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Value Build
Yutaka Matsunaga's Value Build blends venture and heritage real estate in Hokkaido, co-developing luxury ryokans with Hyatt and Takenaka Corporation.
Value Build
Value Build was founded by Yutaka Matsunaga, the former President of Saizen REIT Asset Manager, whose earlier experience includes founding Tensuke Asset Management. Based in Sapporo, the firm reflects Matsunaga's focus on Hokkaido's real asset opportunity — transforming the island's historic structures and ski-country land into operational properties. The firm's leadership also includes Aya McKinley as a director, supported by Hong Kong-based angel co-investors Richard Lo and Sandy Lo. Value Build deploys capital across venture and real estate, with a strategy that bridges property development and hospitality operations. Its real estate holdings include the Hakodate Historical Building in Motomachi, residential portfolios in Furano and central Sapporo, and development land in Kutchan and Niseko — two of Japan's most prominent ski destinations. The firm's venture posture is expressed through its partnership with Hyatt Hotels Corporation and Takenaka Corporation on the Atona luxury ryokan brand, a venture that restores heritage properties into high-end inns. Additional strategic relationships include Venturous Group, a Citytech builder and investor, suggesting an interest in smart-city and technology-enabled infrastructure. The firm's scale remains opaque — no public AUM, team size, or deployment figures are disclosed. Its visible footprint is concentrated in Hokkaido, with no confirmed offices outside Sapporo. Value Build's partnerships with Takenaka Corporation, one of Japan's largest general contractors, and Hyatt Hotels indicate an ability to structure complex, branded real estate ventures that require significant design, construction, and operational coordination. Value Build's distinction lies in its model of bundling venture-level real estate development with hospitality brand creation. Rather than raising blind pools of discretionary capital, the firm appears to operate through project-specific partnerships and co-investment vehicles. This structure aligns Japanese construction conglomerates, global hotel operators, and regional landowners around single-asset restorations — a sourcing and execution model built on Matsunaga's REIT and asset management background rather than traditional private equity fund formation.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
Japan
City
Sapporo
Corporate office
Sapporo, Hokkaido, Japan
Principals
Yutaka Matsunaga
Founder and CEO
Aya McKinley
Director and Project Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Value Build?
Founder and CEO Yutaka Matsunaga leads investment decisions, drawing on his prior roles as President of Saizen REIT Asset Manager and founder of Tensuke Asset Management. Director and Project Manager Aya McKinley handles execution from Sapporo. The tight leadership structure suggests decisions are centralized, with co-investors Richard Lo and Sandy Lo providing Hong Kong-based capital and real estate expertise on a deal-by-deal basis.
How does Value Build source its real estate and venture deals?
Value Build sources through its principal's deep Hokkaido networks and corporate partnerships. The firm's collaboration with Takenaka Corporation on heritage restorations provides access to off-market historic properties, while the Hyatt Hotels relationship creates a pipeline for branded hospitality conversions. The firm also appears to acquire development land directly, particularly in ski-country markets like Niseko, Furano, and Kutchan, where Japanese resort real estate has drawn inbound investor interest.
What is the Atona luxury ryokan brand, and what is Value Build's role?
Atona is a luxury ryokan brand co-developed by Value Build, Hyatt Hotels Corporation, and Takenaka Corporation. Value Build serves as the venture developer, identifying and restoring heritage properties into operating inns under the Atona name. Hyatt provides brand standards, distribution, and operational oversight, while Takenaka handles construction and restoration. The partnership effectively turns single-asset hotel developments into a branded portfolio with institutional operating discipline.
Does Value Build operate as a single-family office or a third-party asset manager?
Value Build is structured as an asset manager, not a single-family office. However, the firm's lack of publicly marketed funds and its reliance on relationship-based co-investors — including Hong Kong angels Richard Lo and Sandy Lo — gives it characteristics closer to a family-backed investment vehicle. No regulatory filings or fund prospectuses are publicly available, leaving its capital-raising structure largely undisclosed.
What is Value Build's geographic focus, and does it invest outside Hokkaido?
All confirmed holdings and partnerships are concentrated in Hokkaido, Japan — specifically Sapporo, Hakodate, Niseko, Furano, and Kutchan. There is no public evidence of investments outside Hokkaido. The firm's relationship with Venturous Group, a Citytech investor with China and Southeast Asia exposure, could imply broader ambitions, but no completed transactions outside Japan have been identified.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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