Weave Living and KKR Establish Strategic Partnership to Invest in Multi-family Assets in Japan

TOKYO--(BUSINESS WIRE)--Nov 27, 2024--

Weave Living, Asia-Pacific’s pre-eminent living sector specialist, and KKR, a leading global investment firm, today announced the establishment of a strategic partnership (“Weave Living Japan Residential Venture I”) in Japan. This collaborative effort is an active management-led multi-family residential program that aims to build a portfolio of over 3,000 residential units in Japan, investing in both newly built assets and existing assets with an initial focus on Tokyo and the potential of expanding to Osaka.

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This strategic partnership builds on KKR and Weave Living’s urban living collaboration in South Korea, announced in March of this year, and will leverage Weave Living’s vertically integrated management capabilities and digital-first approach to bring innovation, customer centricity and differentiation to Japan’s rental housing ecosystem.

The strategic partnership has been seeded with 11 brand-new residential properties in Tokyo, comprising 439 units that Weave Living acquired and stabilized over the last 12 months since it announced its debut acquisitions in Japan in 2023. These assets are operating at close to full occupancy with a mix of traditional and fixed-term leases.

David Cheong, Managing Director and Co-Head of Acquisitions on KKR’s Asia Real Estate team, said, “We are pleased to extend our relationship with Weave Living beyond our successful strategic partnership in Korea and into Japan, which is a key market for KKR’s real estate strategy in Asia Pacific and globally. We look forward to working even more closely with Sachin and his talented team to bring our collective expertise and their differentiated approach to the multi-family residential sector in Japan.”

Sachin Doshi, Founder and Group CEO of Weave Living, said: “We are excited to be working with KKR again following the success of our collaboration in South Korea. Having their endorsement for a second programmatic strategic partnership is a strong vote of confidence for what we have built at Weave Living, and the innovation we continue to bring to the rental housing sector in the region. We are thrilled to deepen our relationship with KKR and are aligned in our expectations for the development of the multi-family sector in Japan and throughout the Asia Pacific region. We welcome their support for our latest initiative and intend to grow this strategic partnership quickly.” He added, “Weave Living Japan Residential Venture I is the first in a series of Japan-focused vehicles that Weave Living intends to launch with our institutional capital partners as the country becomes our most prolific market by AUM in the coming years.”

KKR is making its investment from Asia Real Estate Partners. The transaction marks KKR’s latest real estate investment in the Asia Pacific region and Japan. This investment adds to KKR’s continued activity and momentum in Japan’s real estate sector across different real estate investment strategies, including KJR Managemen t, a leading Japanese real estate manager that oversees two Japanese REITs; Hyatt Regency Tokyo, a full-serviced hotel in Shinjuku; the launch of a new midscale hospitality brand Four Points Flex by Sheraton in Japan alongside Marriott International; a portfolio of multifamily properties in Tokyo; and office assets across Japan.

About Weave Living

Founded in 2017 by Sachin Doshi as a response to a large gap in the market for beautifully designed and professionally managed living options, Weave Living currently owns and operates c. 3,000 rental accommodation units across the Asia Pacific region under its four consumer brands — WEAVE STUDIOS, WEAVE PLACE, WEAVE SUITES and WEAVE RESIDENCES — catering to a broad and diverse demographic of urbanites and professionals in key gateway cities. The company operates out of four offices in Hong Kong, Tokyo, Seoul and Singapore with over 160 professionals.

Website: https://www.weave-living.com/en/jp
Instagram: @liveatweave
Facebook: @liveatweave

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

(Photo: Business Wire)

NEW YORK (AP) — The Macy’s Thanksgiving Day Parade kicked off Thursday morning in New York City with a steady rain that added ponchos and umbrellas to the lineup of balloons, floats and star-studded performances.

The annual holiday tradition features new Spider-Man and Minnie Mouse balloons, zoo and pasta-themed floats, performances from Jennifer Hudson and Idina Menzel, and more.

The lineup is a far cry from the parade’s initial incarnation a century ago, which featured floats showing scenes from Mother Goose, Red Riding Hood and the Wolf, Miss Muffet and the Spider, and other fairy tales.

Some things remain the same, though. As in 1924, there are plenty of marching bands and lots of clowns, followed by the grand finale of Santa Claus riding through Manhattan and ushering in the holiday season.

This year's parade features 17 giant, helium-filled character balloons, 22 floats, 15 novelty and heritage inflatables, 11 marching bands, 700 clowns, 10 performance groups, award-winning singers and actors, and the WNBA champion New York Liberty.

One new float spotlights the Rao’s food brand, featuring a knight and a dragon in battle made with actual pasta elements. Another celebrates the Bronx Zoo’s 125th anniversary with representations of a tiger, a giraffe, a zebra and a gorilla.

“The work that we do, the opportunity to impact millions of people and bring a bit of joy for a couple of hours on Thanksgiving morning, is what motivates us every day,” said Will Coss, Macy’s Thanksgiving Day Parade executive producer.

The parade began at 8:30 a.m. on Manhattan’s Upper West Side and ends 2.5 miles (4 kilometers) away around noon at Macy’s Herald Square flagship store on 34th Street, which serves as a stage and backdrop for performances.

The rain isn't stopping anything — the parade has only been canceled three times, from 1942 to 1944 during World War II — but organizers are monitoring wind speeds throughout the festivities to make sure it’s safe for the big balloons to fly.

Temperatures are in the upper 40s degrees F, with rain throughout the morning and winds around 10 mph (16 kph), well within the acceptable range for letting Snoopy, Bluey and their friends soar. New York City law prohibits Macy’s from flying the full-size balloons if sustained winds exceed 23 mph (37 kph) or wind gusts are over 35 mph (56 kph).

The parade airs on NBC with hosts Savannah Guthrie, Hoda Kotb and Al Roker and streams on the network's Peacock service. Carlos Adyan and Andrea Meza will host a Spanish simulcast on Telemundo.

People stand in the rain along Sixth Avenue ahead of the start of the Macy's Thanksgiving Day Parade, Thursday, Nov. 28, 2024, in New York. (AP Photo/Julia Demaree Nikhinson)

A person inflates a float in preparation for the Macy's Thanksgiving Day Parade, Wednesday, Nov. 27, 2024, in New York. (AP Photo/Yuki Iwamura)

People inflate floats in preparation for the Macy's Thanksgiving Day Parade, Wednesday, Nov. 27, 2024, in New York. (AP Photo/Yuki Iwamura)

People watch floats being inflated in preparation for the Macy's Thanksgiving Day Parade, Wednesday, Nov. 27, 2024, in New York. (AP Photo/Yuki Iwamura)

Pedestrians cross Sixth Avenue ahead of the start of the Macy's Thanksgiving Day Parade, Thursday, Nov. 28, 2024, in New York. (AP Photo/Julia Demaree Nikhinson)