29 七月, 16:56
Sumitomo Forestry Co., Ltd. has entered into an agreement to acquire a 51% stake in the Wisdom Group, which is centered on the New South Wales-based homebuilder Wisdom Properties Group Pty Ltd. The acquisition, which was made through Sumitomo Forestry Australia’s wholly-owned Australian subsidiary, Sumitomo Forestry Australia Pty Ltd., was completed as of today.
Sumitomo Forestry is striving to expand further into the Australian housing business, regarding it as a key growth area for its overseas operations, through continued collaboration with the management of the consolidated subsidiary Henley Properties Group, which is involved in the housing business largely in Victoria, Queensland, and New South Wales.
This acquisition provides a dual structure comprised of the Henley Group and the Wisdom Group for the Sumitomo Forestry Group to involve itself in the Australian housing business.
It lays the foundations for the Sumitomo Forestry Group to achieve its goal of selling 3,000 homes in Australia per year, equivalent to the fourth largest detached housing construction business in Australia It also brings Sumitomo Forestry Group closer to achieving its goal of selling 8,000 homes per year in both Australia and the United States.