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

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

How Activist Firepower and the Sankei Benchmark Will Trigger a Massive Re-Rating of Mitsui Fudosan

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

Japan’s Trapped Value: How Activists and Private Equity Are Weaponizing TSE Mandates in Real Estate

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>GIC’s Strategic Shift: Unloading a Tokyo trophy asset for 1.4bn USD secures a 33% gain, pivoting capital to structural growth sectors before BOJ rate hikes compress yield spreads.</li>
<li>Tokenization Milestone: Kenedix’s plan to fractionalize this mega-asset validates digital securities globally, proving domestic liquidity can absorb massive transactions while foreign capital efficiently recycles.</li>
<li>Divergent Real Estate Equities: The transaction cements a high valuation floor, heavily bullish for Mitsubishi Estate, but exposes highly levered, floating-rate vehicles like GLP J-REIT to severe risks.</li>
</ul>


GIC’s Strategic Shift: Unloading a Tokyo trophy asset for 1.4bn USD secures a 33% gain, pivoting capital to structural growth sectors before BOJ rate hikes compress yield spreads.
Tokenization Milestone: Kenedix’s plan to fractionalize this mega-asset validates digital securities globally, proving domestic liquidity can absorb massive transactions while foreign capital efficiently recycles.
Divergent Real Estate Equities: The transaction cements a high valuation floor, heavily bullish for Mitsubishi Estate, but exposes highly levered, floating-rate vehicles like GLP J-REIT to severe risks.


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