Ashurst advises Sumitomo Forestry Australia on its joint venture with Cedar Pacific to invest in Brisbane Build-to-Rent building

Global law firm Ashurst has advised Sumitomo Forestry Australia Pty Ltd on the establishment of a unit trust with Cedar Pacific to invest in 50 Quay Street, Brisbane, a Build-to-Rent (BTR) project.

Sumitomo Forestry Australia, a wholly owned subsidiary of Sumitomo Forestry Co., Ltd, is headquartered in Melbourne and is involved in housing, property development and landscaping business across Australia. They are the third-largest building group in Australia.

Cedar Pacific is an unlisted funds management company with a core investment focus on developing, owning, and operating residential accommodations throughout Australia and New Zealand for institutional investors.

50 Quay Street in Brisbane is part of the State of Queensland Treasury’s affordable BTR pilot program. The project, which has begun construction with Hutchinson Builders, incorporates 475 apartments overlooking the Brisbane River and includes 50% of the apartments offered at below-market affordable rents. The development is being constructed to a 5-star Green Star rating and will operate as net carbon neutral from day one.

Lead partner Natsuko Ogawa said:

"We are proud to have supported Sumitomo Forestry on its first BTR investment in Australia, following Ashurst's role in advising Sumitomo Forestry on its other joint ventures in the UK and Japan. 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."

The Ashurst team was led by partner Natsuko Ogawa, who was assisted by: 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 & Energy Transition).