LaSalle Appoints Japan, Korea-Based APAC Co-Heads as Claire Tang Heads to Rava

Asia’s real estate investment centre of gravity shifted another degree to the east on Tuesday as LaSalle Investment Management announced the promotion of its Japan and Korea bosses to co-heads of Asia Pacific, as Hong Kong-based Claire Tang puts a full stop to her 18-year term with the Chicago-based firm.

Effective 1 February, Steve Hyung Kim, LaSalle’s head of Korea, has been named co-chief investment officer for Asia Pacific, with Tang set to relinquish the same role at the end of this month, as she prepares to join Hillhouse Investment’s Rava Partners real estate unit.

From 1 July, Kim, together with LaSalle’s Japan chief executive and APAC co-CIO Kunihiko (Nick) Okumura, will jointly take over as heads of Asia Pacific for the company, as current chief executive Keith Fujii moves up to a chairman role in a move positioned as part of the firm’s ongoing development.

“The next chapter for our Asia Pacific platform will require a growth mindset and an innovative approach to investing, qualities which both Nick and Steve have amply demonstrated and will bring to their new roles,” LaSalle global chief executive Mark Gabbay said in a statement. “At the same time, I am pleased that Keith has accepted his appointment as Asia Pacific chairman, providing continued leadership and guidance as we continue to execute our investment strategies in the region.”

Partnering with Rava

In a LinkedIn post, Tang said she will take a break before starting her new position, with informed sources indicating to Mingtiandi that the veteran investor will join Rava Partners alongside former Warburg Pincus executive Joe Gagnon.

“After an incredible 18-year journey at LaSalle, I’m excited to share that I will be embarking on a new chapter,” Tang said on LinkedIn. She added that, “After a short garden leave, I’ll be starting a new chapter joining a firm and a leadership team I’ve long known and admired. With a deep commitment and track record in high-conviction investing in Asia.”

Tang’s new role will initially put her in charge of Rava’s industrial and logistics strategies, with plans to expand those responsibilities in the future, Mingtiandi understands. News of Tang’s new position was first reported by PERE.

With Gabbay having served as both CEO and CIO for Asia Pacific before being named LaSalle’s global chief in 2020, Fujii took over the regional chief executive role while Okumura and Tang were made co-CIOs.

Tang joined LaSalle with the company’s acquisitions team in 2007. The graduate of Babson College in Boston and Northwestern’s Kellogg school had served as LaSalle’s head of Greater China before taking on the co-CIO role. “We are grateful to Claire for her dedication and service and wish her all the best in the future,” Gabbay said.

North Asia Leadership

LaSalle is focusing its regional leadership in North Asia just a month after Hines turned over direction for its Asia Pacific operations to Tokyo-based Jon Tanaka. Formerly head of Japan for the US fund manager and developer, Tanaka had been picked to take over as APAC CEO in mid-2024 as Hong Kong-based Ray Lawler moved into a head of Americas role with Hines.

LaSalle’s incoming co-chiefs for the region have each been with the company for more than a decade, with Okumra having taken over the Japan CEO role from Fujii in 2023 after originally joining the company in 2011.

Kim signed up with LaSalle in 2013 and now serves as senior managing director and representative director with LaSalle in Korea. Both executives will continue in their country head roles while also being named to LaSalle’s global management committee, according to the announcement.

LaSalle manages LaSalle Logiport REIT in Japan, which has a 23-asset logistics portfolio valued at JPY 374.2 billion ($2.5 biilion) as of 31 December, according to its website.

In Korea, LaSalle operates as a locally-licensed asset manager with around KRW 2.7 trillion ($1.86 billion) in assets spread across private equity and debt strategies, according to the company.