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

Korea Living Venture will focus on acquiring, repositioning and developing multifamily and accommodation properties in and around Seoul (Picture: rawkkim/Unsplash)
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.
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 says in a June press release.
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KLV’s first close underscores growing institutional conviction in Korea’s rapidly expanding rental housing sector. "The Korea living sector represents a large but under-institutionalised opportunity, fueled by growing demand and constrained supply," says Tishman Speyer's head of pan-Asia, Graham Mackie.
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