Japan’s Sumitomo Corporation has made its first investment in Australian real estate, entering into a 50-50 joint venture with Mirvac to develop the $830 million Highforest housing development in north-western Sydney.
The investment by Tokyo-listed Sumitomo Corp, a general trading company with market capitalisation of about $41 billion, marked the start of a new long-term relationship the Australian developer said on Wednesday.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
