Ashurst advises Sumirin UK on its joint venture with Bywater to develop sustainable buildings in the UK
04 July 2023
04 July 2023
Global law firm Ashurst has advised Sumirin UK Limited, a UK subsidiary of Sumitomo Forestry Co.,Ltd., on the establishment of its joint venture with Bywater to develop commercial and residential properties in the UK. Sumitomo Forestry Group is a leading player in "timber" related business including forestry, supply of timber, development of timber buildings and wood pellet biomass. Bywater is an entrepreneurial developer that has developed sustainable buildings in major UK cities such as London, Manchester, Glasgow and Belfast.
Corporate partner Hiroyuki Iwamura led the team, and was assisted by senior associate Shingo Ito, associate Takahiro Miyazaki and junior associate Sayaka Ibe. Real estate partner Jamie Chapman provided real estate law advice. Tax partner Paul Miller provided tax advice, and employment partner Crowley Woodford and junior associate Katharine Foster provided employment law advice.
Sumitomo Forestry and Bywater formed a joint venture in February 2022 to develop an office building in Lambeth, London using timber structure. This new joint venture is to form a permanent platform to develop sustainable/timber buildings in the UK with a view to leading the UK market.
Under this new structure, Sumirin UK and Bywater jointly hold Bywater SFC Holdings Ltd which in turn holds Bywater SFC Investments Ltd and Bywater SFC Management Ltd.