Weave Living, a specialist in the Asia-Pacific living sector, has announced a significant equity investment from its existing shareholders, global growth investor Warburg Pincus and company founder Sachin Doshi.
This financial boost aims to support Weave’s ambitious expansion plans, with the goal of extending its brand presence and property portfolio to more than 5,000 owned and managed units across major rental housing markets in Asia by 2025.
Target cities include Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other key gateway locations.
The company plans to use this new investment to enhance its institutional asset management business within the rental housing sector, focusing on Japan, Korea, and Singapore.
Weave recently initiated fundraising for its first Japan multi-family venture, Weave Living Japan Residential Venture I, targeting USD500 million in equity commitments from global institutional investors.
This fund is expected to be the first of many, concentrating on the Japanese rental housing market, and will start with an inaugural portfolio of 11 new properties in prime Tokyo areas, acquired over the last four months.
Weave Living has garnered support from prestigious real estate investors like TPG Angelo Gordon, PGIM Real Estate, LaSalle Investment Management, and BlackRock, demonstrating its wide-ranging appeal across different rental housing ventures.
The company also disclosed a SGD188 million joint venture with BlackRock, the world’s largest asset manager, to purchase a flagship property in Singapore, set to open in early 2025.
Sachin Doshi, Founder and Group CEO of Weave Living, expressed enthusiasm about entering the next phase of growth with the continued partnership of Warburg Pincus, highlighting the company’s expansion across Asia-Pacific’s primary rental housing markets.
With 25 current locations and strong institutional investor support, Weave aims to increase its assets under management to over USD3.5 billion in the upcoming quarters.
Doshi emphasized Weave’s unique position in offering a diversified portfolio of accommodation solutions and a compelling investment opportunity for institutional capital.
Qiqi Zhang, Managing Director at Warburg Pincus, praised Weave Living’s achievements and growth as a flagship rental housing platform in the Asia-Pacific region.
Warburg Pincus’s commitment to increasing its investment in Weave and its partnership with Doshi and his team underlines their confidence in the company’s ability to lead the burgeoning living sector in the region.
Warburg Pincus’s extensive experience in the real estate sector across Asia, with investments in over 70 real estate companies, including Weave Living, underscores its role in developing sector leaders. – PEVCJournal.com