Nuveen sees growing institutional opportunity in Korea's rental housing
Global asset manager Nuveen sees Korea's housing market becoming increasingly accessible to institutional capital as the country's traditional lump-sum deposit system gradually gives way to monthly rents. "It's becoming more of an institutional market ... more akin to what you see in the U.S., with monthly rental payments," Chad Phillips, global head of Nuveen Real Estate, said at a press…
Global asset manager Nuveen sees Korea's housing market becoming increasingly accessible to institutional capital as the traditional lump-sum deposit system gives way to monthly rents. Chad Phillips, Nuveen's global head of Real Estate, stated at a press conference in Seoul that the market is more institutional, resembling the U.S. model with monthly rental payments.
Nuveen recently invested in a residential asset in Seoul that will open early next year. In May, the company acquired a property near Dongdaemun History & Culture Park Station for approximately 22.5 billion won ($16.72 million). This property, in partnership with Korean startup Weave Living, will be converted into a 62-unit serviced apartment set to open in January.
This marks Nuveen's first venture into Korea's residential sector. Nuveen entered Korea's real estate market in 2019 with a logistics investment in Namyangju, Gyeonggi Province, later expanding into logistics facilities in Uiwang and Ilsan. The asset manager remains optimistic about the growing opportunities in the Korean market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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