Cedar Pacific and Sumitomo Forestry are joining forces to create environmentally friendly and sustainable residential communities in Australia and New Zealand. Their aim is to address the increasing need for rental properties through a new build-to-rent initiative, while ensuring strong ESG performance.
Joining Expertise for Eco-Friendly Housing
This partnership combines Cedar Pacific’s regional development experience with Sumitomo Forestry’s knowledge of eco-conscious timber construction and dedication to ESG values. Their joint efforts will be focused on producing Build-to-Rent communities that offer great design, amenities, and environmental and social benefits.
Bernie Armstrong, CEO of Cedar Pacific, expressed excitement about merging the development strengths of the two companies with top sustainability measures. He looks forward to creating communities that are great to live in and have a positive impact on their surroundings. Sumitomo Forestry is pleased to work with Cedar Pacific to establish superior BTR communities in the area.
Yasuhiro Odagane, Sumitomo Forestry Australia’s Managing Director, shared the company’s commitment to growing its sustainable development globally through this partnership.
George Konstandakos, General Manager at Sumitomo Forestry Australia, highlighted that their joint expertise will help achieve innovative BTR communities. They plan to utilize timber technologies like Cross Laminated Timber (CLT) to cater to residents’ needs while fostering a sustainable future.
Together, they plan to create a substantial number of build-to-rent properties in both countries over time. Their upcoming project at 50 Quay Street in Brisbane, already under construction, will feature 475 apartments at affordable rents and aim for net carbon neutrality from the outset. The venture also has plans for developments in Melbourne, Canberra, Brisbane, and Auckland, which will be disclosed later.
Cedar Pacific was supported by Savills Capital Advisors and Savills in Australia and New Zealand for the capital raise. Joe Guilfoyle, from Savills Capital Advisors, commended Cedar Pacific for its promising BTR platform and marked investor interest due to the favorable market situation. Conal Newland from Savills stated that due to the critical housing shortage in Australia, BTR developments will play a crucial role in addressing this issue. Savills is looking forward to seeing the new eco-friendly homes in areas where they’re most needed.
