Weave Living secures further investment from Warburg Pincus to accelerate expansion throughout Asia-Pacific Mar 4, 2024
Asia-Pacific’s pre-eminent living sector specialist is expected to grow its AUM to over USD3.5 billion across gateway cities in the region by the end of 2025
HONG KONG, Feb 26, 2024 – Weave Living (“Weave”), Asia-Pacific’s pre-eminent living sector specialist, announced today that it has secured further investment from its existing shareholders – Warburg Pincus, a leading global growth investor and the Founder – Sachin Doshi. This new equity injection will further support Weave’s ambitious plans to expand its brand footprint and property portfolio to over 5,000 owned and managed units across the region’s deepest rental housing markets, including Tokyo, Osaka, Seoul, Singapore, Hong Kong, and other select gateway cities by 2025.
With this new investment, the company will grow its best-in-class institutional asset management business focused on the rental housing sector, primarily in the key markets of Japan, Korea, and Singapore. Weave has recently launched the fundraise for its first dedicated Japan multi-family venture, Weave Living Japan Residential Venture I, which is expected to be the first in a series of vehicles targeting the rental housing sector in Japan with an initial target size of USD500 million in equity commitments from global institutional investors. The venture will be seeded with a portfolio of 11 brand-new assets in prime Tokyo locations acquired by the company over the past 4 months.
Weave has attracted the support of leading real estate investors in the region, including TPG Angelo Gordon, PGIM Real Estate, LaSalle Investment Management, and BlackRock across its various rental housing ventures ranging from opportunistic to core mandates. Earlier this month, the company announced that it has established an SGD188 million joint venture with the world’s largest asset manager, BlackRock, to acquire a flagship asset in Singapore scheduled 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 CEO 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 AUM to over USD3.5 billion over the coming few quarters. I believe Weave offers not only the most diversified portfolio of accommodation solutions for prospective tenants, but with our fully integrated regional teams across 4 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.”
“We have been very impressed by the achievements and growth of Weave, our flagship rental housing platform in the Asia-Pacific region, and are delighted to increase our investment in the company and grow our partnership with Sachin and his exceptional management team,” said Qiqi Zhang, Managing Director at Warburg Pincus. “Weave has demonstrated a strong track record of delivering innovative and customer-centric accommodation solutions across the markets that they operate in. We are confident that Weave is well-placed to become the regional market leader in the fast-growing living sector.”
Warburg Pincus has a long and proven record as an experienced and successful investor in the real estate sector across the region. The firm has invested in over 70 real estate companies in Asia, helping build sector leaders such as Weave Living, ESR, Princeton Digital Group, Vlinker, DNE, StorHub, BW Industrial, amongst others.
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About Weave Living
Founded in 2017 by Sachin Doshi as a response to the gap in the market for beautifully designed and professionally managed living options, Weave Living currently owns and operates rental accommodation units across the Asia Pacific region under its four consumer brands – Weave Studios, Weave Place, Weave Suites, and Weave Residences – catering to a broad and diverse demographic of urbanites and professionals in key gateway cities.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 260 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $116 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.
Weave Living
Website: https://www.weave-living.com/
Instagram: @liveatweave
Facebook: @liveatweave
LinkedIn: Weave Living
Media Enquiries
This press release is disseminated by TEAM LEWIS on behalf of Weave Living. For more information and interview arrangements, please contact:
Ivan Leung
Email: ivan.leung@teamlewis.com
Lisa Liang
Email: lisa.liang@warburgpincus.com