Weave Living, which operates rental accommodation units across Asia Pacific, has pocketed another investment from private equity firm Warburg Pincus, the company announced without disclosing the financial details.
The investment will help support the firm in multiplying its footprint and property portfolio to over 5,000 owned and managed units across the region’s key rental housing markets including the likes of Tokyo, Seoul, and Hong Kong by 2025, according to a release on Monday.
The news comes shortly after the firm announced plans to set up its first dedicated Japan multi-family venture that targets to initially raise $500 million in equity from global investors.
The venture — dubbed as Weave Living Japan Residential Venture I — will be seeded with a portfolio of 11 new assets in prime Tokyo locations acquired by Weave over the past four months, per the release.
“We continue to grow our offering across the region with 25 existing locations throughout Asia-Pacific’s key rental housing markets, and with strong institutional investor support, we are on track to grow our AUM to over $3.5 billion over the coming few quarters,” said Sachin Doshi, founder and group CEO of Weave Living.
In early February, Weave formed a S$188-million ($139.8 million) joint venture with the world’s largest asset manager BlackRock to acquire a flagship asset in Singapore scheduled to open in early 2025.
Founded in 2017, Weave Living’s rental housing ventures count major real estate investors including TPG Angelo Gordon, PGIM Real Estate, LaSalle Investment Management, and BlackRock among their investors. Previously, Warburg Pincus invested $181 million into Weave Living in November 2018, with an option to upsize the investment to up to $413.5 million in the future.
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