Weave Launches $450M Korean Rental Housing Venture With Institutional Investor

Weave Living is set to add KRW 635 billion ($450 million) in Korean multi-family assets to its expanding business in the country via a newly launched rental housing programme, with local market sources identifying Singapore sovereign giant GIC as Weave’s capital partner in the venture.

Weave Living Korea Rental Housing Venture I has secured initial equity capital commitments of KRW 220 billion, the company said Monday in a release. Weave and its partner, which the Hong Kong-based player described as a leading global institutional investor, have the option to upsize their equity commitment by a further KRW 315 billion as opportunities emerge.

Simultaneous to the venture’s closing, WLKRHV I acquired its first asset, a 143-unit property of one- and two-bedroom apartments in northeastern Seoul, with several more planned purchases in the near-term pipeline, Weave said. The latest Korean initiative comes after Weave partnered with fund manager KKR last year to build a Seoul-centric portfolio of 1,200 rental homes.

“Weave is thrilled to partner with one of the world’s most respected institutional investors for our second programme in South Korea,” said Weave founder and CEO Sachin Doshi. “Since entering the market just over two years ago, Weave has been at the forefront of shaping Korea’s rental housing sector through high quality design-led, digitally enabled living solutions.”

Deeper in Seoul

Weave will hold a 10 percent stake in the new venture and act as investment manager, development manager and operator, according to the announcement. GIC had not responded to Mingtiandi’s emailed request for comment on the partnership at the time of publication.

WLKRHV I targets high-quality assets with a focus on Seoul. The recently acquired property in the capital is scheduled to open in early 2026 and take Weave’s unit count to over 500 in South Korea and 4,000 throughout Asia Pacific.

“This new venture further reinforces our commitment to delivering institutional-quality rental housing across Asia Pacific and deepens our presence in one of the region’s most dynamic markets,” Doshi said.

In August, the Weave-KKR partnership picked up its third asset in South Korea, a new residential complex near Seoul’s Gangnam station, with a goal to open the 121-unit property by the end of this year. Weave Place Gangnam Station follows the opening of a 98-unit facility under the Weave Place brand in the capital’s Dongdaemun district and the 157-unit Weave Suites Sunyu Parkside in the financial hub of Yeouido.

Regional Sweep

GIC is the latest addition to Weave’s formidable roster of capital partners, with the $800 billion Singaporean fund joining Manhattan-based KKR, private equity major Warburg Pincus, asset management titan BlackRock, LaSalle Investment Management, Angelo Gordon and PGIM Real Estate.

In Weave’s largest market, Japan, the living specialist last month revealed the launch of its first fund aimed at domestic investors in the country, with the vehicle having acquired a portfolio of 11 Tokyo multi-family assets valued at over JPY 20 billion ($134.6 million).

Weave Living Japan Multi-Family Domestic Vehicle 1 boosted the company’s Japan assets under management to JPY 80 billion across 28 assets and 1,100 units, including 17 properties under a multi-family venture with KKR.

Weave announced its Australia debut in August with the acquisition of an 80-unit Sydney project, marking a first step towards an anticipated $300 million fund for a range of housing projects in the country.

Weave also owns and manages nine residential properties in its Hong Kong hometown and four in Singapore.