Tishman Speyer has completed a second close of its Korea Living Venture (KLV), securing $75 million from a German pension fund and bringing total equity commitments to $395 million.
The commitment follows a $300 million first close from APG Asset Management and Bouwinvest. Together with Tishman Speyer’s $20 million of sponsor equity, the commitments effectively reach the firm’s initial $400 million target and are expected to support more than $800 million of investment capacity, including anticipated financing.
The fund completed its first acquisition in August with the purchase of Songdo CoStay, a stabilized 411-unit living property in Songdo, Incheon, South Korea. The nine-story property is located in the Songdo International Business District, which is home to several universities and approximately 70 biotechnology and life sciences companies.
“This second closing of our KLV fund reflects continued investor conviction in Korea’s living sector,” said
