Management Board

The members of the Management Board (MB), the majority of whom are institutional investors, set the strategic direction of the Association and have delegated day-to-day management to the Executive Board (EB). The MB is regularly advised on strategic direction by the Investor Advisory Board.

The members of the Management Board are:










Nicholas Loup
Chief Executive Officer of  Chelsfield Asia and Group Vice Chairman,
Chelsfied Asia

Nicholas Loup is Chief Executive Officer of Chelsfield Asia and Group Vice Chairman. 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.


Graham Mackie
Managing Director, Head of Global Real Estate - Asia Pacific (GRE - APAC)
UBS Asset Management

Graham is based in Singapore and is responsible for managing GRE - APAC’s platform and executing the regional strategy, investing and managing real estate and engaging with clients across the region. He also provides an APAC perspective into the overall global strategy. Graham is a member of the GRE Management Committee.

Prior to this, Graham was the regional head of GRE's Multi-Manager (GMM) team in APAC, where he was responsible for investment in multiple real estate funds across the Asia Pacific region. In addition, Graham was involved in the marketing of GMM products and services to the client base in the APAC region.

Prior to joining UBS in 2008, Graham was a Financial Analyst at AXA REIM Japan (2006-2008), where he helped establish AXA REIM’s operation in Japan and was responsible for investing in both direct and indirect Japanese real estate and developing client relationships. Before that, Graham was an Analyst at AXA REIM London (2003-2006), where he was part of a team which launched, invested and managed the first London listed pan-European real estate company. Graham also worked at AXA IM Paris (2002-2003) where he was involved in capital raising for a variety of asset classes.

Graham sits on the Management Board and the Executive Board of ANREV, where he is also the Chairman of the Investor Advisory Board. In addition, Graham is a CFA Charterholder.


Stephen Tross
Chief Investment Officer - International Investments , Bouwinvest Real Estate Investors B.V. 

Stephen Tross joined Bouwinvest as COO International Investments in 2009.

As per January 1st, 2010 he was appointed Chief Investment Officer - International Investments and subsequently joined the Management Board of Bouwinvest.

He has over twenty years of experience in the international real estate industry. Previously, he was a Director at KPMG responsible for KPMG’s real estate audit practice in The Netherlands and held several positions with PricewaterhouseCoopers in The Netherlands, the U.K. and the U.S. Stephen also serves on the Management Board of ANREV, the Asian Association for Investors in non-listed real estate vehicles, and on the Board of Directors of AFIRE, the Association of Foreign Investors in Real Estate with main focus on the US.

He is a certified public accountant in the Netherlands and a professional member of The Royal Institution of Chartered Surveyors.


Esther Teo
Senior Vice President, Head of Southeast Asia, GIC Real Estate

Esther is responsible for GIC Real Estate’s investments in Southeast Asia, including Indonesia, Vietnam, Malaysia, Thailand and the Philippines. Over her 15 years in GIC Real Estate, she has been involved in investments and asset management across Asia markets such as Australia, China, India, Korea, Hong Kong and Taiwan.

Esther holds a Diplom Kauffrau from Ludwig-Maximilians Universitaet in Munich, Germany and a Master of Science in Management Science and Engineering from Stanford University in the USA.


James Kim
Senior Director and Global Head of Real Estate and Infrastructure, Korea Investment Corporation.

Mr. James Kim is a Senior Director and Global Head of Real Estate and Infrastructure at Korea Investment Corporation. Mr. Kim was previously responsible for both fund investments and direct investments as the Head of Private Equity at KIC. Prior to joining KIC, he was the Head of finance and acquisitions in HSEC, Hanwha Group’s solar downstream investment arm, and a senior manager responsible for M&A and corporate strategy in Chairman’s Office of Hanwha Group. He also worked for Korea Life Insurance, where he headed overseas alternative investments including private equity, real estate, and infrastructure.

Mr. Kim received a BS from Seoul National University and a master’s in real estate from Harvard University.

Guy Fulton 

Managing Director, Real Estate Investments at Canada Pension Plan Investment Board Asia Inc. (CPPIB)

Guy is currently Managing Director, Real Estate Investments at Canada Pension Plan Investment Board Asia Inc. (CPPIB), responsible for the acquisition of real estate investments for the fund across Asia, with a specific focus on Greater China.    Since joining CPPIB in 2009 Guy has overseen the growth of the China portfolio to its current equity exposure of over USD3 billion.   CPPIB currently has over USD 45 billion invested in property globally of which over USD 10 billion is invested in Asia.

Before joining CPPIB, Guy was Vice President and Chief Representative of Citi Property Investors (CPI) China based in Shanghai.  Guy joined CPI in February 2005 and successfully completed over USD 500 million of commercial and residential transactions by asset value in Greater China.  In addition to his role in acquisitions, Guy was also actively involved in asset management and was responsible for investor relations for CPI’s Asia Fund, which totalled USD 1.3 billion of commitments.

Prior to joining CPI, Guy worked in the Corporate Finance department of Citigroup both in Hong Kong and Moscow, Russia and was also previously a Managing Director of Savills China for five years, establishing the company’s presence in Shanghai. He holds a MBA from New York University and a MA in Chinese from Oxford University.