Bywater Properties and global, end-to-end timber construction specialist Sumitomo Forestry Co have created a new £1bn business venture focused on the adoption of low carbon property development and refurbishment across Europe.
The partners intend to build assets worth more than £1bn with a strong focus on decarbonisation and mass timber real estate projects.
Construction is already underway on the first venture’s first project, a new six-storey office building called Paradise, which has a mass timber structure, in the London borough of Lambeth.
Richard Walker, chairman and founder of Bywater Properties, said: “Sumitomo Forestry has a global network of hugely successful residential and commercial development companies – with Bywater ready set to help the business grow its European operations.
“This new venture is more than just a business opportunity, however. It’s also a meeting of minds. Both companies share a philosophy based on the principles of sustainability, with a long-term ambition to decarbonise the real estate industry through the adoption of mass timber projects.”
Atsushi Kawamura, director, and senior managing executive officer at Sumitomo Forestry, added: “Bywater’s expertise and robust business relationships in both the UK and throughout Europe was a critical factor in this joint venture coming to fruition.
“Paradise is just the beginning of what we anticipate being a long and successful relationship with Bywater. As a combined entity, we can revolutionise how real-estate projects are managed across Europe, establishing timber frames refurbishment and construction as a standard.”
