Tishman Speyer has held a first closing for its Korea Living Venture (KLV), securing $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, one of the world’s largest pension investors, and Bouwinvest, a Dutch institutional real estate investment manager, provide a strong foundation for KLV, which is targeting approximately $400 million of equity commitments, which would represent more than $800 million of investment capacity, including anticipated financing. The strategy underscores growing institutional conviction in Korea’s rapidly expanding rental housing sector, one of the fastest-growing multifamily markets in Asia.
KLV will target assets near major transportation hubs with convenient access to business districts and university campuses in Seoul, Icheon, Gyeo
