Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

Power Is the New Land: Logistics REITs Pivot to Hyperscale AI Data Centers

The 6.4 GW Sovereign of Silicon: GMG the Ultimate Structural Tollbooth for Global AI Infra

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Gridlock creates monopolies: European 10-year grid queues block new data center supply, giving landlords with secured power immense pricing leverage over hyperscale tenants.</li>
<li>Yield arbitrage unlocked: Segro leverages its 3.0 GVA power bank to generate 8% to 10% development yields, vastly outperforming standard logistics returns and accelerating earnings.</li>
<li>Massive valuation discount: Segro trades at a depressed industrial multiple, offering investors a rare multiple expansion catalyst compared to expensive US data center peers.</li>
</ul>


Gridlock creates monopolies: European 10-year grid queues block new data center supply, giving landlords with secured power immense pricing leverage over hyperscale tenants.
Yield arbitrage unlocked: Segro leverages its 3.0 GVA power bank to generate 8% to 10% development yields, vastly outperforming standard logistics returns and accelerating earnings.
Massive valuation discount: Segro trades at a depressed industrial multiple, offering investors a rare multiple expansion catalyst compared to expensive US data center peers.


AI Boom and The Substation Squeeze: Segro's Hyperscale Monopoly in Europe

SEGRO

AI Boom and The Substation Squeeze: Segro's Hyperscale Monopoly in Europe