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

GIC's 1.4bn USD Tokyo Exit: Tokenization Mega-Deal Exposes Winners and Refinancing Risks

USD 10bn Catalyst: Japan Post’s Mega-Monetisation & Mitsui Fudosan's Ascension

Japan REITs: Long Japan Hotel REIT and Short Nippon Building Fund on Industry Fundamentals

The Yen's Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

8802 Mitsubishi Estate - Another Play on Japan RE and Office - Chase the Rally

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>BOJ's rate hikes and quantitative tightening aggressively compress yield spreads, punishing long-duration assets while severely rewarding inflation-hedged variable-rent cash flows.</li>
<li>LONG Japan Hotel REIT: Unprecedented inbound tourism and 54.1% variable rent exposure create immediate inflation pass-through, driving a 28.5% surge in 2025 distributions.</li>
<li>SHORT GLP J-REIT: A 10.9% Tokyo logistics vacancy rate traps fixed-lease cash flows, forcing reliance on asset sales and share buybacks to mask fundamental stagnation.</li>
</ul>


BOJ's rate hikes and quantitative tightening aggressively compress yield spreads, punishing long-duration assets while severely rewarding inflation-hedged variable-rent cash flows.
LONG Japan Hotel REIT: Unprecedented inbound tourism and 54.1% variable rent exposure create immediate inflation pass-through, driving a 28.5% surge in 2025 distributions.
SHORT GLP J-REIT: A 10.9% Tokyo logistics vacancy rate traps fixed-lease cash flows, forcing reliance on asset sales and share buybacks to mask fundamental stagnation.


BOJ Reflation Alpha: Long Japan Hotel REIT, Short GLP J-REIT