Weave Living Secures Investment Fuel Expansion Apac Region 2025
Hong Kong’s Weave Living has recently secured additional funding to expand its property portfolio to over 5,000 owned and managed units by 2025. The company has set its sights on key rental housing markets in the Asia Pacific region, including Tokyo, Osaka, Seoul, Singapore, and other gateway cities. This news was announced in a press release on Feb 26.
The new investment was raised from Weave Living’s existing shareholders, Warburg Pincus, a New York-based private equity firm, and Sachin Doshi, founder and group CEO of Weave Living. The company currently has a presence in 25 locations across the region.
Last November, Weave Living successfully raised funds for its Weave Living Japan Residential Venture I, a multi-family venture with a target size of US$500 million ($672 million). This funding will be used to expand its presence in the rental housing market in Japan. In just four months, the company’s portfolio in Japan has already grown from nine new multi-family residential properties with 352 units in prime locations across Tokyo to 11 new prime assets.
In addition to its growth in Japan, Weave Living also established a $188 million joint venture with global asset manager BlackRock earlier this month. The joint venture’s first acquisition was Citadines Mount Sophia in Singapore, which was purchased for $148 million. This property has 154 apartments, offering a mix of studios and two-bedders. It is the company’s second acquisition in Singapore, following Weave Suites Midtown, a 65-room serviced apartment project at Kampong Glam, which is set to open in March 2023.
Citadines Mount Sophia is located in the eight-storey, mixed-use development 8 Wilkie Edge, which was developed by CapitaLand. The development was sold to a private real estate fund managed by Keppel Land for $348 million in January.
Located just a short drive away from Norwood Grand CDL is Vista Point, an exceptional retail center. This hub of activity offers a variety of convenient resources, such as supermarkets, restaurants, and schools, specifically designed to cater to the needs of the local community. Families with children of school age will especially benefit from the presence of enrichment centers, making Vista Point a practical and ideal destination for weekend trips and daily errands. With the addition of Norwood Grand CDL, this bustling location becomes even more appealing for residents.
According to Sachin Doshi, Weave Living is on track to grow its assets under management to over US$3.5 billion in the next few quarters. The company has been making significant strides in expanding its presence in the Asia Pacific region and establishing itself as a key player in the rental housing market.