Weave Living secures investment to fuel expansion in APAC region by 2025
By Nicholas Lam
/ EdgeProp Singapore |
Weave Living's first property in Singapore was Weave Suites — Midtown, a 65-room serviced apartment property at 33 Jalan Sultan (Photo: Weave Living)
Hong Kong-based accommodation company Weave Living has secured additional investment to expand its property portfolio to over 5,000 owned and managed units by 2025. The company will target key rental housing markets in the Asia Pacific region, including Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other gateway cities, according to a press release on Feb 26.
The additional funding was raised from its existing shareholders, Warburg Pincus, a New York-based private equity firm, and Sachin Doshi, founder and group CEO of Weave Living. The company currently has a presence in 25 locations across the region.
Last November, Weave Living raised funds for its Weave Living Japan Residential Venture I, a multi-family venture with a target size of US$500 million ($672 million), to grow its footprint in the rental housing market in Japan. Its portfolio there has grown from nine new multi-family residential properties with 352 units in prime locations across Tokyo four months ago to 11 new prime assets so far.
The entrance of Weave Place Asakusa Kaminarimon in Tokyo (Photo: Weave Living)
Earlier this month, the company established an $188 million joint venture with global asset manager BlackRock to acquire Citadines Mount Sophia in Singapore for $148 million. Citadines Mount Sophia has 154 apartments which are a mix of studios and two-bedders. The property marks the second acquisition in Singapore after Weave Suites Midtown, a 65-room serviced apartment project at Kampong Glam, opened in March 2023.
Citadines Mount Sophia is part of the eight-storey, mixed-use development 8 Wilkie Edge developed by CapitaLand. The development 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.
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