Invesco Real Estate launches Seoul student housing platform with PCP Standard

Invesco Real Estate has launched a purpose-built student accommodation platform in Seoul with PCP Standard, seeded with five assets near Korea University that the manager says will deliver more than 400 beds.

The five properties were recently acquired and comprise three forward-purchase transactions and two development sites, according to IREI, which first reported the launch. They sit adjacent to Korea University and together cover approximately 80,000 square feet of gross floor area. The platform plans to expand near other major universities in Seoul.

The strategy targets domestic Korean students at affordable price points, and the announcement describes a limited supply of higher-priced accommodation. Jason Choi, funds management director at Invesco Real Estate, said Seoul has over half a million students — one of the world's largest such populations — yet on-campus housing is limited and purpose-built student accommodation is virtually nonexistent.

“We are proud to deliver comfortable and economical living solutions for Seoul's underserved student population,” Choi said. “Our ability to access and execute this opportunity reflects the strength of our local operation and the longstanding relationships developed by our Korea team.”

PCP Standard, the partner on the launch, is described in the announcement as Korea's first PBSA specialist, backed by Silicon Valley-based Altos Ventures.

Invesco Real Estate is the global real estate investment business of Invesco Ltd. The Seoul launch moves it into a living sector, separate from the industrial acquisitions and senior lending this publication has covered in its US activity this year.