Mastern APAC and STS Development launch senior housing fund
Mastern APAC, a subsidiary of Korea-based Mastern Investment Management, has launched a senior housing development fund with STS Development.
The fund seeks to raise $150 million, according to Mingtiandi, and will aim to “accelerate the realization of an integrated platform for care facilities catering to seniors,” wrote Mastern Investment Management in a LinkedIn post.
Korea’s aging demographic, like other countries such as Italy and Japan, is adding impetus to the drive for more senior housing supply in the country. Mastern APAC and STS Development are looking to address that growing demand with this newly launched fund.
In 2012, 11.7 percent of Korea’s population was 65 years or older. In 2022, that number had risen to 18 percent, according to Statista. By 2050, said the OECD, more than one-third of Korea’s population will be over 65.