Tishman Speyer secures US$300 mil from APG and Bouwinvest for Korean rental housing fund

Atiqah Mokhtar

/ EdgeProp Singapore

June 9, 2026 10:46 AM SGT

propertyeditor@edgeprop.sg

Light

Dark

Korea Living Venture will focus on acquiring, repositioning and developing multifamily and accommodation properties in and around Seoul (Picture: rawkkim/Unsplash)

Tishman Speyer has raised US$300 million ($386 million) in equity commitments for the first close of its Korea Living Venture (KLV).

The New York-headquartered real estate firm secured the commitments from APG Asset Management and Bouwinvest, which both manage assets on behalf of Dutch pension funds.

KLV is targeting to raise a total of US$400 million in equity commitments, which would translate to an investment capacity of over US$800 million, including anticipated financing.

Seoul is experiencing a boom in rental demand, driven by structural socio-economic shifts such as rising housing costs, more single-person households, as well as more foreign residents and international students. These dynamics contribute to the long-term depth and resilience of the city's rental market, said Tishman Speyer in a June press release.

The fund will focus on acquiring, repositioning and developing multifamily and accommodation properties in and around Seoul. In particular, it will target assets near major transportation hubs with convenient access to business districts and university campuses in Seoul, Incheon, Gyeonggi-do and other high-growth neighbourhoods in the capital region, Tishman Speyer said.

The fund will focus on existing living assets with value enhancement opportunities, while also maintaining selective exposure to development projects, leveraging Tishman Speyer's value-add and placemaking expertise.

This integrated approach aims to balance near-term stability with long-term growth, so KLV may assemble a diversified portfolio of high-quality living assets, the US firm said.

KLV’s first close underscores growing institutional conviction in South Korea’s rapidly expanding rental housing sector. "The South Korea living sector represents a large but under-institutionalised opportunity, fuelled by growing demand and constrained supply," said Tishman Speyer's head of pan-Asia, Graham Mackie.

APG senior director for real estate, Joelin Ma, noted strong long-term fundamentals in the sector, making this partnership "an attractive way to access resilient, income-generating real estate exposure in the region" as APC targets structural opportunities across Asia's developed markets.

Bouwinvest director of Asia-Pacific investments, Robert Koot, described South Korea as one of Asia's most dynamic and institutionally maturing residential markets. The firm's senior portfolio manager, Jorrit Sennema, added that a significant part of Seoul's existing housing stock is ageing and no longer aligned with the needs of today's urban population.

For more news and analysis, read our weekly e-paper. Prefer a print copy? Get it delivered to your home every Monday.

Property updates, 24/7.