Clayton Utz has advised Japanese trading house Sumitomo (TYO:8053) on a joint venture partnership with Mirvac on the $830 million Highforest residential development in Sydney’s West Pennant Hills.
It’s the first real estate investment in Australia for Sumitomo, which holds direct investments in JVs that own and operate thermal and metallurgical coal mines in Australia.
In addition, Sumitomo Australia also holds investments in SC Mineral Resources, which in turn has interests in the Northparkes Mine, an underground block-cave copper and gold mine in New South Wales Australia.
Once completed, the development will contain 165 detached and attached houses and 249 apartments for the project.
Clayton Utz Corporate Partner Matt Anderson, who led the team advising Sumitomo, says the firm is excited to follow the progress of the Highforest project and Sumitomo’s future real estate investments in Australia.
“Australia is an increasingly attractive destination for foreign investment, and this investment demonstrates both the opportunity of the Australian real estate market and the sophistication of Japanese investors like Sumitomo,” Anderson says.
Alongside Anderson, the Clayton Utz team advising Sumitomo included Partners Eva Oraham, Lina Fischer, Kathy Santikos and Nick Thomas, Special Counsel Ben Pierce, Klay Brown and Tania Chahine, Senior Associates Richard Siou Cam San, and lawyer George Stribling.
Sumitomo Australia is a wholly owned subsidiary of Sumitomo Corporation, one of Japan’s largest global integrated trading and investment business enterprises.
Since its establishment in the Oceania region in 1961, Sumitomo Australia trades in a wide range of products, provide integrated supply chain management services, and engage in investment and business development across various industries.
Write to Adam Orlando at Mining.com.au
Images: Sumitomo
