Nuveen, the investment management arm of U.S.-based Teachers Insurance and Annuity Association of America (TIAA), has partnered with residential specialist Weave Living to invest in a property in Seoul's Jung-gu district, the firm announced Monday.
According to Nuveen, the deal marks Weave's fifth project in Seoul since entering the Korean market in March 2024. The asset was acquired for approximately 22.5 billion won ($15.5 million) through Nuveen's Asia-Pacific Cities Strategy, with Weave set to manage the operation and development of the property that Nuveen acquired in a bulk purchase. The strategy targets stable rental income and capital growth by investing in core assets in major Asia-Pacific cities.
The 62-unit property will be converted into "Weave Suites," Weave Living's signature serviced apartment brand, with an opening targeted for January next year. The property will feature fully furnished, design-led units to meet growing tenant demand for higher-quality rental housing.
"Partnering with Nuveen, one of the world's largest investment managers, validates Weave's strong track record and leadership in the Korean rental housing market," said Sachin Doshi, founder and group CEO of Weave Living. "This project aims to close the supply gap for high-quality, design-led rental housing, which is widening as more international talent flows into Seoul."
The asset is located in Seoul's traditional central business district (CBD), a one-minute walk from Dongdaemun History & Culture Park Station (Lines 2, 4 and 5). As a major transit hub offering 20-to-30-minute access to Seoul's key business districts, the surrounding area is home to large conglomerates including SK, Hanwha, Doosan, CJ and Shinsegae, as well as major financial institutions such as Shinhan, Hana, Mirae Asset and IBK. The property is also adjacent to Dongguk University and Hanyang University, which host more than 6,000 international students annually and attract foreign faculty and researchers to Seoul.
"Korea's residential market saw monthly rental transactions rise 15% year-on-year in 2025 as the traditional jeonse (a Korean lease system requiring a large lump-sum deposit instead of monthly rent) system shifts toward conventional rental arrangements," said Louise Kavanagh, chief investment officer and head of real estate for Asia Pacific at Nuveen. "This shift is creating new opportunities in purpose-built rental housing assets that meet institutional investment standards."
Nuveen has steadily expanded its Seoul investments since acquiring a logistics center in Namyangju, northeast of Seoul, in August 2019. The firm added logistics assets in Uiwang, south of Seoul, in 2020 and in Ilsan in 2023, and in October 2024 acquired the Jeongdong Building as its first office asset in the CBD. As of the end of December last year, Nuveen managed $1.4 trillion (approximately 2,008.86 trillion won) in public and private assets.
