US firm Tishman Speyer has appointed its first investment professional in South Korea as the firm continues to expand its investment activities in the Asia-Pacific region.
Jerry Hyunjae Park will join the firm’s recently-established office in Seoul as a senior acquisition director responsible for sourcing and executing new investment opportunities in the country across a wide range of asset classes, including the office, retail, industrial, life sciences and multifamily sectors, according to a release seen by PERE.
Prior to joining Tishman Speyer, Park spent more than five years as executive director of acquisitions and developments at D&D Investment, a real estate investment subsidiary of South Korean listed developer SK D&D.
During his time at D&D, he underwrote and managed the development of nine investments totaling more than 2 trillion won ($1.5 billion; €1.4 billion), and notably led the firm to become the first manager to raise foreign capital for a residential rental strategy in the country.
Before that, he was a global portfolio manager at National Pension Service of Korea, where he participated in more than 3 trillion won of investments including deals in Hong Kong, China, the US and Europe.
“Jerry joins the team that Tishman Speyer has already assembled in Korea. We plan to build this team further with additional investment hires in South Korea in the coming months,” said a Tishman Speyer spokesperson. “We see and plan to pursue multiple investment opportunities across the various real estate sectors in Korea as a key part of our pan-Asia strategy.”
Park’s appointment marks the firm’s expansion into investments in South Korea, where the firm has an existing capital raising capability. Last year, Tishman Speyer opened its office in Seoul and announced a $1.5 billion separately managed account with NPS to invest across different real estate sectors in the US. NPS will also seed the firm’s new mezzanine lending arm and its affordable housing platform.
This is also Tishman Speyer’s latest senior investment hire in Asia-Pacific since the firm began accelerating its efforts last year to expand its regional investment capability outside of China and India. Park will report to Singapore-based managing director Graham Mackie. Mackie joined the firm in June 2022 to spearhead its Asia-Pacific expansion and subsequently recruited former AEW Asia executive Adrian Lee to join the Singapore office as senior acquisition director and former Gaw Capital investment executive Jian An Tan as investment director.
“Having spent the past year building out our Asia-Pacific platform, we are now actively pursuing our growth strategy in the region,” said Mackie. “Given his deep roots and strong local relationships [in the region], along with his wealth of experience across a wide spectrum of investment vehicles and real estate sectors, Jerry is the right person to help us source and secure promising acquisition and new development opportunities.”
Apart from assembling the regional team, the firm has also partnered with Asia commercial multi-family office Raffles Family Office to launch its debut Asia-Pacific real estate fund, Tishman Speyer/Raffles Family Office APAC Opportunity Fund I. The fund targets value-add and opportunistic investments within key real estate strategies such as brown-to-green across sectors, residential, logistics, as well as special situations and distressed opportunities.