Weave Living Secures Investment Fuel Expansion Apac Region 2025
Weave Living, a Hong Kong-based accommodation company, has announced that it has secured additional funding to expand its property portfolio to over 5,000 units by 2025. The company plans to target key rental housing markets in the Asia Pacific region, including Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other gateway cities.
The press release on Feb 26 stated that the additional investment was raised from its current shareholders, Warburg Pincus, a New York-based private equity firm, and Sachin Doshi, founder and group CEO of Weave Living. The company currently operates in 25 locations across the region.
Last November, Weave Living raised funds for its Japan Residential Venture I, a multi-family venture with a target size of US$500 million ($672 million), to expand its rental housing market in Japan. Its portfolio in Japan has grown from nine new multi-family residential properties with 352 units in prime locations across Tokyo to 11 new prime assets to date.
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In early March, the company established a joint venture with global asset manager BlackRock, worth $188 million, to acquire Citadines Mount Sophia in Singapore for $148 million. The property, which consists of 154 apartments of various sizes, is the second acquisition in Singapore after the opening of Weave Suites Midtown in March 2023, a 65-room serviced apartment project at Kampong Glam.
Citadines Mount Sophia is located within the eight-storey, mixed-use development 8 Wilkie Edge, which was sold to a private real estate fund managed by Keppel Land for $348 million in January.
According to Doshi, Weave Living is on track to grow its assets under management to over US$3.5 billion over the next few quarters. The company is continuously expanding its presence in the Asia Pacific region, with its recent opening of a new rental property in Robinson Road, Hong Kong.