Warburg Pincus has formed a partnership with South Korean multifamily operator and developer SK D&D, and its subsidiary asset management D&D Investment, to invest in senior housing.
The partners will focus on acquiring and developing senior housing for the senior population in the Greater Seoul area.
The venture, seeded with three assets in central Seoul, includes a 10,000sqm 12-storey assisted living facility in Gangnam, with construction planned for early 2026 and completion in 2028. The other two assets are operational.
The partnership with SK D&D and D&D Investment marks the third venture in South Korea through Warburg Pincus Asia Real Estate Fund. The other two joint ventures with Wide Creek Asset Management to focus on new economy real estate and with MQ logistics to focus on warehouses.
Takashi Murata, managing director, co-head of Asia real estate and head of Japan at Warburg Pincus, said: “We have a high conviction that the senior housing market in South Korea presents tremendous opportunities, fuelled by the shifting demographics and a growing aging population.”
Kim Do-hyun, CEO of SK D&D, said the partnership would be positioned capitalise on the growing demand for high-quality senior housing facilities in South Korea.
“Leveraging our strong local presence and expertise in development and operations, as well as Warburg Pincus’ deep platform-building experience and operational expertise in the living sector, we believe the strategic partnership is poised to create leading players in this emerging sector.”
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