C&W acquires Japanese realty fund
Cushman & Wakefield, the real estate services firm 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 Corporation was 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.