Tishman Speyer sichert sich 300 Millionen US-Dollar beim First Closing für Korea Living Venture mit APG und Bouwinvest
Tishman Speyer has announced the first closing of its Korea Living Venture (KLV), securing USD 300 million in equity commitments from two prominent European pension funds for a new fund focused on acquiring, repositioning, and developing multifamily and residential properties across Seoul.
The commitments from APG Asset Management N.V. (APG) and Bouwinvest lay a solid foundation for KLV, which aims for total equity commitments of approximately USD 400 million, corresponding to an expected investment capacity of over USD 800 million. The strategy highlights the growing confidence of institutional investors in the rapidly expanding Korean rental housing sector, one of the fastest-growing markets for multifamily residential properties in Asia.
KLV will focus on properties near key transportation hubs with good access to business districts and university campuses in Seoul, Icheon, Gyeonggi-do, and other growth areas within the capital region. The fund will leverage Tishman Speyer's expertise in value enhancement and the creation of attractive spaces, primarily concentrating on existing residential properties with value-add potential, while selectively considering development projects.
The rental market in Seoul is experiencing a surge in demand due to structural socioeconomic changes, such as rising housing costs, an increasing number of single-person households, and a growing population of foreign residents and international students. These factors contribute to the long-term depth and resilience of the city’s rental market.
Graham Mackie, Head of the Pan-Asian Region at Tishman Speyer, emphasized that the Korean housing sector presents significant opportunities, driven by increasing demand and limited supply. Joelin Ma, Senior Real Estate Manager at APG, and Robert Koot, Director of Investments for the Asia-Pacific Region at Bouwinvest, also acknowledged the strong fundamentals of the market and the potential for creating a high-quality, scalable portfolio in partnership with Tishman Speyer.