巻島 一郎（まきじま いちろう）,社団法人不動産証券化協会 専務理事
1974年東京大学教養学部卒業後、同年、三井不動産株式会社入社。1990年新規事業室長、1998年からビルディング事業部日本橋計画室長として、三井本館街区再開発計画、東急百貨店跡地再開発計画などに従事した。2001年不動産シンジケーション協議会（現在の不動産証券化協会）に出向し、現在に至る。
訳書に、『不動産ファイナンス大全』（日経新聞社刊）、『ハーバード・ビジネススクールが教える不動産投資ゲーム』（日経BP社刊）、『投資家と市場:ポートフォリオと価格はなぜ決まるのか』（日経BP社刊）、（ともに共訳）。
Subject: “Why J-REIT market remains static?”
Date: February ９ｔｈ (TUE) 2010 from 19:00-20:30
Venue: 9F Tokyo Shoken Kaikan (1-5-8 Kayaba-cho, Nihonbashi, Chuo-ku)
http://www.ts-kaikan.co.jp/accessmap.html
Language: Japanese
Specialty Focus Areas: Alternative Investments （CE credit eligible）
Speaker: Ichiro Makijima, Executive Managing Director, The Association for Real Estate Securitization (ARES)
Outline:
The speaker focuses on the reasons for the stagnation of real estate funds, including J-REIT, in Japan and states his viewpoints about market environments for real estate investment in year 2010.
Equity investment trust is set up based on large amount of publicly traded stocks, but real estate funds like J-REIT have relatively fewer assets to purchases. And those assets have relatively higher income return and fewer capital gain or loss. The Speaker explains the basic characters of the real estate securitized products. Also, the speaker refers to the characters of lease properties as financial products, business model of real estate securitization (J-REIT, Real estate private fund, CMBS), and historical trend of lease markets and trading markets for lease properties in Tokyo. Finally, the speaker states his observations regarding the reasons for J-REIT’s stagnation and challenges of recovery.
Speaker:
Ichiro Makijima, Executive Managing Director, The Association for Real Estate Securitization (ARES)
Ichiro Makijima started his career at Mitsui Fudosan Co., Ltd. in 1974, and was engaged in various commercial real estate development businesses. Prior to joining the Council for Real Estate Syndication (a predecessor of ARES) in 2001 as Secretary General, he was General Manager of the Nihonbashi Projects Planning Group of the Office Building Portfolio Management Department. He has been serving his current position at ARES since its establishment in December 2002.
Ichiro also serves as a committee member of commercial real-estate appraisals of the National Land Development Council and a director of the Japan Securities Investment Advisers Association. He received B.A. from The University of Tokyo.
The following books were jointly translated by the speaker: Real Estate Finance & Investments、The Real Estate Game、Investors and Markets: Portfolio Choices, Asset Prices, and Investment Advice.