Hong Kong, China, 19 November 2018 - Baker McKenzie recently advised Weave Co-Living on the US$181 million initial investment from US-based private equity firm Warburg Pincus. Warburg Pincus has the option to upsize its investment to US$431.5 million.
Weave Co-Living is Hong Kong's first institutional co-living rental accommodation platform founded last year by Sachin Doshi, the former Asia Pacific head of private real estate at APG Asset Management. The company’s first property, Weave on Boundary, opened in Hong Kong in August 2018.
The investment will allow Weave to execute its strategy to grow across Asia Pacific by adding 10,000 bedrooms in the next five years. It is currently targeting millennials and young professionals and while continuing to focus on this segment, Weave will also expand its product to target different demographics throughout Hong Kong and the region.
The Baker McKenzie team was led by Jason Ng, co-chair of Baker McKenzie’s Global Investment Funds Group and Sue Wan Wong, a Financial Services Regulation Partner at Wong & Partners (member firm of Baker & McKenzie International in Malaysia). Jason and Sue Wan were supported by Associates Julia Chia and Amanda Cham based in Hong Kong and Kuala Lumpur respectively.
Commenting on the deal, Jason said, "We are very pleased to have worked with Sachin and the wonderful team at Weave on this deal and we look forward to their continued success as they expand to provide quality and modern urban housing across key cities in Asia Pacific."