04:41 AM EDT, 03/26/2024 (MT Newswires) -- KKR (KKR) and property management firm Weave Living said Tuesday they have entered a strategic partnership to invest in South Korean rental housing assets, with a focus on Seoul.

Financial details of the deal were not disclosed.

KKR will have a majority stake in the project, while Weave will own the remaining minority stake "in addition to providing a range of management services to the venture as development manager and operating partner," the companies said.

The partnership will initially aim to build around 1,200 rental housing units and then look to scale up the program.