Tishman Speyer announced the first close of its Korea Living Venture (KLV), securing $300 million in third-party equity commitments from European pension investors APG Asset Management and Bouwinvest. The fund is dedicated to acquiring, repositioning, and developing multifamily and accommodation properties across Seoul and other high-growth areas in South Korea.
The strategy is targeting approximately $400 million in total equity commitments and is expected to provide more than $800 million in investment capacity, including financing. The initiative reflects growing institutional interest in South Korea’s rapidly expanding rental housing sector, one of Asia’s fastest-growing multifamily markets.
KLV will focus on properties located near major transportation hubs, business districts, and university campuses in Seoul, Icheon, Gyeonggi-do, and other growth corridors throughout the capital region. The fund will primarily pursue value-add opportunities in existing residential assets while maintaining selective exposure to development projects.
According to Tishman Speyer, the strategy is designed to balance near-term income stability with long-term growth potential by creating a diversified portfolio of professionally managed living assets.
The firm noted that Seoul is experiencing strong rental demand driven by rising housing costs, growth in single-person households, and increasing numbers of foreign residents and international students. These trends are contributing to the long-term strength and resilience of the city’s rental housing market.
Tishman Speyer said the Korea Living Venture aligns with its broader global diversification strategy, which has expanded the company’s investment focus across multiple property sectors and geographic markets.
Founded in 1978, Tishman Speyer is a global real estate owner, developer, operator, and investment manager with approximately $138 billion in combined property value across residential, office, retail, industrial, data center, life sciences, and real estate credit investments.
KEY QUOTES:
“The Korea living sector represents a large but under-institutionalized opportunity, fueled by growing demand and constrained supply. This strategy allows us to scale our presence in a high-growth market while further diversifying Tishman Speyer’s global portfolio.”
Graham Mackie, Head of Pan-Asia, Tishman Speyer
“Korea’s living sector is a strong example of the structural opportunities we are targeting across Asia’s developed markets. Demographic shifts, rising rental demand and the growing adoption of professionally managed accommodation continues to support strong long-term fundamentals, and we see this as an attractive way to access resilient, income-generating real estate exposure in the region. Our partnership with Tishman Speyer and Bouwinvest combines strong local execution with structural flexibility, including a potential pathway towards an open-ended core vehicle, in line with APG’s long term approach to core real estate investing.”
Joelin Ma, Senior Director Real Estate, APG
“Our Korea Living strategy reflects our strong conviction in the long-term fundamentals of one of Asia’s most dynamic and institutionally maturing residential markets. Building on our global experience in the living sector, we believe that partnering with APG and Tishman Speyer positions us very well to create a high-quality, scalable portfolio. As part of our performance strategy, we aim to contribute to the evolution of urban living by delivering sustainable, future-ready housing solutions that meet the needs of modern Korean households, while generating resilient, long-term returns for our client.”
“Seoul’s residential market is at an important inflection point. A significant part of the existing housing stock is ageing and no longer aligned with the needs of today’s urban population. At the same time, the rapid growth of single-person households is fundamentally reshaping demand, creating a clear need for well-designed, professionally managed living solutions. This imbalance presents a compelling opportunity to deliver modern, high-quality housing that better reflects how people live today, while driving the continued institutionalisation of the sector.”
Robert Koot, Director Asia-Pacific Investments, Bouwinvest, and Jorrit Sennema, Senior Portfolio Manager, Bouwinvest
