Nuvin Asset Management Makes First Investment in Seoul Residential Real Estate

“Weave Suite” to Open in Jung-gu, Seoul
Nuvin Makes Its Foray into Residential Real Estate

Nuvin Asset Management, an investment firm under the US Teachers Insurance and Annuity Association of America (TIAA), is partnering with Weave Living, a real estate development specialist in the Asia-Pacific region, to invest in residential real estate in Seoul.

On May 7, Nuvin Asset Management announced that it has formed a partnership with Weave Living for a property located in Jung-gu, Seoul. Under the structure of the deal, Weave will be responsible for the operation and development of the asset acquired in bulk by Nuvin.

The building in Jung-gu, Seoul, which Nuvin acquired for KRW 2.25 billion, will be converted into Weave Living’s flagship apartment brand “Weave Suite,” comprising a total of 62 units. The property is scheduled to open in January 2027 and will be fully furnished.

This building is located in a strategic spot within Seoul’s traditional central business district (CBD), just a one-minute walk from Dongdaemun History & Culture Park Station (Lines 2, 4, and 5), allowing access to major business districts in Seoul within 20 to 30 minutes.

This transaction marks Nuvin’s first investment in the residential sector and is its fifth investment in the greater Seoul area as part of its Asia-Pacific urban strategy. Nuvin began with the acquisition of a logistics center in Namyangju, Gyeonggi Province in August 2019, followed by additional logistics assets in Uiwang (2020) and Ilsan (2023). In October 2024, it acquired the Jeongdong Building, its first office asset within the central business district (CBD).

Sachin Doshi, Founder and Group CEO of Weave Living, said, “Partnering with Nuvin, one of the largest and most trusted investment managers in the world, is further validation of Weave’s strong track record and leadership in Korea’s rental housing market. Through this project, we aim to expand the supply of high-quality, design-driven rental housing in Seoul.”

Louis Kavana, Head of Asia Pacific and Chief Investment Officer (CIO) of Nuvin Real Estate, emphasized, “The Korean residential market is undergoing significant change as the traditional jeonse system gradually transitions to more conventional rental arrangements. This shift is creating new opportunities for purpose-built rental housing assets that meet institutional investment standards.”

Exterior view of Weave Suite in Jung-gu, Seoul, scheduled to open in January 2027. Provided by Nubin Asset Management

This content was produced with the assistance of AI translation services.