CapitaLand Investment Appoints GPIF’s Yamada to Lead Japan, Adds Citi Exec to China Team

With Japan growing in importance as a global real estate investment market, CapitaLand Investment Limited has named Hideto Yamada, who formerly led global real estate for the country’s Government Pension Investment Fund (GPIF), to lead its business in Asia’s second largest economy.

Yamada, who also spent more than 35 years with Tokyo-based real estate giant Mitsui Fudosan, will start his new role as managing director for Japan with CLI on 17 April, according to an announcement on Monday, with the fund management division also naming former Citibank executive Kara Wang as chief investment officer for its China business from 5 May.

“I am delighted to welcome Hideto and Kara to CLI,” said Andrew Lim, group chief operating officer for CLI said in a statement. “Hideto is a highly regarded real estate executive in Japan with over 40 years of industry experience. His rich experience in dealmaking across global real estate markets, coupled with his extensive knowledge of Japan’s real estate sector will enable CLI to accelerate our expansion in Japan, an important focus market for us.”

The leadership change was announced on the same day that CLI unveiled a S$141.4 million ($105.9 million) deal to purchase six multi-family residential projects in Osaka as the SGX-listed firm continues to expand its bets on Japan.

New Team for Growing Portfolio

Credited with building a $7 billion global portfolio for GPIF in part through establishment of investment platforms with third-party fund managers, Yamada is expected to lead CLI’s Japan team into its next phase of growth, according to the statement. With a new managing director named, current group country head for Japan, Tan Lai Seng, will shift to an advisor role after leading the establishment of a S$4.1 billion portfolio of assets under management since taking on the role in 2017.

“In Japan, CLI has established itself as a reputable real estate player over the past 20 years,” Yamada said. “I look forward to collaborating with the team in Japan to build on this success and deliver continued growth.”

The company credited Tan with building a set of income-generating products across multiple asset classes and expanding CapitaLand’s reach into the country’s logistics sector. In 2020 CapitaLand had unveiled a joint venture with Mitsui & Co Real Estate Ltd to develop and operate a 24,000 square metre (258,000 square foot) logistics project close to central Tokyo.

Following the transition, Yamada is expected to further develop CLI’s partnerships with onshore capital partners while growing funds under management for its private, public and lodging funds, according to the statement, while also identifying merger and acquisition opportunities.

China Focus Continues

In what has traditionally been its largest growth market, CapitaLand is bringing in an experienced real estate finance executive to lead its deal-making, with Wang having served as managing director and co-head of Asia real estate and lodging at Citibank.

“Kara brings a wealth of knowledge to CLI China,” Lim said. “She has over 20 years of experience in finance and real estate as well as an extensive network of global and Chinese investors within the regional investment community. She will be instrumental in sharpening CLI’s investment expertise and contribute to building new strategic capabilities for our business in Greater China.”

Before joining Citibank in 2020, where she is described by CapitaLand as having returned the firm’s real estate investment banking business to a leading position in China’s real estate equity market, Wang spent nine years as a managing director with HSBC in Hong Kong.

At the British bank Wang served as global co-head of real estate and lodging while leading the real estate investment bank team in Asia, where she closed over 300 capital market transactions, according to her bio. In addition to those duties, Wang will also serve as CLI’s country representative for Hong Kong, and work to expand the firm’s network of business and capital partners in the city.

Renminbi Funds Expand

With CapitaLand Investment ramping up its fund management business in China, the company has given Wang a mandate to lead direct investments for its onshore and offshore fund products while developing its onshore capital markets capabilities and driving inorganic platform acquisitions.

During February CapitaLand announced both a $820 million special situations strategy for China which was seeded with a $413 million acquisition of a Beijing commercial asset and a $750 China data centre development fund.

In the past year the firm has set up a series of renminbi funds in mainland China, which it has used to acquire assets during an ongoing market downturn. In January a CapitaLand renminbi fund acquired the first phase of Tishman Speyer’s The Springs office project in Shanghai at a value of RMB 7.6 billion ($1.1 billion), after a separate local currency vehicle had agreed to purchase an office block in the city’s Zhangjiang High Tech Park in November.