Refer Report
Caredoc, a senior total care company, has jointly launched ‘Care Operation’, Korea’s first senior housing specialized operator, based on investment from global asset management company Invesco. It plans to take the lead in expanding the domestic and international senior housing market and supply senior housing facilities with 4,000 households in the metropolitan area within three years.
Caredoc, a leading company in the domestic senior tech and housing market, announced on the 2nd that it established ‘Care Operation’ through joint investment with Invesco, the world’s 7th largest asset management company. As of last month, Invesco has approximately USD 1.7158 trillion in assets under management and is a leading global professional investment firm with branches in over 20 countries. This collaboration is the first case of collaboration between a domestic senior care startup and a global investor, and Caredoc was selected as a partner of Invesco in recognition of its unrivaled position in the Korean senior care market and its high-quality service capabilities.
The establishment of this joint venture focuses on presenting a new paradigm in the senior housing sector based on cooperation with global investment firms. Additional cooperation with leading domestic and international companies is also under review in the future, and expectations are high that cooperation between specialized companies will open new horizons in the Korean senior housing market.
Care Operation focuses on developing and supplying innovative brands in the senior housing sector, including various grades of nursing homes, senior welfare homes, and senior residences. First, we plan to actively recruit professional manpower with abundant experience in senior housing development and operation, and strengthen operational expertise through talent development and the creation of housing product development guidelines. Based on our planning, design, and product development capabilities for senior housing welfare facilities, we plan to secure directly owned and operated facilities while also solidifying our capabilities as a consignment operator.
It also takes the lead in market dominance and expansion through aggressive investment. Based on the strategic partnership between the two companies, Care Operation plans to strengthen its position in the senior housing market by promoting high-quality care services, sustainable development, and technological innovation that meet the needs of an aging society. Through this, it plans to solidify its position as a leading domestic senior housing operator encompassing nursing homes, nursing facilities, and senior welfare homes, and then expand its target to Southeast Asian markets such as Vietnam and the Philippines.
Care Operation plans to purchase eight senior housing assets within this year and rapidly expand senior housing facilities to 50 locations and 4,000 households, mainly in the metropolitan area, within the next three years. Furthermore, the company aims to expand and operate products to approximately 20,000 households (32 senior welfare homes and 148 nursing homes) over the next ten years.
Caredoc plans to maximize the synergy of care operation operations through strategic cooperation with Invesco. First, based on the senior care platform operation know-how and senior housing product operation experience accumulated so far, it will play a leading role in care operation. In the future, it plans to lead the growth of care operation by conducting collaboration in various fields such as contract management, health management, community activation, and management of use of auxiliary facilities, as well as marketing cooperation for senior housing products and introducing smart home solutions (S-PMS) in senior housing to increase convenience for residents.
Invesco defines senior housing as an essential social infrastructure facility, while also highly evaluating the potential of the Korean market, where aging and technological innovation are rapidly progressing. Invesco plans to benchmark successful senior housing operation models in the U.S., Japan, and Europe through future collaboration with Caredoc and supply customized senior housing products suitable for the Korean market.
Park Jae-byeong, CEO of Caredoc, explained, “We have jointly established CareOperation with Invesco, a global asset management company, in order to introduce a specialized operator that provides services covering the entire spectrum of senior life care.” He added, “Now that companies with expertise and know-how have gathered in one place, we will do our best to lead the high-quality diversification of the domestic senior housing market, from elderly welfare to medical service linkage, and to lead the market to leap forward.”
Reporter Yoo Oh-sang osyoo@hankyung.com
Source: Korean