APG, on behalf of pension fund client ABP, has committed to the first close of Korea Living Venture (KLV), a new fund managed by Tishman Speyer focused on rental housing in South Korea. The fund reached a first close of $300 million, with APG and Bouwinvest as cornerstone investors.
KLV will invest in multifamily and residential properties in and around Seoul, targeting locations near transport hubs, business districts, and universities. The fund focuses mainly on existing assets with value enhancement potential, complemented by selective development projects.
The strategy reflects growing demand for rental housing in Seoul, driven by structural socio-economic shifts such as rising housing costs, increasing single-person households and a growing number of foreign residents and international students.
Joelin Ma, Senior Director Real Estate at APG, comments: “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 continue 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.”