Invesco Real Estate has launched a purpose-built student accommodation operating platform in South Korea with local developer-operator PCP Standard, seeded with an initial portfolio of assets in Seoul.
The five assets, recently acquired by Invesco, comprise three forward purchases and two development sites that will deliver over 400 beds across approximately 80,000sqft near Korea University.
The platform aims to scale significantly across major university districts in Seoul, Invesco said.
Altos Ventures-backed PCP Standard will operate the portfolio.
Jason Choi, funds management director at Invesco Real Estate, said: “Seoul has over half a million students, one of the world’s largest populations, yet on-campus housing options are limited, and purpose-built student accommodation is virtually non-existent.
“We are proud to deliver comfortable and economical living solutions for Seoul’s underserved student population. Our ability to access and execute this opportunity reflects the strength of our local operation and the longstanding relationships developed by our Korea team.”
Calvin Chou, head of Asia-Pacific at Invesco Real Estate, said: “This platform launch aligns with IRE’s stated strategy to target Asia-Pacific’s burgeoning living segment, a high-conviction theme with a long investment horizon.
“We continue to expand our presence across the opportunity set in the region, building on our established capabilities in senior living, land-lease communities, affordable accommodation and multi-family housing in Australia, China, Japan and Korea.”
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