Investment manager Cedar Pacific has joined forces with Japanese timber, housing and building materials giant Sumitomo Forestry on plans to develop a $1.2 billion portfolio of build-to-rent apartments, where much of the focus will be on sustainability.

Under the deal, Japan’s Sumitomo will acquire just short of 50 per cent equity stakes in build-to-rent projects undertaken in the JV partnership, starting with a $375 million development already under construction in Brisbane.