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

AI Boom and The Substation Squeeze: Segro's Hyperscale Monopoly in Europe

Blackstone’s Data Center Platform $185 Billion Valuation: LONG NextDC as Ultimate Listed Infra Trade

LONG GDS: A High-Beta Asia Digital Infrastructure DC Operator

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

The 51% Rent Reversion Anomaly: Backing Keppel DC REIT Amidst Singapore's Data Center Power Squeeze

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

Thematic (Sector/Industry)

Singapore Real estate / Thematic (Sector/Industry)

<ul>
<li>Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation floor for existing powered data center assets.</li>
<li>Disintermediation threat: Sovereign funds acting as direct developers bypass traditional REITs, structurally shrinking the future pipeline of stabilized mega-assets available for public market drop-downs.</li>
<li>Asian operators hold the keys: Developers like GDS with actionable power pipelines in high-demand corridors are prime targets for sovereign joint ventures, offering desperately needed grid access.</li>
</ul>


Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation floor for existing powered data center assets.
Disintermediation threat: Sovereign funds acting as direct developers bypass traditional REITs, structurally shrinking the future pipeline of stabilized mega-assets available for public market drop-downs.
Asian operators hold the keys: Developers like GDS with actionable power pipelines in high-demand corridors are prime targets for sovereign joint ventures, offering desperately needed grid access.


Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities