Executive Board

The Executive Board (EB) is responsible for the day to day management of ANREV to ensure the strategic objectives of the Association are delivered. The EB approves the composition of the working committees and appointment of the Chairman and deputy chairman of each committee.

The members of the Executive Board are:

Paul Keogh Chairman                           Natalie Tan (YP Chair)
Karan Bolaria Matthias Feldmann (Regulatory & Tax  Chair)
Calvin Chou Jun Ho Lee (Membership Chair) 
Tjarko Edzes Tom Miller (Sustainability Chair)
Mark Gabbay Glyn Nelson (Research Chair)
Nicholas Harris Cuong Nguyen (Performance Measurement Chair)
Robert Hattersley Michael Tanujaya (Event Chair) 
Christopher Heady Paul Walters (Professional Standards Chair)
James Inwood Andrew Weir (Finance Chair)
Laurent Jacquemin  
Benjamin Lee   
Nicholas Loup (HR Chair)   
Moses Song   
Niel Thassim     
Martijn Van Eldik   
Richard Yue   
  • Paul Keogh

    Managing Director, Morgan Stanley Real Estate Investing

    Paul joined Morgan Stanley in 2014 and is based in Singapore.Prior to joining Morgan Stanley, Paul worked for Australian Super, Australia’s largest industry superannuation fund, where he lead the global direct investment strategy for real estate. Prior to Australian Super, Paul worked for Deutsche Bank’s
    RREEF division in Asia for almost 10 years, where he held a number of senior roles including Chief Investment Officer, Asia Pacific and Chairman of the Asia Pacific Investment Committee and Member of the Global Investment Committee.

    Paul has over 20 years of real estate investment experience spanning the disciplines of portfolio/funds management, asset management, capital raising and valuations. Paul holds a Bachelor of Business in Property from RMIT University, Melbourne and is a Fellow of the Australian Property Institute.


    Karan Bolaria
    Head, Godrej Fund Management Pvt. Ltd.

    Karan Bolaria is the Head of Godrej Fund Management (GFM) based in Mumbai, India. GFM is a real estate investment manager and currently has two investment platforms that focus on investing in residential development assets across India. In his role Karan is responsible for the entire fund management business that include overseeing all investment, asset management and exit activities for the current platforms and developing new strategies for investment management.

    Prior to GFM, Karan lived and worked in the United States for over a decade and focused on roles related to investing is early stage operating platforms.  Karan holds an MBA in Finance and Entrepreneurship and an MSc. From Columbia University in the City of New York.


    Calvin Chou
    Managing Director, Portfolio Manager and Head of Opportunistic Funds
    Invesco Real Estate

    Mr. Chou is a Portfolio Manager and Head of Opportunity Funds of Invesco Real Estate in Asia Pacific.  He joined Invesco Real Estate in 2015. Prior to that, he was the Head of Morgan Stanley Real Estate Investing for Greater China and South East Asia since 2006.

    Mr. Chou worked for Morgan Stanley from 1998 to 2015 in New York, Singapore, Shanghai and Hong Kong.  Relocating to Asia in 2000, Mr. Chou has extensive real estate investing experience across Asia Pacific.

    Mr. Chou is a member of the Urban Land Institute in Hong Kong and an executive board member of the Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV).  Mr. Chou received his Bachelor of Arts in Economics from the University of California, Berkeley.  He is a member of the Asian Executive Committee of Invesco Real Estate. 


    Tjarko Edzes

    Director Asia-Pacific Investments, Bouwinvest Real Estate Investors

    Tjarko Edzes is Director Asia-Pacific at Bouwinvest Real Estate Investors. In this role he is responsible for managing Bouwinvest Asia-Pacific team and investment strategy. He recently moved to Sydney to set up Bouwinvest Asia-Pacific office. Investments come through a variety of structures including primary funds, secondaries, listed REITs, co-investments, club deals and joint ventures.

    Tjarko has over 22 years of experience in the international real estate industry with companies such as CBRE Global Investors, ING REIM and Unibail-Rodamco. These roles included portfolio management, asset management, (re)development and transactions. Tjarko has been active in both direct as well as indirect property investment, in Europe and Asia-Pacific. Tjarko serves as a member of the Bouwinvest Investment Committee and as a member of several Advisory Boards for the structures that Bouwinvest is invested in. He holds a Masters in Law and Masters in Business.


    Mark Gabbay
    Chief Investment Officer and Co-Head - Asia Pacific, LaSalle Investment Management

    Mark joined LaSalle in July 2010 as the Chief Investment Officer for Asia Pacific. In this role, he is responsible for formulating and implementing LaSalle’s investment strategy in the region, sourcing and structuring opportunities and overseeing the investment process. He is also a member of the Asia Pacific Investment Committee. Mark has been in the real estate industry for over 20 years and has worked in the Asia Pacific region for 15 years and the United States for five. Most recently, Mark served as Managing Director and Head of Nomura’s Asia Asset Finance Division and as Co-Head of the Global Real Estate Group, Asia Pacific at Lehman Brothers where he was responsible for the firm’s expansion into new markets for both debt and equity real estate investments. Prior to joining Lehman Brothers in Tokyo, Mark worked at GMAC Commercial Mortgage Corporation where he most recently served as the Head of Real Estate Lending. Mark has a B.A. from the University of California, Berkeley.


    Nicholas Harris
    Head of Funds Management, The GPT Group

    Nick Harris is responsible for GPT’s funds management activities, including the development of the Group’s funds management platform and the creation of new products. He joined GPT in mid 2006. Mr. Harris has been involved in the Australian property and property funds management industry for 25 years, including seven years with BT Funds Management Limited and five years with Lend Lease. During his career, his roles have included property and asset management, portfolio management, capital transactions and business development.  Mr. Harris has a Land Economics degree from the University of Technology, Sydney (University Medal and First Class Honours) and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is a Board member of the Property Council of Australia and a Fellow of the Financial Services Institute of Australasia.


    Robert Hattersley
    Chief Investment Officer, Investment Management
    Director, Lend Lease Real Estate Investments Limited

    Rob joined Lend Lease in 2000 and was appointed to his current role as Chief Investment Officer, Investment Management in June 2005. Rob is responsible for managing capital relationships, equity raising and reducing product/Investor risk to Lend Lease Corporation and its JV partners. This includes working closely with regional heads on the delivery of business plans.

    Rob has been involved in the real estate and funds management industry for over 24 years, including 12 years with the Mirvac Group where he was Director of Investments. Rob holds a Bachelor of Business (Land Economy) from the University of Western Sydney and has Real Estate and Valuation Licence qualifications. Rob is a member of the Executive Board of the Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV).


    Christopher Heady
    Senior Managing Director, The Blackstone Group

    Christopher Heady is a Senior Managing Director and Head of Real Estate Asia. Mr. Heady is based in Hong Kong and is responsible for the day-to-day management of the Real Estate group’s investment activities and personnel in Asia.

    Since joining Blackstone in 2000, Mr. Heady has been involved in a variety of real estate acquisitions and initiatives in the US, Europe and Asia. Most recently, he has played a key role in the Real Estate Group’s Asia expansion, including investments in China, India, Japan and Australia valued at approximately $3 billion. Before joining Blackstone, Mr. Heady was with Morgan Stanley in London, where he was involved in real estate private equity. Mr. Heady received a BA in Public Policy from the University of Chicago, where he graduated with honors. He currently serves on the Board of ANREV.


    James Inwood
    Group Head of Funds Management, Goodman

    James has been with the Group for seven years and is responsible for the coordination, strategy and performance of the Group’s funds management platform. He has significant expertise gained over 18 years in property finance and structuring in both listed and unlisted environments.

    James spent 10 years as a real estate investment trust analyst, including eight years at JPMorgan, which involved equity raisings for listed and unlisted funds.


    Laurent Jacquemin

    Head of Asia-Pacific, AXA IM Real Assets, Japan

    Laurent has over 19 years of experience in the real estate industry. He has recently been appointed Head of Asia-Pacific, in charge of all the operations (investments and capital raising) for AXA IM Real Assets in the region, based in Tokyo. Laurent is a member of the AXA IM Real Assets’ Extended Management Board.

    Until the end of 2017, Laurent was European Head of Transactions, coordinating and executing deals for AXA IM Real Assets' clients across Europe. Prior to that Laurent was Global Head of Corporate Finance; his responsibilities included new product structuring, property finance and managing complex transactions. Between 2006 and 2010 he was Head of Corporate Finance UK based in London. Laurent joined AXA Real Estate in 2001 as Corporate Finance Manager in Paris. He started his career at Ernst & Young working both in Paris and Brussels.

    Laurent graduated with a French business school degree.


    Benjamin Lee

    Managing Partner, Phoenix Property Investors 

    Mr. Lee is a co-founder and Managing Partner of Phoenix Property Investors. He serves on the firm's Investment Committee and is also responsible for structuring, capital formation, and the general management of the firm. Mr. Lee has over 30 years of real estate, capital markets, and asset management experience. Previously, Mr. Lee was a founder and member of the general partner of Strategic Capital Management ("SCM"), an independent, PRC-focused private equity investment firm. Prior to SCM, Mr. Lee worked at Morgan Stanley for approximately ten years. Initially, he served in the firm's proprietary U.S. Government Bond Trading Department in New York. Later, he was head of U.S. Equity Derivatives for Morgan Stanley in Asia (ex-Japan). In addition, Mr. Lee also served as a member of the Management Committee at Terramar Corretora in Brazil, where he was responsible for the management of the brokerage firm's equity and asset management businesses. 

    Mr. Lee received an MBA in Finance from the  Booth School of Business at the University of Chicago and serves on its Global Advisory Board. He holds a BA Degree in Economics from Knox College, where he attended via an Institute of International Education ("IIE") Direct Placement Scholarship. Mr. Lee also serves as a voting member of the St. Paul's College Foundation in Hong Kong. 


    Nicholas Loup
    Group Vice Chairman, CEO,  Chelsfield Asia

    Nicholas Loup is Group Vice Chairman, CEO of Chelsfield Asia. Chelsfield is a leading real estate development group focused on the principal cities of Europe, Asia and the U.S. Since 1986 the business has constantly evolved to encompass and develop emerging market practices.

    Nick is a General Committee member of the British Chamber of Commerce and a director of the Spinal Cord Injury Fund. He is also Chairman of the Asian Association for Investors in Non-Listed Real Estate Vehicles Limited (ANREV), of which he is a founder member; Vice Chairman of the Council of China's Foreign Trade.  In 2014 he became President of the MIPIM Asia Awards Jury.

    Nick was Chief Executive of Grosvenor Asia Pacific with offices in Hong Kong, and a member of the Group Executive Committee and Group Board. He established operations in Asia Pacific in 1994 in Hong Kong; the company now has further offices in Tokyo and Shanghai. Previously, Nick has been a director of Asia Standard International and a non-executive director at Bridge Capital Delhi and PCD a department store business in China. He has also been a member of the World Economic Forum's Fiscal Sustainability Global Agenda Council (GAC) and on the Asia Acquisition Committee of the Tate. Prior to arriving in Asia, Nick was a director of Trafalgar House Developments, with responsibility for developments in London's West End.


    Moses Song
    Chief Investment Officer, ARA Asset Management Ltd.

    Mr. Moses Song is the chief investment officer of ARA.  Mr Song leads the Group’s investment office where he is responsible for new product development, private capital fundraising and corporate business expansion initiatives.  Mr Song serves on the investment committee of ARA Private Funds and is an alternate director to Mr Lim Hwee Chiang John on the board of ARA-CWT Trust Management (Cache) Limited, the manager of Cache Logistics Trust listed on the SGX-ST.  Mr Song also oversees the Group’s country desks.

    Prior to joining the Group, Mr Song was a principal and chief operating officer at Lubert-Adler Asia Advisors Pte. Ltd., the Asia investment platform of United States-based real estate private equity firm Lubert-Adler Partners L.P., where he was responsible for North Asia investment opportunities, and with Marathon Asset Management (Singapore) Pte. Ltd. as managing director responsible for real estate finance and investments in Asia.  He was based in Hong Kong from 2004 to 2007 with Merrill Lynch (Asia Pacific) Ltd. as a director in the global commercial real estate group and Morgan Stanley Asia Ltd. as a vice-president of Morgan Stanley International Real Estate Funds.  Mr Song began his career as a corporate and real estate finance attorney in the United States.  He moved to Asia in 2000 as a seconded attorney to Morgan Stanley International Real Estate Funds in Tokyo, Japan and was appointed general counsel of Morgan Stanley’s real estate asset management platform in Korea in 2001.

    Mr Song holds a Juris Doctor from the Vanderbilt University School of Law and a Bachelor of Science in Economics from Centre College.  He is a member of the State Bar of Texas (inactive status). 


    Niel Thassim
    Head of Asia, Brookfield Private Funds Group

    Mr. Thassim joined Brookfield as Asia Head of the Private Funds Group, based in Hong Kong.  In this role, Mr. Thassim is responsible for developing and maintaining relationships with leading investors in the region.  Prior to his current role, Mr. Thassim most recently served as a Managing Director at Deutsche Bank and the Asia Pacific Head of Deutsche Bank’s Real Estate investment management business (RREEF). He also previously held senior roles within RREEF and Deutsche Bank in Australia, London and Singapore. Prior to this, Mr. Thassim held executive positions with Coopers & Lybrand, Bankers Trust, Credit Suisse First Boston and Colonial First State Investments in Australia and the United Kingdom.

    Mr. Thassim has over 19 years of finance, accounting and real estate investment management experience.  Mr Thassim graduated from the University of Sydney, Australia with a Bachelor of Economics (Accounting) degree and holds a Masters of Applied Finance Degree from Macquarie University, Australia.  Mr Thassim is also a member of the Institute of Chartered Accountants of Australia.


    Martijn Van Eldik

    Head of Funds Advisory - Asia Pacific

    Mr. Martijn Van Eldik is the Asia Pacific Head of the Jones Lang LaSalle Funds Advisory team, based out of the Singapore office. He is responsible for coordinating the firms efforts on private fund advisory and capital raising activities in Asia Pacific.

    An important part of Martijn’s role is to organize our coverage of indirect capital flows into real estate from institutional investors in Asia Pacific; ensuring that we have a deep network of relationships and regular dialogue with all indirect capital sources investing in real estate as well as with their consultants.

    Martijn has over 15 years of relevant experience, specialising in cross border capital transactions and has been working in Asia since 2004. Prior to joining Jones Lang LaSalle, Martijn was at Morgan Stanley Real Estate Investing where he was responsible for the capital raising in Asia Pacific and the Middle East for the Morgan Stanley Real Estate suite of closed-end opportunistic funds and open-end core funds (2012-2017). Previously, Martijn was at CBRE Global Investors and its predecessor entity, ING Real Estate Investment Management, a firm where he spent over 10 year in various roles focusing on capital raising and fund development.

    Martijn is Dutch and has lived & worked in The Netherlands, Hong Kong and Singapore. He studied business economics at the Erasmus University in The Netherlands and has a Msc in Real Estate from the Amsterdam School of Real Estate.


    Richard Yue
    CEO & CIO, ARCH Capital Management Company Limited

    Co-founded ARCH Capital in 2006 Mr. Yue has invested over US$5.0 billion in real estate in core, value-add and opportunistic style investing across Asia. Formerly Director of Investment at AIG Global Real Estate and a veteran banker at Citigroup in Real Estate Banking and Asian Debt Capital Markets. Experience spans real estate investment, property development, project management, banking and capital markets, corporate finance/M&A and regional REIT structuring and securitizations MBA and Bachelor in Structural Engineering, University of British Columbia, Canada. 


    Natalie Tan 

    Head of Investor Relations, Investment Management, Lendlease

    Natalie joined Lendlease in March 2010 and was appointed to her current role in August 2018.

    In her current role, Natalie leads the Investor Relations team, and is responsible for maintaining relationships with existing institutional investors and their consultants. She is also focussed on investor requirements including co-ordinating investor reporting, regular fund manager updates, asset tours and information requests. Natalie is also the day-to-day contact for Lendlease Funds Management’s existing product range, as well as any new funds launched.

    Prior to her current role, Natalie worked within Lendlease’s Investment and Capital Markets team.  In this role, Natalie held responsibility for the structuring, analysis and marketing of any new wholesale investment products developed by Lendlease Funds Management.

    Natalie has over nine years’ experience in the property industry. Prior to joining Lendlease, Natalie had five years’ experience across financial accounting and analysis roles within Pricewaterhouse Coopers and Babcock & Brown.

    Natalie holds a Bachelor of Commerce from the University of New South Wales, is a member of the Institute of Chartered Accountants Australia and New Zealand, and holds a Master of Applied Finance from the Securities Institute of Australia.


    Matthias Feldmann
    Partner, Clifford Chance

    Matt has been in Hong Kong since 1998 and has extensive experience setting up real estate funds and JVs in Asia. He aslo advises fund managres and other financial institutions on licensing, business conduct rules and other financial regulatory matters.

    Jun Ho Lee (Junho)

    Director, Business development, Chelsfield Asia

    Junho is a Director, Business development at Chelsfield Asia. He leads the firm’s investor relations, capital raising and business development efforts with a focus on US, Europe and the Middle East and also has a role to co-ordinate investor relationships across Chelsfield Group.

    He has been with the firm since July 2017 and has over 10 years of professional experience in capital raising, investor relations, business development, and marketing. Previously he was Business Development Director at Grosvenor Asia. Before that he the Director of the Real Estate Committee (“REC”) of The European Union Chamber of Commerce in Korea. Junho is currently the Chairman of the membership committee of the Asian association for Investors in Non-listed Real Estate Vehicles (ANREV) and an editorial board member of IRE Asia Pacific. Previously he was an Asia-Pacific board member of the International Council of Shopping Centers (“ICSC”) and a member of the real estate redevelopment advisory committee of the Seoul Metro.

    He was also instrumental in setting up the Foreign Advisory Board of the First Vice-Minister of Land, Transport, and Maritime Affairs in Korea where he served as the board secretary. Jun Ho Lee holds a Bachelor of Science in International Business from the University of Maastricht in the Netherlands and a Master of Science degree in Real Estate from the University of Hong Kong.


    Tom Miller

    Regional Director, LaSalle Investment Management, Asia Pacific

    Mr Miller serves as the Regional Director of Development for LaSalle Asia Pacific.  He is responsible for overseeing the development management process on capital development projects throughout Asia.  Mr Miller also is LaSalle Regional Sustainability Officer and a member of the LaSalle Investment Management Global Sustainability Committee.

    Mr Miller has 30 years of experience in real estate development throughout Asia, Europe and the U.S.  He has held senior executive positions in the real estate development/construction industry worldwide, including over 15 years of regional experience in Asia, and 10 years’ experience in Europe.  His experience in these markets includes commercial, residential, retail, hospitality, industrial, institutional, and infrastructure projects.  Internationally, Mr Miller has been responsible for overseeing the execution of development projects in many countries, but most significantly in China, Japan, Australia, Korea, Singapore, Malaysia, Philippines, Indonesia, UK, Spain and Portugal.   

    Mr Miller holds a Bachelor of Science in Civil Engineering from the University of Notre Dame (Notre Dame, Indiana, USA), a Master Degree in Engineering Administration from George Washington University (Washington D.C, USA), an Executive MBA from the IE Business School (Madrid, Spain), and a Master of Science in Real Estate from The University of Hong Kong.  


    Glyn Nelson
    Director of Research, AEW

    Mr. Nelson is Director of Research for AEW Asia with responsibility for directing the firm’s research activities in the Asia Pacific region. Based in Singapore, he is a member of the AEW Asia Investment Committee and a member of the firm’s Global Securities Allocation Committee. Mr. Nelson’s responsibilities include monitoring, evaluating and forecasting the macroeconomic environment, demographic trends and capital market conditions across the Asia Pacific region. He interprets this information for AEW’s senior professionals in order to provide decision support to the investment, asset management and portfolio management activities of AEW in the region. Prior to joining AEW, Mr. Nelson served as Head of Asia Pacific Property Research for Aberdeen Asset Management and as Head of Real Estate Intelligence for Jones Lang LaSalle, both based in Singapore. He has also held property market research positions at CB Richard Ellis and DTZ in Auckland, New Zealand. He is a graduate of University of Auckland and University of Texas at Arlington (M.S. in Real Estate).


    Cuong Nguyen

    Head of Asia Pacific Investment Research, PGIM

    Cuong Nguyen is an executive director at PGIM Real Estate and head of Asia Pacific Investment Research. Based in Singapore, Cuong is responsible for leading PGIM Real Estate’s research efforts in Asia Pacific and overseeing the research teams that support our investment management activities across the region. He is a member of the Asia Pacific Investment Committee.

    Before joining PGIM Real Estate, Cuong was head of research and strategy for M&G Real Estate Asia, where he developed market forecasts and identified long-term trends across the Asia Pacific markets to drive investment decisions, product development and regional business strategy. Earlier, he was a research analyst at Prudential Property Investment Managers in London, a part of Prudential PLC and unaffiliated with PGIM Real Estate. Previously, Cuong was a consultant for Watson Wyatt.

    Cuong has a doctorate of philosophy in finance from Heriot-Watt University, a master of science in finance from Birkbeck College, University of London, and a bachelor of science in economics from the Foreign Trade University, Hanoi, Vietnam. Cuong is a IMC holder.

    He is also Chair of the Performance Measurement Committee at the Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV). 


    Michael Tanujaya

    Portfolio Manager, Real Estate Investments

    Canada Pension Plan Investment Board ( CPPIB )


    Paul Walters

    Partners, PwC

    Paul Walters serves as a regional representative on the PwC Global Real Estate Leadership team and industry technical committees, bringing a strong link into the global network of experience.  

    Paul’s principle clients include public and private real estate funds and real estate entities. Paul also looks after other alternative asset class private funds.  Paul has extensive experience on audit and advisory services, and also on advising clients on fund start-ups, fund listings, regulatory and compliance matters and internal controls around the investing, monitoring and operational functions.  

    Paul chairs the ANREV Professionals Standards Committee, and authors the PwC & ANREV Review of Investor Reporting Trends Report, and co-authors the PwC & ULI Emerging Trends in Real Estate Survey.


    Andrew Weir 
    Partner-in-charge, Property & Infrastructure, China, KPMG

    Andrew has over 20 years' experience in servicing construction, property, hotel, and investment fund clients. These include IPOs, significant ad hoc projects and special engagements in countries such as China, Thailand, Korea, the Philippines, Vietnam and the UK. He is also experienced in handling multinational and conglomerate clients requiring IFRS and US knowledge. Andrew is also the Asia Pacific Sector Head for KPMG’s Building, Construction, and Real Estate (BCRE) practice and is a member of KPMG’s Global Real Estate Steering Committee.

    Andrew is a Fellow of the Institute of Chartered Accountants of England and Wales as well as a Fellow of the Hong Kong Institute of Certified Public Accountants.