De Brauw advises Bouwinvest on anchor investment in Tishman Speyer Korea Living I, LP

De Brauw advises Bouwinvest on anchor investment in Tishman Speyer Korea Living I, LP

Bouwinvest Real Estate Investors is one of the Netherlands' leading real estate investment managers, with EUR 17.8 billion in assets under management on behalf of bpfBOUW, the pension fund for the Dutch construction sector. De Brauw assisted Bouwinvest in connection with bpfBOUW's USD 100 million commitment as anchor investor in Tishman Speyer Korea Living I, LP. The latter is a Singapore limited partnership that invests in residential real estate in South Korea. We advised across the full transaction, from initial structuring to closing. The team negotiated and drafted the Limited Partnership Agreement, Side Letter and Subscription Booklet. The transaction required careful navigation of bpfBOUW's regulatory obligations and investment policy restraints as a regulated Dutch pension fund investor alongside its cross-border commercial objectives. We secured a strong package of protections for bpfBOUW as anchor investor and first limited partner. We also negotiated a bespoke Green Promote structure, with the manager's carried interest being directly linked to the fund's performance against defined ESG milestones, embedding Bouwinvest's sustainability objectives into the fund's economic framework from the outset.