Cushman & Wakefield, the global property services firm, has expanded its asset management capabilities in Japan by paying an undisclosed sum for Pacific Investment Corporation, a private fund asset management subsidiary of Japanese fund manager Pacific Holdings.
The New York-based firm said in a statement it has rebranded the division Cushman & Wakefield Asset Management KK with immediate effect and that it had appointed former Nippon Residential Investment Corporation J-REIT president Akira Yamanouchi as its new executive director.
“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’,” said Michael Thompson, chief executive officer of Cushman & Wakefield for Asia Pacific. “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.”
The new asset management division, which currently manages approximately $2 billion of office, retail and residential assets in Japan totaling 4.73 million square feet, has been charged with providing “acquisition, strategic portfolio planning, asset management and disposition services”.
Cushman & Wakefield representative director and head of the new entity’s parent company Cushman & Wakefield Investment Advisors KK, Yoshiyuki Tanaka, said: “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.”