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

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

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

Heiwa Real Estate (8803.T): The Ultimate TSE Mean-Reversion & Activist Catalyst Trade

Asia Monetary Easing: Tailored for Income-Generating Real Estate

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

A Scenario Analysis: If Fed Initiates a Rate Cut Cycle, How Should Investors Position Themselves?

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 Equity real estate investment trusts (reits) / Thematic (Sector/Industry)

<ul>
<li>A historic valuation chasm in Japanese real estate, exacerbated by the BOJ’s aggressive policy pivot, has created a generational arbitrage opportunity for event-driven investors</li>
<li>Looming TSE governance mandates are forcing mid-cap developers to unwind legacy cross-shareholdings, placing complacent boards directly in the crosshairs of global activists.</li>
<li>Deeply discounted J-REITs with highly unencumbered portfolios are prime targets for immediate capital recycling, paving the way for lucrative, private equity-led take-private transactions.</li>
</ul>


A historic valuation chasm in Japanese real estate, exacerbated by the BOJ’s aggressive policy pivot, has created a generational arbitrage opportunity for event-driven investors
Looming TSE governance mandates are forcing mid-cap developers to unwind legacy cross-shareholdings, placing complacent boards directly in the crosshairs of global activists.
Deeply discounted J-REITs with highly unencumbered portfolios are prime targets for immediate capital recycling, paving the way for lucrative, private equity-led take-private transactions.


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