Tishman Speyer has secured a $75 million commitment from a German pension fund in the second closing of its Korea Living Venture, bringing total equity commitments to the residential investment vehicle to $395 million.
The new investment builds on KLV’s first closing, which secured $300 million in commitments from APG Asset Management and Bouwinvest.
Combined with Tishman Speyer’s $20 million of sponsor equity, the capital effectively achieves the firm’s initial $400 million fundraising target.
Tishman Speyer expects the equity commitments to support more than $800 million of total investment capacity when anticipated financing is included.
The Korea Living Venture is focused on building a diversified portfolio of residential properties across the Seoul Metropolitan Area, where Tishman Speyer sees increasing demand for rental housing.
The fund primarily targets existing residential properties offering opportunities for value enhancement while maintaining selective exposure to development projects.
Its investment strategy focuses on properties near major transportation hubs with convenient access to business districts and university campuses in Seoul, Icheon, Gyeonggi-do and other high-growth neighborhoods throughout the capital region.
Tishman Speyer said Seoul’s rental market is benefiting from structural demographic and economic changes, including rising housing costs, an increasing number of single-person households and growing populations of foreign residents and international students.
KLV completed its first acquisition in August 2026 with the purchase of Songdo CoStay, a stabilized 411-unit residential property in Songdo, Incheon, South Korea.
The nine-story property is located in the Songdo International Business District, an area that includes multiple universities and approximately 70 biotechnology and life sciences companies.
Songdo CoStay consists of furnished residential units supported by a range of shared amenities.
The acquisition gives KLV an initial operating asset while the venture continues seeking additional investments throughout the Seoul metropolitan region.
KLV also expands Tishman Speyer’s broader global diversification strategy as the real estate investment firm increases its exposure to residential properties and other asset classes across additional markets.
Since 2023, Tishman Speyer has acquired approximately 3,800 residential units across 13 communities in three countries and 10 U.S. states.
Over the same period, the firm has commenced or completed construction of approximately 4,100 rental apartments.
Tishman Speyer currently has approximately 7,400 residential units in its development pipeline.
Across its broader global real estate platform, Tishman Speyer has acquired, developed and operated 600 properties totaling approximately 242 million square feet since its founding in 1978, representing a combined value of approximately $138 billion.
KEY QUOTE:
“This second closing of our KLV fund reflects continued investor conviction in Korea’s living sector. These partnerships position us well as we continue to scale a high-quality, diversified residential portfolio across the Seoul Metropolitan Area.”
Graham Mackie, Head of Pan-Asia at Tishman Speyer