CIO
Dear Stakeholders,
PIC focuses on investing in and managing office buildings and residential properties located in the Tokyo Economic Bloc. As of the end of the 15th fiscal period (end of April 2010), its portfolio consists of 45 properties totaling approximately 140 billion yen on an acquisition price basis. This specialization in the Tokyo Economic Bloc is a result of our conviction that Tokyo is in the center of Japanese nation in the economic, political and cultural arenas. This means that the region of Tokyo has greater potential than other areas of Japan and features a stronger capacity for economic recovery than any other region in the country. Additionally, the fact that both the real estate transaction and leasing markets in Tokyo overwhelm other markets is significant.
Our investment strategy also focuses on delivering stability by investing in office buildings, which have strong potential for growth, as well as residential properties, a property class that is very stable both in good and bad times. Our intent is to secure stable revenues by compensating for fluctuations in rental income between periods of economic recovery and downturns.
The target portfolio balance is 60% for office buildings and 40% for residential properties (based on acquisition price). Immediately after PIC's IPO, the figures were 80% office buildings and 20% residential properties. However, the proportion of office buildings has dropped to approximately 46% as of the end of the 15th fiscal period.
The inclusion of NTT Urban Development Corporation, one of the largest building owners in Japan, as the main sponsor provides PIC with a dependable pipeline for acquiring office buildings. It has also been arranged that NTT Urban Development will provide information on property deals it is involved in before others. These “advantages” should provide PIC with greater opportunities for investing in office buildings, and we intend to realize the targeted investment balance by asset class as early as possible and expand PIC's portfolio.
Resume
| Fumihiro Yasutake | Apr. 1988 | Joined The Mitsui Trust and Banking Company, Limited. (currently, The Chuo Mitsui Trust and Banking Company, Limited) |
|---|---|---|
| Nov. 2001 | Manager of Business Planning Department, Premier REIT Advisors, Co., Ltd. (PRA) | |
| Jul. 2002 | Executive Director and General Manager of Investment Management Department, PRA | |
| Jul. 2003 | Executive Director, General Manager of Business Promotion Department and Departmental General Manager of Investment Management Department, PRA | |
| Jun. 2004 | President and CEO, PRA | |
| Jun. 2010 | Deputy President and CIO, PRA |
