1 August 2016
Clifford Chance advises Wisdom Properties on its acquisition by Sumitomo Forestry Australia
Leading international law firm Clifford Chance advised the founder and shareholders of Wisdom Properties Group Pty Ltd on the acquisition of 51% of the group by Sumitomo Forestry Australia Pty Ltd, a subsidiary of the Japanese conglomerate, Sumitomo Forestry Co., Ltd.
Wisdom Properties Group Pty Ltd was founded in 1999 by Domenic Vitalone and started building home and land packages. Trading as 'Wisdom Homes', it has extensive operations throughout New South Wales and has constructed thousands of homes over the years. Wisdom Homes' focus on quality, innovation and affordability has made them a leader in the market, winning numerous Housing Industry Association Awards. The group has more than 150 employees and engages 500+ independent construction contractors. The group also includes the Wisdom Landscapes, Inspire Homes and My Home Central businesses.
Sumitomo's forestry group has active investments in the housing development market across the Asia Pacific and the United States.
Lead partner on the deal Lance Sacks said, "We are pleased to advise Wisdom Homes on this deal, and to offer our deep knowledge of the real estate sector to assist the sellers in this transaction". He was assisted by senior associate Owen Thomas and associate Munpreet Soomal on this transaction.
Lance also acted for manufactured home estate provider Gateway Lifestyle on its AUD$500 million IPO on the Australian Stock Exchange in 2015.