Warburg Pincus led additional funding raised by Weave Living to accelerate expansion
The leading global growth investor Warburg Pincus and the company’s founder, Sachin Doshi, are among the existing shareholders of Weave Living, a living sector specialist with headquarters in Hong Kong. The company announced on Monday that it has raised additional funding.
According to a statement from Weave Living, this additional equity infusion will help the company realize its ambitious goals of growing its brand recognition and property portfolio to over 5,000 owned and managed units by 2025 in the deepest rental housing markets in the region, including Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other chosen gateway cities.
With this additional investment, the company plans to expand its industry-leading institutional asset management business, which is centered on the rental housing market and is mainly present in the important markets of Korea, Japan, and Singapore.
It is reported that Weave Living recently began fundraising for its first specifically designed multi-family project in Japan, called Weave Living Japan Residential Venture I. This project is anticipated to be the first in a line of vehicles aimed at the Japanese rental housing market, with an initial target size of $500 million in equity commitments from international institutional investors.
A portfolio of eleven brand-new properties in desirable areas of Tokyo that the company has acquired over the last four months will serve as the venture’s seed capital.
Weave Living has garnered the backing of prominent real estate investors in the area, such as TPG Angelo Gordon, PGIM Real Estate, LaSalle Investment Management, and BlackRock, for its diverse rental housing endeavors, which span from opportunistic to core mandates.
The company announced earlier this month that it has formed a joint venture with BlackRock, the largest asset manager in the world, worth SGD 188 million ($140 million), with the goal of acquiring a flagship property in Singapore that is expected to open in early 2025.
“We are delighted to embark on this next growth phase for Weave with strong support from Warburg Pincus, who has been a trusted and strategic partner to us since 2018,” said Sachin Doshi, Founder and Group Chief Executive Officer of Weave Living.
“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, are on track to grow our asset under management (AUM) to over $3.5 billion over the coming few quarters. I believe Weave Living offers not only the most diversified portfolio of accommodation solutions for prospective tenants, but with our fully integrated regional teams across four offices in Hong Kong, Singapore, Tokyo, and Seoul, also the most compelling investment proposition for institutional capital seeking exposure to the region’s deepest rental housing markets alongside a best-in-class, sector-specialist asset manager and investor-operator,” he added.
Weave Living, which was established in 2017 by Sachin Doshi in response to a need in the market for tastefully designed and expertly managed living options, currently owns and operates rental properties under the four consumer brands Weave Studios, Weave Place, Weave Suites, and Weave Residences in key gateway cities, serving a wide range of urbanites and professionals.
