Germany’s Patrizia Immobilien has appointed former Mitsubishi real estate executive Katsumi Nakamoto as its new president and representative director in Japan, according to an announcement by the Augsburg-based fund manager.
Previously the president and chief executive of Diamond Realty Management, a subsidiary of Mitsubishi with more than $7 billion assets under management in Japan, Nakamoto brings 30 years of experience in real estate investment and asset management.
“I really look forward to joining Patrizia to expand the company’s business across the risk spectrum and into further asset classes beyond residential,” Nakamoto said. “My clear ambition is to increase Patrizia’s AUM in Japan up to JPY $300 billion ($2.7 billion) in the next three to four years.”
Nakamoto’s career includes a number of management positions at Mitsubishi Corporation. At Mitsubishi, Nakamoto was also the head of the company’s ASEAN and China real estate development department, and in the early 2000s served as head of acquisitions. In his new role Nakamoto will report to Thomas Wels, Patrizia’s Switzerland-based co-CEO.
Building an APAC Presence
Investment manager Patrizia manages over €47 billion ($55.5 billion) in assets and operates in 24 locations worldwide, with client relationship hubs based in Japan, Hong Kong, South Korea and Australia, as well as in Europe and America.
In 2019, the company acquired Kenzo Capital Corporation, a Tokyo-based real estate advisory and asset management firm, and rebranded it as Patrizia Japan.
At the end of last year, Japan’s Financial Services Agency announced a plan to introduce licensing exemptions that incentivise foreign fund managers to open offices in Japan, according to JD Supra. The exemptions, to be effective as early as the end of 2021, aim to elevate Japan as a global financial centre in the post-pandemic world.
As an independent pan-European organisation, Patrizia’s acquisition gave Japanese investors more opportunities to diversify into European real estate. In the past few years, the company has raised €3 billion in equity from Asian investors.
Passing the Baton
Nakamoto picks up the baton from Takehiko Uehara, Patrizia Japan’s former country manager who was appointed last August and is now supporting the company in a consultancy role.
While welcoming the new president, co-CEO Wels thanked Uehara for his contributions to the company.
“Uehara-san successfully integrated the asset management business and established Patrizia’s brand in Japan,” Wels said. “He was instrumental in creating a professional investment platform and completed the transition ahead of schedule.”
Nakamoto’s appointment will allow him to accelerate Patrizia’s expansion in Japan and strengthen the company’s footprint in Asia and worldwide, the company said.