Weave Living, a leading specialist in the living sector across the Asia-Pacific region, has announced a strategic partnership with global investment firm KKR to invest in rental housing assets in South Korea, with a primary focus on Seoul. This partnership aims to build a rental housing portfolio of approximately 1,200 units, with plans to expand over time as opportunities arise.
Under the agreement, KKR will hold a majority stake in the strategic partnership, with Weave retaining a minority stake while providing management services as the development manager and operating partner. The rental housing assets will operate under the Weave Living brand umbrella, offering a range of consumer brands to cater to diverse tenant needs.
David Cheong, Managing Director of KKR's Asia Real Estate team, expressed excitement about entering the urban rental market in Seoul, emphasizing the strong relationship between KKR and Weave. Sachin Doshi, Founder and Group CEO of Weave Living, highlighted the significant opportunity to address housing issues and meet the needs of urban renters in South Korea, particularly in Seoul.
This partnership is a significant milestone for KKR's real estate platform in Asia Pacific, reflecting its strategic focus on the region. South Korea, an integral part of KKR's real estate strategy in Asia Pacific, already hosts several KKR-managed assets, including office towers and logistics centers.
Weave Living's expansion into South Korea follows recent developments, including increased investment from existing shareholders and further expansion in Japan. With operations now spanning Hong Kong, Singapore, Japan, and South Korea, Weave Living solidifies its position as a leading specialist in the living sector across the Asia-Pacific region.
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This blog post is for informational purposes only and does not constitute investment advice. Any investment involves risk, and past performance is not indicative of future results. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.