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Sumitomo Forestry takes stake in Australia’s Metricon Group
Japan’s Sumitomo Forestry Co will acquire 51 percent of the equity shares of Metricon Group, Australia’s largest detached home builder, through its wholly owned subsidiary Sumitomo Forestry Australia Pty. With this transaction, Metricon will become a consolidated subsidiary of Sumitomo Forestry. The controlling interest in Metricon is a A$115 million (US$80 million) deal that will ultimately put the builder on a pathway to being wholly acquired by Sumitomo Forestry after an agreed period, reports The Urban Developer.
The deal comes as Metricon has been awarded a landmark contract to construct 483 affordable homes across Queensland. This project will be supported by the Queensland government’s A$2.0 billion (US$1.4 billion) Housing Investment Fund, which aims to commence 5,600 social and affordable homes by 30 June 2027.
“The development will feature a diverse range of housing options to meet the demand for affordable living in Queensland’s growing su
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