Weave Living Secures Investment Fuel Expansion Apac Region 2025
Renowned Hong Kong-based accommodation company, Weave Living, has recently announced that it has received additional investment to further expand its property portfolio to over 5,000 owned and managed units by 2025. According to a press release issued on February 26th, the company will be targeting key rental housing markets in the Asia Pacific region, such as Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other gateway cities.
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This new investment was raised from its existing shareholders, including Warburg Pincus – a New York-based private equity firm, and Sachin Doshi – the founder and group CEO of Weave Living. The company currently has a strong presence in 25 locations across the region and is looking to grow even further with this new investment.
Back in November, Weave Living had raised funds for its Weave Living Japan Residential Venture I, which is a multi-family venture with a target size of US$500 million ($672 million). The company plans to use this investment to expand its footprint in the rental housing market in Japan. In just four months, the company’s portfolio in Japan has grown from nine multi-family residential properties with 352 units in prime locations across Tokyo to 11 new prime assets.
In addition to this, Weave Living has also established a $188 million joint venture with global asset manager BlackRock to acquire Citadines Mount Sophia in Singapore for $148 million. This property, which has 154 apartments of studios and two-bedders, marks the company’s second acquisition in Singapore, following the opening of Weave Suites Midtown – a 65-room serviced apartment project in Kampong Glam – in March 2023.
Citadines Mount Sophia is a part of the eight-storey, mixed-use development 8 Wilkie Edge, which was developed by CapitaLand and was recently sold to a private real estate fund managed by Keppel Land for $348 million in January.
According to Doshi, Weave Living is well on its way to reaching its goal of growing its assets under management to over US$3.5 billion over the next few quarters. The company’s latest joint venture with BlackRock is a testament to its strong growth and success in the market. With these new investments and developments, Weave Living is set to cement its position as a leader in the rental housing market in the Asia Pacific region.