The Canadian pension fund manager has committed up to 133 billion won to the JV’s seed projects in Seoul.“This joint venture offers an excellent opportunity to enter the residential sector in Korea and meet the strong demand for high-quality rental housing in the greater Seoul area where half of Korea’s population resides,” said Sophie van Oosterom, managing director and head of Real Estate at CPPIB.“We are pleased to work alongside an experienced local partner like MGRV to enter this market segment, which we believe can generate attractive long-term returns for the CPP Fund.”More foreign capitals are expected to enter the Korean rental housing market as there is room for a rise in Seoul’s monthly housing rent prices, which are relatively lower than those in other big cities like Tokyo, Hong Kong and New York, according to industry observers.
Global household names in the real estate investment sector have shown greater interest in the Korean rental home market since the Korean government eased regulations on institutionalized rental housing in August last year.
Canada Pension Plan Investment Board (CPPIB), one of the world’s top 10 global pension fund managers, is joining other foreign asset managers to seize opportunities in the private rental housing market in South Korea amid easing regulations and tight supply.
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