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

KT Capital Group

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

Principal investments and advisory firm

Thematic (Sector/Industry)

Japan Real estate / Thematic (Sector/Industry)

<ul>
<li>Supply Chain Shock: Japan's 960-hour truck driver overtime cap slashes transport capacity by 14%, triggering a structural rewiring and fierce demand for automated, institutional-grade logistics facilities.</li>
<li>Institutional Conviction: Ares Management's 612 bn JPY fundraise validates this thesis, weaponizing foreign capital to exploit Japan's persistent yield arbitrage and intensifying metropolitan land acquisition wars.</li>
<li>Incumbent Advantage: Listed incumbents like Nippon Prologis and Mitsui Fudosan Logistics Park offer deep NAV discounts, bypassing soaring construction costs while capturing immense, inflation-beating rent growth.</li>
</ul>


Supply Chain Shock: Japan's 960-hour truck driver overtime cap slashes transport capacity by 14%, triggering a structural rewiring and fierce demand for automated, institutional-grade logistics facilities.
Institutional Conviction: Ares Management's 612 bn JPY fundraise validates this thesis, weaponizing foreign capital to exploit Japan's persistent yield arbitrage and intensifying metropolitan land acquisition wars.
Incumbent Advantage: Listed incumbents like Nippon Prologis and Mitsui Fudosan Logistics Park offer deep NAV discounts, bypassing soaring construction costs while capturing immense, inflation-beating rent growth.


Mitsui Fudosan Logistics Park Inc (3471 JP)

Ares 4bn Logistics Fund: How Japan's 2024 Shock Creates Generational Real Estate Yields