Ashurst advises Sumitomo Forestry in entering into a joint venture arrangement for office development in the UK.

Ashurst has advised Sumitomo Forestry Co.,Ltd., one of the largest real estate developers in Japan, on its formation of a joint venture with Bywater Properties, a prominent property developer in the UK.  As its first project, the joint venture company will develop an office building in Lambeth, London which will be primarily using timber structure and will have an extruded terracotta façade which is quite unique for a large scale commercial building in the UK.

Sumitomo Forestry is a distributor of high-quality timbers and building materials as well as being one of the largest real estate developers in Japan.  

The Ashurst team was led by a corporate partner and the head of European Japanese practice at Ashurst, Hiroyuki Iwamura, supported by a senior associate Shingo Ito, both of whom are based in our London office.  Real estate advice was provided by our real estate partners, Jamie Chapman and Ben Patton, who were supported by other members of our London real estate team which include counsels - David Razzell and Charlie Reid, senior associates - Julie Connolly, Matt Pearson and James Nierinck and associates - Joanna Fox. Our tax partner, Paul Miller, advised the client on tax matters.

Hiroyuki Iwamura comments "We are very honoured and privileged to have been given the opportunity to support Sumitomo Forestry on this important project which will be the first UK project by the client.  I hope Sumitomo Forestry will carry out many more projects in the UK and Europe using their latest technologies and expertise developed in Japan."