Asuka Nakahara
About Asuka Nakahara
Independent Trustee of CBRE Global Real Estate Income Fund (IGR). Year of birth: 1956. Trustee since the Trust’s inception on February 18, 2004. Background spans real estate academia and industry; Practice Professor of Real Estate and Associate Director of the Zell-Lurie Real Estate Center at Wharton (since 1999), Partner at Triton Atlantic Partners (since 2009). Serves as Chairman of IGR’s Nominating Committee and is an Independent Trustee. The Board cites his real estate background and financial services knowledge as core credentials supporting continued service .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Wharton School, University of Pennsylvania | Practice Professor of Real Estate | Since 1999 | Academic leadership in real estate; expertise cited by IGR Board as qualification |
| The Wharton School, University of Pennsylvania (Zell-Lurie Real Estate Center) | Associate Director | Since 1999 | Real estate market expertise and industry-academic connectivity |
| Triton Atlantic Partners | Partner | Since 2009 | Industry and investment experience |
External Roles
| Organization | Type | Role | Since | Notes |
|---|---|---|---|---|
| Comcast Corporation | Public company | Director | Since Feb 2017 | Listed as “Other Directorships” in IGR proxy |
| Incompass Labs | Private | Co-Founder; Director | Since 2022 | Listed as current principal occupation and other directorship |
Board Governance
- Independence: Independent Trustee; Audit and Nominating Committees are composed of all Independent Trustees .
- Committee roles: Member, Audit Committee (all Independent Trustees); Chairman, Nominating Committee. Audit Committee Chair and Financial Expert is Peter Finnerty .
- Board leadership: Chair of the Board is interested (not independent); no Lead Independent Trustee appointed—a governance risk offset somewhat by independent committee leadership (Audit and Nominating) .
- Meetings and attendance (2024 calendar year): Board held 5 meetings; Audit Committee 2; Nominating Committee 3. Each Trustee attended at least 75% of Board/committee meetings in 2024 (except Finnerty due to mid-year appointment) .
- Annual meeting attendance: Independent Trustees did not attend the Oct 10, 2024 annual meeting; similarly did not attend the Oct 11, 2022 annual meeting—investor engagement consideration .
Fixed Compensation
Annual compensation paid by the Trust to Independent Trustees (aggregate basis; no pension/retirement benefits):
| Metric | CY 2021 | CY 2022 | CY 2023 | CY 2024 |
|---|---|---|---|---|
| Aggregate Compensation from Trust (USD) | $50,000 | $50,000 | $50,000 | $50,000 |
| Pension or Retirement Benefits | Not Applicable | Not Applicable | Not Applicable | Not Applicable |
- Notes: Trustees are reimbursed for meeting expenses; principal executive officers are paid by the Adviser; no trustee meeting fees or committee chair fees are separately disclosed in the proxies .
Performance Compensation
| Component | Details |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed in proxy tables; no equity awards shown for Independent Trustees . |
| Option awards | Not disclosed in proxy tables . |
| Bonus/variable pay | Not disclosed; proxy shows only aggregate compensation figures for Independent Trustees . |
| Pensions/SERP | Trustees do not receive pension or retirement benefits . |
| Clawback / hedging / pledging policy for directors | Not disclosed. |
Other Directorships & Interlocks
| Company | Overlap/Interlock Type | Potential Conflict Consideration |
|---|---|---|
| Comcast Corporation (Director since 2017) | External public directorship | None disclosed with IGR; no proxy-indicated transactions involving Comcast . |
Expertise & Qualifications
- Board-stated rationale: Background in real estate (academic and industry), knowledge of financial services, and long tenure on the Trust’s Board since 2004 .
- Committee leadership: Chairs the Nominating Committee, which oversees board composition, independence, annual self-assessment, and periodic review of Independent Trustee compensation .
Equity Ownership
| Item | Detail |
|---|---|
| Dollar Range Beneficially Owned in IGR | $100,001–$500,000 as of June 30, 2025 |
| Trustees/officers as a group | Less than 1% of outstanding shares as of June 30, 2025 |
| Related interest with Adviser affiliate | Limited partnership interest in Trammell Crow Company Acquisitions II, L.P. valued at $(5,367) as of Dec 31, 2024; 0.38% of class. TCC LP’s GP was acquired by CBRE Group, Inc. in Dec 2006; CBRE Group owns a majority interest in the Adviser—creating a related-party link (albeit small) . |
Governance Assessment
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Strengths
- Deep real estate expertise and financial services knowledge; decades-long service since 2004 support board continuity and domain knowledge .
- Fully independent; member of all-independent Audit Committee; serves as Chair of the Nominating Committee (which handles board composition, independence, and annual assessments) .
- Attendance: Met ≥75% attendance threshold across Board and committees in 2024; Board and committee meeting cadence indicates active oversight (5 Board, 2 Audit, 3 Nominating) .
-
Watch items / potential red flags
- Board chair is not independent and there is no Lead Independent Trustee—this elevates reliance on committee chairs (including Nakahara) to maintain independent oversight .
- Independent Trustees did not attend the 2024 (and 2022) annual meetings—optics on shareholder engagement; management notes no policy requiring attendance .
- Related-party exposure via a small LP interest (TCC LP) tied to the Adviser’s corporate parent (CBRE Group). Dollar value is de minimis, but the affiliation should continue to be monitored for conflicts .
-
Compensation alignment
- Flat, modest independent trustee fees ($50,000 per year for 2021–2024), no pensions/retirement benefits, and no disclosed equity awards—suggests low pay inflation and limited financial conflicts from the Trust side .