Japanese developer enters U.K. market

Japan-based Sekisui House has plans to enter the U.K. housing market.

It has formed a £90 million ($116 million) partnership with U.K. developer Urban Splash and Homes England, a U.K. government unit, to deliver modular housing.

The British government has set a target to build 300,000 new homes a year by the mid-2020s.

Urban Splash will invest £37.5 million ($48.46 million) equity into the new venture. A further £21.9 million ($28.3 million) will come from Sekisui, while Homes England will supply £3.1 million ($4 million) in equity and £26.9 million ($34.76 million) in debt funding.

Sekisui House delivered 43,735 homes last year and has built more than 2.4 million homes in the last 59 years.