Sumitomo Forestry to pay $115m for majority stake in home-builder ...
Sumitomo Forestry Group has acquired a 51 per cent stake in Metricon, Australia’s largest home builder, giving the Tokyo-listed building giant ownership of a portfolio of residential builders that also includes Henley Properties, the Scott Park business in Western Australia and Wisdom in NSW.
Sumitomo said it will pay $115 million for what could be its initial purchase, with the bulk of the money going to family members of late founder Mario Biasin as well as to director Ross Palazzesi. The deal allows it to buy the rest of the company after an unspecified number of years.
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 [email protected]
