Tishman Speyer reached the first close on its Korea Living Venture (KLV), securing US$300 million in third-party equity commitments from two blue-chip European pension funds for a new fund dedicated to acquiring, repositioning and developing multifamily and accommodation properties throughout Seoul.
The commitments from APG Asset Management N.V. and Bouwinvest provide a strong foundation for KLV, which is targeting approximately $400 million of equity commitments, representing more than $800 million of investment capacity in the fast-growing Korean multifamily market. KLV will target assets near major transportation hubs with access to business districts and university campuses in Seoul, Icheon, Gyeonggi-do and other high-growth neighborhoods throughout the capital region.
“The Korea living sector represents a large but under-institutionalized opportunity, fueled by growing demand and constrained supply,” said Tishman Speyer’s head of pan-Asia, Graham Mackie. “This strategy allows us to scale our presence in a high-growth market while further diversifying Tishman Speyer’s global portfolio.”
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