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

CLAS Masterclass: Engineering A 180-Bps Yield Arbitrage In A Tight Capital Market

Keppel REIT's Japan Exit: Masterclass in Capital Recycling & Peak Valuation Monetisation

Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies

CLAR: The Capital Recycling Masterclass Driving S-REIT Alpha

LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance

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

Thematic (Sector/Industry)

Singapore Real estate / Thematic (Sector/Industry)

<ul>
<li>Approaching 50% gearing limits, stranded S-REITs are locked out of equity markets, halting dividends and triggering lucrative, event-driven M&amp;A opportunities for private credit and larger peers.</li>
<li>Manulife US REIT is a highly distressed restructuring play. Facing 60.8% gearing, it is executing fire sales to repay debt, offering deep-discount targets for opportunistic buyers.</li>
<li>Keppel Pacific Oak US REIT is a clean turnaround target. Resuming dividends early with stable 44.1% gearing, it trades at steep NAV discounts, ripe for privatisation.</li>
</ul>


Approaching 50% gearing limits, stranded S-REITs are locked out of equity markets, halting dividends and triggering lucrative, event-driven M&amp;A opportunities for private credit and larger peers.
Manulife US REIT is a highly distressed restructuring play. Facing 60.8% gearing, it is executing fire sales to repay debt, offering deep-discount targets for opportunistic buyers.
Keppel Pacific Oak US REIT is a clean turnaround target. Resuming dividends early with stable 44.1% gearing, it trades at steep NAV discounts, ripe for privatisation.


Blood in the Water: S-REIT Distress Unlocks Generational M&A Trades