Weave Living and KKR Establish Urban Living Strategic Partnership in South Korea
26 März 2024 - 8:08AM
Business Wire
The venture will target to build an initial
portfolio of c.1,200 units primarily in Seoul
WEAVE LIVING (“Weave”), Asia Pacific’s preeminent living sector
specialist, and KKR, a leading global investment firm, today
announced the establishment of a strategic partnership to invest in
rental housing assets in South Korea, with a focus on Seoul. The
strategic partnership will target to build a rental housing asset
portfolio of c.1,200 units with the initial tranche of capital and
the strategic partners intend to scale this program over time as
opportunities emerge.
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Cityscape at Night in Seoul, South Korea
(Photo courtesy of Freepik)
This transaction marks KKR’s first investment program in the
rental housing sector in South Korea. KKR will hold a majority
stake in the strategic partnership, while Weave will hold the
remaining minority stake in addition to providing a range of
management services to the venture as development manager and
operating partner. The portfolio of assets will operate under the
Weave Living brand umbrella, and Weave intends to offer its full
repertoire of brand options which includes four consumer brands —
WEAVE STUDIOS, WEAVE PLACE, WEAVE SUITES and WEAVE RESIDENCES — to
renters in South Korea to cater to the diverse needs of prospective
tenants.
David Cheong, Managing Director and Co-Head of Acquisitions
on KKR’s Asia Real Estate team, said: "Korea has been a
cornerstone of our Asia Pacific real estate strategy for a decade,
and we are thrilled to make our foray into the urban rental market,
which represents an emerging investment segment in Seoul. We are
also pleased to establish this venture with Weave, with whom we
have developed a trusted and aligned relationship. Together, we
look forward to leveraging our respective skills to expand this
strategic partnership to better serve our tenants over the long
term.”
Sachin Doshi, Founder and Group CEO of WEAVE LIVING said:
“Weave is excited to join forces with KKR to establish a foothold
in the dynamic living sector in South Korea. KKR has an excellent
track record as a real estate investor, and we are honoured that
they have chosen Weave as their strategic partner for this asset
class in the country. In recent years, renters have been struggling
with various housing issues and we have identified a clear gap in
the market for beautifully designed, well-located homes, managed to
global standards that meet the needs of urban renters and young
professionals in South Korea, primarily Seoul. We believe the
opportunity is extremely large, and our goal is to facilitate the
institutionalisation of the rental housing market in the country by
introducing the Weave model to the market.”
The strategic partnership is the latest milestone for KKR’s real
estate platform in Asia Pacific. To date, KKR has completed more
than 20 transactions in the region across a range of segments
including mixed use, commercial, industrial, hotel, office and
retail properties. South Korea is an important part of KKR’s Asia
Pacific real estate strategy, and today, KKR manages several assets
in the country including, but not limited to, office towers located
in Seoul’s central business district, and logistics centres located
across the country.
This latest strategic partnership follows Weave Living’s recent
announcements including upsized investment from its existing
shareholders – Warburg Pincus and Founder Sachin Doshi, further
expansion in Japan, where it recently (March 2024) opened three
assets and acquired two new assets in prime locations in Tokyo,
bringing the company’s Japan-based offerings to 11 locations. South
Korea is Weave’s fourth market in Asia Pacific, following Hong
Kong, Singapore, and Japan, establishing it as the preeminent
living sector specialist in the region. Weave opened its Seoul
office in June 2023 and currently has seven team members based
there, with plans to double its headcount this year.
About Weave Living
Founded in 2017 by Sachin Doshi as a response to the gap in the
market for beautifully designed and professionally managed living
options, WEAVE LIVING currently owns and operates c. 2,500 rental
accommodation units across the Asia-Pacific region under its four
consumer brands — WEAVE STUDIOS, WEAVE PLACE, WEAVE SUITES and
WEAVE RESIDENCES — catering to a broad and diverse demographic of
urbanites and professionals in key gateway cities.
About KKR
KKR is a leading global investment firm that offers alternative
asset management as well as capital markets and insurance
solutions. KKR aims to generate attractive investment returns by
following a patient and disciplined investment approach, employing
world-class people, and supporting growth in its portfolio
companies and communities. KKR sponsors investment funds that
invest in private equity, credit and real assets and has strategic
partners that manage hedge funds. KKR’s insurance subsidiaries
offer retirement, life and reinsurance products under the
management of Global Atlantic Financial Group. References to KKR’s
investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR &
Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
For additional information about Global Atlantic Financial Group,
please visit Global Atlantic Financial Group’s website at
www.globalatlantic.com.
Weave Living
Website: https://www.weave-living.com/en/kr Instagram:
@liveatweave Facebook: @liveatweave
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240325866051/en/
For Weave Living: Joanna Park
Tel: +82 2 2084 9230 E-mail: joanna@briman.co.kr Kelly Bahn Tel:
+82 2 2084 9224 E-mail: kelly@briman.co.kr Youha Jun Tel: +82 2
2084 9228 E-mail: youha@briman.co.kr
For KKR: Wei Jun Ong Tel: +65 6922
5813 E-mail: weijun.ong@kkr.com
The Signature (for KKR Korea) Jason Sohn Tel: +82 10 9622 5915
E-mail: jason.sohn@thesignature.co.kr
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