This is Sumitomo Forestry's first BTR investment in the country
Ashurst has guided Sumitomo Forestry Australia Pty Ltd in establishing a unit trust with Cedar Pacific for investment in a build-to-rent (BTR) project in Brisbane.
Located at 50 Quay Street, the development is part of the Queensland Treasury’s affordable BTR pilot programme. The project includes 475 apartments overlooking the Brisbane River, with 50% of these apartments being offered at below-market rents. The development aims for a 5-star Green Star rating and plans to operate with net carbon neutrality from the outset.
According to lead partner Natsuko Ogawa, this is Sumitomo Forestry’s first BTR investment in the country.
"In recent years, Japanese investment in Australian real estate development has surged. The achievement of sustainable development goals has been a strong focus and the 50 Quay St Brisbane project is a great example of this", Ogawa said.
Ogawa received support from senior associate Shojeeb Alam and associates Ayumi Shimada, Huiling Mah, and Emma LeFevre (corporate transactions); partners Pauline Tan and Damian Salsbury, counsel Kellie Hairsine, and associate Gabriel Stewart-Murray (real estate); partner Con Tzerefos, counsel Jared Lynch, and associates Edwina Wang and Brendon Li (funds); partners Ian Kellock and Elke Bremner, senior associate Daniel Richards, and associate Hailey Young (tax); and partner Andrew McCormack and senior associate Sam Rafter (projects and energy transition).
Hutchinson Builders is currently handling the construction of the project.
Sumitomo Forestry Australia, a wholly owned subsidiary of Sumitomo Forestry Co., Ltd, operates out of Melbourne and handles housing, property development, and landscaping across Australia. Cedar Pacific is an unlisted fund management company with a focus on developing, owning, and managing residential accommodation in Australia and New Zealand for institutional investors.
