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

British Land: Buy on Improving Industry Fundamentals

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 Bottom-Up

Unibail-Rodamco-Westfield / Equity Bottom-Up

<ul>
<li>Unibail announced its FY results, which we view as strong across the board.  Rent is growing and vacancy is coming down</li>
<li>Unibail has made progress on deleveraging.  The company has ample cash, low cost of borrow and a strong balance sheet</li>
<li>With de-leveraging on track, investors should focus on growth.  Valuation is attractive</li>
</ul>


Unibail announced its FY results, which we view as strong across the board.  Rent is growing and vacancy is coming down
Unibail has made progress on deleveraging.  The company has ample cash, low cost of borrow and a strong balance sheet
With de-leveraging on track, investors should focus on growth.  Valuation is attractive


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