been working on sustainable finance for the last 16 years. She has recently moved to the UN Environment Asia Pacific Office to expand UNEP FI activities in the region. She works towards the acceleration of the development of financial institutions in the region that integrate sustainability as a value creation driver and which contribute to the UN Sustainable Development Goals (SDGs). She is a chartered accountant (ACA) qualifying with PricewaterhouseCoopers in London and has a BSc honours degree in Economics from the London School of Economics and an MSc in Environmental Change and Management from the University of Oxford.

S. Michael Brooks

CEO, Real Property Association of Canada (REALPAC)
LL.M., MBA, Ph.D, ICD.D

Michael is the Chief Executive Officer of REALPAC, the senior Canadian trade association for large public and institutional investment real estate companies. REALPAC represents the Canadian investment real estate industry in government relations, public relations and standard setting. Michael has represented the Canadian real estate industry in all major policy initiatives with government, including property tax reform in several provinces, the emergence of real estate investment trusts and enabling legislation, real property income tax issues, telecom deregulation and building access, and many other issues since 1997. Michael is also the Author and Editor of the Canadian textbook "Canadian Commercial Real Estate: Theory, Practice, Strategy", and an Adjunct Professor and former Executive in Residence at Ryerson University's Ted Rogers School of Management. He is a special advisor to the United Nations Environment Program Finance Initiative Property Working Group, and a Board member of GRESB, BV and Toronto Foundation.

Morgan Ellis

Senior ESG Analyst, MSCI ESG Research

After gaining a Bachelor of Engineering in Photovoltaics, Morgan worked as a consulting engineer working in sustainable design and green buildings, across commercial, residential, education and defence sectors, for nearly eight years in Australia and the UK. Morgan moved into ESG Research at MSCI, after studying a Masters in Applied Finance, and has spent the last five years analysing and researching ESG risks and opportunities across domestic and global industries, in particular, leading the research of Real Estate and Construction Materials industries.

Hideki Kobayashi

Head of ESG Office, Japan Real Estate Asset Management Co., Ltd.

Hideki Kobayashi is Head of ESG Office, Japan Real Estate Asset Management Co., Ltd (JRE-AM). He joined Mitsubishi Estate Co, Ltd. in 1991. After engaging in development and consulting for office, retail, and residential properties, he supervised property management and town management of the Marunouchi area (Marunouchi Building, Meiji Yasuda Seimei Building, etc.) at Mitsubishi Jisho Property Management Co., Ltd.
He joined JRE-AM in April 2015. From April 2018, he has been responsible for sustainability and ESG office.
He is a member of PWG of UNEP FI, Real Estate WG of PRI (Japan), and GRESB Benchmark Committee (Asia). He is an ARES Certified Master, and holds a Bachelor degree in Accounting from Meiji University.

Eiji Sakaguchi [Moderator]

President & CEO, CBRE K.K.

A Hitotsubashi University (Bachelor's of Law degree) graduate. Joined Mitsui Fudosan then Morgan Stanley Securities (now Mitsubishi UFJ Morgan Stanley Securities) in 2001. There, he was the head of Japan's real estate investment banking business and oversaw finance, M&A, and advisory in the real estate, construction, housing, and J-REIT sector. He joined CBRE in October, 2016.

ULI Japan - Executive Committee member

Hideki Yano

President & CEO, Sumisho Realty Management Co., Ltd

He is President and CEO of Sumisho Realty Management Co., Ltd (Sumitomo Corporation's group company) dedicating to institutional real estate asset management and advisory services since 2015.
He has over 30 years' experience in real estate business with Sumitomo Corporation locally and globally.
In Japan, he held several key positions responsible for real estate developments, investments and asset management as well as consulting service business in all kinds of asset class such as residential, commercial and logistic sectors.
In US, he had senior managerial positions between 1992 and 2001, and between 2010 and 2013, being responsible for office investments and residential developments.
He received Bachelor of Architecture in 1983 from Kyoto University.
He is a licensed architect in Japan, an ARES Certified Master and a Fellow of the Royal Institute of Chartered Surveyors (RICS).
He currently serves on the APREA board of directors as Chairman of Japan Chapter.

Takashi Tsuji

President & CEO, Diamond Realty Management Inc.

Mr. Tsuji is the President & CEO of Diamond Realty Management Inc. (DREAM), the private equity real estate platform established by Mitsubishi Corporation. Based in Tokyo, DREAM currently manages about USD 5.5 billion worth of assets both in Japan and US. Its products include the third largest Private REIT in Japan, closed-end funds, as well as mezzanine debt funds. Mr. Tsuji first joined DREAM as the Executive Vice President & COO in April, 2012 in charge of the fund-raising efforts. Prior to his assignment at DREAM, Mr. Tsuji led the proprietary logistics property investments in Mitsubishi Corporation and acquired USD 1.5 billion worth of core logistics assets throughout Japan. Mr. Tsuji also played an instrumental role in the establishment of the Industrial and Infrastructure Fund (IIF), the first J-REIT to focus on the industrial and infrastructure sectors. Furthermore, Mr. Tsuji has accumulated experiences in venture capital while stationed in New York from 1997 to 2002. Mr. Tsuji received his B.E. from Tokyo University and joined Mitsubishi Corporation in 1991.

Takahiro Uchida

Executive Officer, Head of Business Development Department, Kenedix, Inc.

Mr. Uchida had been engaged in the establishment and execution of plans for real estate investments in Japan and other countries at The Tokio Marine & Nichido Fire Insurance Co., Ltd. After that, he joined GE Japan Corporation where he was responsible for risk management and investments in the real estate business. He was involved with more than 1 trillion yen of real estate transactions during that time.
He joined Kenedix Co., Ltd., in October 2014, while taking the lead in launching new businesses, he is also the principal officer of the company's overseas business development in Europe, the United States, and Asia. He serves concurrently as a director of BitRealty Co., Ltd., whose business purposes are real estate cloud funding, etc., in addition to being the directors of overseas branches of Kenedix Co., Ltd., and Space Design Co., Ltd.

Mark Wynne Smith

Global CEO of the Hotels & Hospitality Group, International Capital Markets,
Jones Lang Lasalle Inc.

Mark sits on the firm's Global Capital Markets Board and leads JLL's International Capital Coverage team facilitating transactions and financing for offshore investors across all asset classes.
As Global CEO of the Hotels and Hospitality Group of JLL, Mark Wynne Smith has multiple roles. Leading a team of more than 320 hotel experts in 20 countries, his expertise – and that of JLL's Hotels and Hospitality Group – spans the hospitality spectrum.

In recent years, Mark has been central to numerous corporate and hotel portfolio transactions, including advising the InterContinental Hotels Group on some $4 billion worth of their successful divestment of hotel real estate. He is also driven by a focus on corporate M&A, and portfolio and trophy asset sales across the globe. In addition to his leadership role at JLL, Mark is also an in-demand speaker, a regular at leading hotel and real estate conferences.
From luxury single assets and large portfolios to select service and budget hotels and resorts, Mark's team delivers a variety of services to leading industry players: corporate strategy, restructuring and transaction advice, equity and debt financing advice, project development and contract management, operating contract negotiation and asset management, to name just a few.
The increase in hybridisation among asset classes that include hospitality has led Mark to take a deep interest in flex space and co-working in offices and "Living" sectors.

Mark is a Fellow of the Royal Institution of Chartered Surveyors.

Dominique Moerenhout

CEO, European Public Real Estate Association (EPRA)

Dominique joined EPRA as CEO in 2017, moving from BNP Paribas Real Estate Investment Management where he held the CEO position for Luxembourg and Belgium. After working in a private bank followed by five years as a management consultant on large financial sector projects for KPMG Consulting, he joined Fortis Real Estate in 2004, where he was COO for international investment and fund management activities in Luxembourg, Belgium and Spain until 2011, before moving with the company to the UK. Moerenhout is a native French and Dutch speaker and fluent in English. He holds a Master in Business Administration from ICHEC Brussels and a European Master in Financial Analysis (CFA) from the Belgian Association of Financial Analysts.

Ken Morrison

Chief Executive, Property Council of Australia (PCA)

Ken Morrison was appointed Chief Executive of the Property Council of Australia in July 2014. He is a director of the Green Building Council of Australia, Deputy Chair of the Business Coalition for Tax Reform, sits on the executive committee of the Australian Sustainable Built Environment Council, and is a Property Male Champion of Change promoting women in leadership roles.

Junji Inoue [Moderator]

Senior Investment Consultant, Consulting Department,
Towers Watson Investment Services K.K.

Junji Inoue joined Towers Watson in 2007 and has been engaged in asset management consulting for pension funds, real estate management, and research.

Before joining the company, he worked for STB Research Institute Co., Ltd. for almost 15 years as a researcher and consultant on real estate businesses and real estate investment. He was also responsible for launching private fund due diligence and monitoring businesses.

He is a member of the special committee of the Ministry of Land, Infrastructure, Transport and Tourism, a member of the subcommittee for institutional investors of the Association for Real Estate Securitization (ARES), and an adjunct lecturer at Otsuma Women's University, among others.

He received a BA in economics from Kobe University, and completed MSc at the Graduate School, University of Manchester Institute of Science and Technology.

Eric Lang

Senior Managing Director, Private Markets, Teacher Retirement System of Texas

Eric Lang, is responsible for formulating and directing the investment strategy and portfolio construction for 32% of the Trust (14 percent allocation to Real Estate, 13 percent allocation to Private Equity, and 5 percent allocation to Energy, Natural Resources & Infrastructure). He is a member of the TRS IMD Management Committee. He is also a member of the overall TRS Investment Committee, as well as a member of the Private Equity Investment, Real Estate Investment, and ENRI Investment Committees. Prior to his current position, Eric was a Managing Director of Real Estate at TRS. Previously he was Managing Director of Kennedy Wilson. He also was an asset manager with American General Corporation.

Eric is board director of Home Partners of America. He is Past-chairman and former board member of the Pension Real Estate Association (“PREA”) and is a member of PREA’s Capital Market Trends Affinity Group. He is a current member of the PREA Foundation Board of Directors. He was Chairman of the 2009 PREA Fall Conference. Eric was the inaugural Chairman of the PREA|IPD U.S. Property Fund Index Advisory Board. He is also a member of the University of Texas Real Estate Finance and Investment Executive Council.

Eric received his BBA from the University of Texas in Austin and his MBA from the University of Houston.

Koji Ohashi

Chief Investment Officer, Fuji Xerox Pension Fund

Mr. Ohashi engaged in corporate sales, financing, and project finance, etc. at the Long-Term Credit Bank of Japan for about 19 years. From 1999, he worked as Manager, Treasurer, and Group Manager Tax at Corporate Finance Division of Fuji Xerox. He assumed his present post at Fuji Xerox Pension Fund in 2014. He holds a B.A. in Economics from Keio University and an MBA from Graduate School of Commerce, Waseda University. He is a Chartered Member of the Securities Analysts Association of Japan.

Akihisa Hoshino

Associate General Manager, Investment Management Department,
Sumitomo Mitsui Trust Bank, Limited

Akihisa Hoshino joined the Mitsui Trust and Banking Company, Limited (current "Sumitomo Mitsui Trust Bank, Limited") in 1992.
Since 2005, he has been a fund manager in the pension fund management department and in charge of investing entrusted money into domestic and overseas real estate private funds, private REITs etc. Before that, he experienced real estate brokerage operations and pension fund management operations related business in the real estate sector. He was also seconded to Nippon Building Fund Management Ltd. which is a J-REIT asset management company.
He is a member of the real estate investment management evaluation guideline review committee of the Association for Real Estate Securitization (ARES). He is a real estate appraiser, a Certified International Investment Analyst (CIIA), an ARES Certified Master, and a Certified Financial Planner(CFP). He graduated from Hitotsubashi University (BA in Law).

Yuji Fukuyama [Moderator]

Associate Managing Director / Chief Representative
Global Appraisal & Advisory Department / Singapore Representative Office
Japan Real Estate Institute

Yuji Fukuyama joined the Japan Real Estate Institute in 1996, and he was engaged in real estate securitization business in Japan through experiences including an external assignment at a J-REIT Asset management company. In the international department, he took charge of appraisal in Europe and the US and presently manages appraisal and market research in Southeast Asia and Oceania area and he was also in charge of appraisal evaluation of retail properties in Malaysia, which is the first foreign investment case of a J-REIT.
He translated "International Valuation Standards: IVS 2017" with The Japanese Institute of Certified Public Accountants as a member of the international committee of the Japan Association of Real Estate Appraisers.

He is a real estate appraiser, MRICS (Member of the Royal Institution of Chartered Surveyors), MAI (Member of Appraisal Institute), and the chair of the international business development subcommittee of the Japan Association of Real Estate Appraisers.

David Faulkner FRICS

International Managing Director, Colliers International

David Faulkner is a Managing Director of Colliers International responsible for valuation and advisory services in the Asian region. He joined Colliers International in 2003 after 15 years with Insignia Brooke, and has been based in Asia for over 30 years. He has advised on a variety of major projects in Hong Kong, China and elsewhere in the Asian region including valuations, feasibility studies, development consultancy and structuring investments. He covers all the major sectors including residential, commercial, retail, industrial, hospitality and leisure. He also acts as an independent expert in making determinations in commercial rent disputes and has advised on a number of complex property valuation issues. David currently chairs Colliers International's global valuation group and is actively involved in valuation assignments across the globe.

David is a trustee of the International Property Measurement Standards Coalition, and is also a past member of International Valuation Professional Board of the International Valuation Standards Council (IVSC); a member of the Royal Institution of Chartered Surveyors (RICS) Global Valuation Professional Group Board; a trustee of the Urban Land Institute (ULI); practicing member of The Academy of Experts and a member of the Best Practices Committee of the Asia Pacific Real Estate Association (APREA).

David is a Fellow of the Royal Institution of Chartered Surveyors, a Fellow of the Hong Kong Institute of Surveyors, and is also an Adjunct Professor at the Hong Kong University Department of Real Estate and Construction.

Muneaki Yamamoto

General Manager, Investment Management Department,
AEON Reit Management Co., Ltd.

Muneaki Yamamoto joined Resona Bank in 1997. He was in charge of corporate sales and financing businesses. After working as a financial executive at a listed real estate company, he joined AEON MALL Co., Ltd. in 2010. He participated in the establishment of AEON REIT Investment Corporation (ARI) and its asset management company, AEON Reit Management Co., Ltd. From their startup, he has engaged in acquisition of assets, and contributed to the listing of ARI in November, 2013. In 2015, he was appointed as the General Manager of the Investment Management Department. He managed the acquisition of assets in Malaysia which is the first international investment of a J-REIT through a self-settled trust scheme and a local SPC scheme.
He is a licensed real estate broker, ARES Certified Master, and a chartered member of the Security Analyst Association of Japan.

Hirokazu Kusunoki

Assistant to General Manager, Facility Management Department Head Office,
Takenaka Corporation

Hirokazu Kusunoki joined Takenaka Corporation in 1979. After experiencing business in the production management department and the information system division, he participated in various development projects. In the late 1990s, he established the department handling due diligence (DD) business systematically in response to the purchase and sale needs of domestic real estate by foreign financial institutions. Thereafter, he supported the composition of J-REITs in line with real estate securitization by financial institutions and funds. He also contributed to the establishment of the de facto standard of engineering report (ER) in domestic DD business. Then he expanded his field of activity into preparing overseas ER.
He is a member for several committees, including the DD committee of the Ministry of Land, Infrastructure, Transport and Tourism. He is also a visiting lecturer of the College of Land, Infrastructure, Transport and Tourism, an instructor for ARES Certified Masters, and a secretary general of the Long Life Building Promotion Association (BELCA) ER Creator Liaison Committee.