Heitman Hires John Lee to Lead Korea Capital Raising
Real estate fund manager Heitman has appointed John Lee, formerly of Koramco, to head its capital raising and investor relations efforts in South Korea, a
Heitman has hired John Lee from Koramco Asset Management to lead its capital raising activities in South Korea. The Chicago-based real estate investment manager announced the appointment on Tuesday, naming Lee as head of sales for Korea within its client service and marketing group.
Lee will report to John Mancuso, Heitman's managing director and head of global sales. The firm had $49 billion in assets under management as of the end of June. Mancuso stated that Korea remains a strategically important market for Heitman and that Lee's appointment will strengthen the firm's ability to serve local investors.
John's extensive investment experience managing global real estate portfolios, combined with his strong track record in capital raising, makes him an outstanding addition to our global team, Mancuso said.
Market Focus and Strategy
Based in Seoul, Lee brings nearly twenty years of experience in institutional fundraising and property investing. He told Mingtiandi that Heitman is closely watching the logistics sector, where new supply is below demand and vacancies are retreating from peaks seen in 2024. High e-commerce penetration is supporting warehouse demand, with positive net absorption and rising rents pointing to an early recovery.
The office market remains resilient, Lee said. He noted positive net absorption across most submarkets over the past two years and expects several prominent occupiers to take space in 2026. Seoul is a key focus for Heitman's investments as the centre of the country's economic activity. For opportunities outside the capital, the firm assesses each sector and local market for fundamentals that can sustain returns over the long term.
Beyond offices and warehouses, Lee identified demographic trends as potential drivers for other property types. An ageing population and the trend toward smaller households could support growth in senior living, co-living, and self-storage. Heitman sees scope for professionally managed housing and regards Korea's self-storage market as underpenetrated compared to the United States.
Recent Asia Pacific Activity
Heitman's recent deals in the region highlight its expanding investment mandate. The activity spans several countries and property sectors.
| Location | Asset Type | Details | Partner(s) | Completion/Timing |
|---|---|---|---|---|
| Perth, Australia | Student Housing | 1,146-bed, 19-storey project | Erben (developer) | Construction completion Dec 2027; first students Feb 2028 |
| Greater Fukuoka, Japan | Logistics | Tosu Central Distribution Center (58,433 sq m) | Mitsubishi HC Capital Realty, SMFL Mirai Partners | Acquired Jan 2025 |
| Greater Fukuoka, Japan | Residential | Portfolio of 9 apartment buildings (316 units) | SMFL Mirai Partners | Acquired Jan 2025 under core-plus strategy |
| Anseong, South Korea | Logistics | Distribution Centre | Not specified | Acquired 2024 under core-plus strategy |
In Korea specifically, the 2024 acquisition of a distribution centre in Anseong under its global core-plus strategy marked Heitman's return to the logistics sector. This followed its earlier sale of a warehouse portfolio in Yeoju to a regional REIT.
Capital Raising for Global Strategies
The firm has also been active in gathering capital from Asia Pacific investors for strategies outside the region. In June 2025, it secured an allocation from Australia's HESTA retirement fund to invest in European assets including self-storage, student housing, residential, and healthcare. This mandate expanded a relationship with HESTA that dates back to 2017.
Lee expressed enthusiasm for his new role, linking it to Heitman's established reputation. "Heitman has built a strong global reputation through its disciplined investment approach and commitment to investor partnership," he said. "I look forward to working with investors across Korea to help them achieve their investment objectives through Heitman's real estate platform."
