Weave Living, KKR establish Urban Living Strategic Partnership in South Korea

Weave Living, Asia Pacific’s preeminent living sector specialist, and KKR have formed 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 1,200 units with the initial tranche of capital, and the strategic partners intend to scale this program over time as opportunities emerge.

The 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 â€