Sumitomo Forestry acquires a U.S. Land Development Company
Sumitomo Forestry,acquisition,U.S. land development company,Mark III,Northwestern South Carolina
Sumitomo Forestry Co., Ltd. announced that it has acquired a 60 per cent equity interest in the United States Mark III Properties, LLC (hereinafter: Mark III) through its wholly-owned subsidiary, Sumitomo Forestry America, Inc..
A celebrative reception for the new partnership was held on August 14, local time.
The Sumitomo Forestry Group cited diversifying revenue sources in the global market as a basic policy in its Medium-term Management Plan 2018. The present initiative is part of that plan. The housing construction and sales businesses are steadily expanding in the United States and Australia, with sales of approximately 10,000 homes planned for the fiscal year ending March 2019.
Mark III is a land development company that was established in 1974. It engages in the development and sale of completed housing lots (for detached houses and townhouses) in Greenville and the Spartanburg areas in Northwestern South Carolina, situated in the southern part of the United States.
The number of blocks handed over in the fiscal year ending December 2017 was 1,153. Sales were at $57 million. It comprises a large share of the land provided to the top 10 builders in that area. Dan Ryan Builders (DRB), a homebuilding and sales company of the Sumitomo Forestry Group, has also expanded into the area. Outline of Mark III Properties, LLC The Sumitomo Forestry Group will continue to accumulate expertise the housing-related business in the United States for further business expansion and development.