Cushman & Wakefield has acquired Pacific Investment Corporation, the private fund asset management subsidiary of Japanese real estate fund giant Pacific Holdings Group. The firm will operate in future as Cushman & Wakefield Asset Management KK.
Cushman & Wakefield has acquired Pacific Investment Corporation, the private fund asset management subsidiary of Japanese real estate fund giant Pacific Holdings Group. The firm will operate in future 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 $2 bn (EUR 2.3 bn) of assets comprising 439,000 m2 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.'
Cushman & Wakefield claims the new addition will enable it to 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.
