Japan’s Sumitomo Forestry has signed a definitive agreement with Bywater Properties for a £1bn joint venture focusing on low carbon property development and refurbishment projects across Europe.
The Bywater SFC jv aims to achieve more than £1bn in assets across the UK and Europe. It will specialise in decarbonisation and mass timber real estate projects.
Construction is underway on the companies’ first project, the Paradise development in the London Borough of Lambeth (pictured). It will be a six-storey office property with a mass timber structure that locks away some 60 years of tenant operating emissions, according to the jv.
Bywater SFC added that the project focuses on minimising the environmental impact of the building, with lifecycle embodied carbon of 491kg CO2e/m2, compared with the RIBA 2030 target of 750kg CO2e/m2.
Bywater Properties chairman and founder Richard Walker said: “Sumitomo Forestry has a global network of hugely successful residential and commercial development companies and Bywater is set to help the business grow its European operations.”
Sumitomo Forestry director and senior managing executive officer Atsushi Kawamura said: “Bywater’s expertise and robust business relationships in both the UK and throughout Europe was a critical factor in this joint venture coming to fruition.
“As a combined entity, we can revolutionise how real estate projects are managed across Europe, establishing timber frames refurbishment and construction as a standard.”
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