C&W acquires leading Japan asset management company
18 Aug, 2009, Tokyo
Premier Japan asset management firm to join global platform of the world’s largest private real estate company
Cushman & Wakefield, the world’s largest privately held real estate services firm, announced today that it has acquired Pacific Investment Corporation, the private fund asset management subsidiary of Japanese real estate fund giant Pacific Holdings Group. With immediate effect the firm will begin operations as Cushman & Wakefield Asset Management KK.
Pacific Investment Corporationwas the asset management arm of Pacific Holdings, formerly the second largest investment firm in terms of assets under management in Tokyo, and currently manages approximately US$2 billion of assets totaling 4.73 million sq.ft of office, retail and residential properties.
“This is an important strategic acquisition for us as it is consistent with Cushman & Wakefield's vision to strengthen and expand our services to clients in core ‘flagship’ markets” commented Michael Thompson, CEO of Cushman & Wakefield’s Asia Pacific operations. “Given the importance of the Japanese economy both regionally and globally we have targeted accelerated growth in this market and this acquisition now provides us with a base to expand our asset management services within Japan and eventually regionally”.
Through this new operation, Cushman & Wakefield will offer clients a market-leading platform to source investment opportunities as well as provide acquisition, strategic portfolio planning, asset management and disposition services in the mature and sophisticated Japanese real estate market.
“This enhancement of our service platform in Japan represents a significant step forward for our clients,” commented Todd Olson, Managing Director for Cushman & Wakefield operations in Japan. “The Pacific Investment Corporation team of 35 experienced professionals significantly strengthens Cushman & Wakefield’s existing capabilities in Japan and we anticipate further significant staff growth as we expand our client base in Japan.”
Pacific Investment Corporation's President, Mr. Akira Yamanouchi, (who served previously as President of Nippon Residential Investment Corporation (NRIC) J-REIT and is highly respected in the Japanreal estate market has been named as the new Executive Director of the new entity which has been renamed as Cushman & Wakefield Asset Management KK. Commenting on the acquisition of his company by Cushman & Wakefield, Mr. Yamanouchi said “I feel privileged to be a part of Cushman & Wakefield. Our clients (including several major institutional investors) for whom we manage US$2 billion of assets in Tokyo, and their lenders (including several leading domestic banks) have enthusiastically welcomed this acquisition.”
Representative Director and head of the new entity’s parent company (Cushman & Wakefield Investment Advisors K.K.), Mr. Yoshiyuki Tanaka highlighted the opportunities that exist in the Japanese market, “With the ongoing loss of credibility by many existing asset management firms in the market, there is a large demand from financiers for objective and professional asset management services. Combined with the financial stability, global network, and Cushman & Wakefield’s reputation as the most trusted brand, our new asset management company has the local in-depth experience and is in a market-leading position to capitalize on this opportunity and rapidly increase market share extending our services to both Japanese and international investors in the Japan market.”
For further information, please contact:
Managing Director, Japan
Tel: + 8190 1997 7226
About Cushman & Wakefield
Cushman & Wakefield is the world’s preeminent commercial real estate services firm. Founded in 1917, the firm has 230 offices in 58 countries, and more than 15,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease and manage assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit www.cushmanwakefield.com
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