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    Hankyu Hanshin Properties Corporation: Investment in PT Duta Cakra Pesona in Jakarta

Leading Japanese law firm Nishimura & Asahi advised Hankyu Hanshin Properties Corporation [TSE: 9042], a Japan-based property developer, on its investment in Indonesia-based PT Duta Cakra Pesona, a subsidiary of PT Bumi Serpong Damai Tbk [IDX: BSDE], through a joint venture with Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development.

The Nishimura & Asahi team advising Hankyu Hanshin Properties was led by partners Masataka Sato, Kotaro Fuji, Ikang Dharyanto and counsel Made Grazia Valyana Ustriyana, supported by Walalangi & Partners, an associate office of Nishimura & Asahi.


佐藤 正孝

Masataka Sato has extensive experience with a broad range of cross-border M&A transactions in the ASEAN region, including investments in and acquisitions of listed companies, self-owned or family-owned companies and start-up companies, the formation of joint venture businesses, as well as real estate development projects (including REIT). He also provides advice and solutions in relation to corporate governance, labor, and regulatory compliance matters at the PMI stage.

藤 浩太郎

Kotaro has engaged in many restructuring cases through not only formal insolvency proceedings but also out-of-court workouts. From 2019 to 2023, he provided legal advice on cross-border M&A, restructuring/insolvency, disputes, and other corporate matters (with a focus on those related to Singapore, Indonesia, Malaysia, and Philippines) from our Singapore Office by leveraging the knowledge and experience in local legal and commercial practices and the connection with local professionals.



  • Partner
  • Singapore

Ikang has advised a wide range of domestic and international clients across various industry sectors such construction, finance, IT, manufacturing, real estate, labor, dispute resolution, and criminal investigation. Ikang has assisted in various high-profile M&A transactions and has a good connection with Indonesian government authorities. He also advises on day-to-day corporate/commercial issues and licensing, including on investments at all stages, from inception to post-closing operations. As a partner of Indonesian practice in our Singapore Office and cross-border team, Ikang provides a tailored legal services in a timely and flexible manner.


Grazia is a member of Singapore Institute of Arbitrators (SIArb) and a certified Data Protection Officer (DPO) by Indonesian Association of Data Privacy Professionals (APPDI) . Aside from her active legal practice, Grazia is devoted to contribute back to her community in Bali, Indonesia, through a non-profit initiative which she co-founded to help more women gain access to higher education.