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

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

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

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

CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)

CLAR SP: Bullish in Singapore Industrial and Strong Asset Portfolio to Drive Shareholders Returns

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>Capital recycling is the 2026 growth engine. S-REITs are selling legacy assets at premiums to private credit, funding accretive acquisitions without dilutive equity raises at wide NAV discounts.</li>
<li>CLAR exemplifies this, divesting a legacy asset at a 32% premium to rotate SGD 1.4 bn into high-yield Japanese data centers and premium logistics, securing execution certainty.</li>
<li>Despite United States business park headwinds, CLAR boasts a fortress balance sheet with 39.7% leverage and 8.5% rental reversions, cementing its status as an institutional yield favorite.</li>
</ul>


Capital recycling is the 2026 growth engine. S-REITs are selling legacy assets at premiums to private credit, funding accretive acquisitions without dilutive equity raises at wide NAV discounts.
CLAR exemplifies this, divesting a legacy asset at a 32% premium to rotate SGD 1.4 bn into high-yield Japanese data centers and premium logistics, securing execution certainty.
Despite United States business park headwinds, CLAR boasts a fortress balance sheet with 39.7% leverage and 8.5% rental reversions, cementing its status as an institutional yield favorite.


CLAR: The Capital Recycling Masterclass Driving S-REIT Alpha

CapitaLand Ascendas

CLAR: The Capital Recycling Masterclass Driving S-REIT Alpha