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

Unibail-Rodamco-Westfield: Strong FY Results, De-Leveraging on Track, Back to Growth Trajectory

Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage

KT Capital Group

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

Principal investments and advisory firm

Equity Capital Markets

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<li>British Land is an office and retail landlord in UK.  Around 60% of its assets are campus/offices, with all assets located in UK</li>
<li>We think the underling retail and office market are showing solid recovery, which will support British Land key operating business</li>
<li>British Land also sees capital recycling as an important pillar, including dividend, balance sheet management, and M&amp;As to drive shareholders' returns</li>
</ul>


British Land is an office and retail landlord in UK.  Around 60% of its assets are campus/offices, with all assets located in UK
We think the underling retail and office market are showing solid recovery, which will support British Land key operating business
British Land also sees capital recycling as an important pillar, including dividend, balance sheet management, and M&amp;As to drive shareholders' returns


British Land: Buy on Improving Industry Fundamentals

British Land Co

British Land: Buy on Improving Industry Fundamentals