[Sumitomo Forestry Co., Ltd.] U.S. subsidiary DRB acquires the business of a Florida housing company
*View in browser* *Sumitomo Forestry Co., Ltd.*
Press release: March 29, 2024
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U.S. subsidiary DRB acquires the business of a Florida housing company *~Strengthening business base in the second largest market in the US, aiming for 5,000 units per year~*
DRB Group (President: Ronald
Salameh Head Office: Maryland, USA 92.48% owned by Sumitomo Forestry Co., Ltd. On March 1st, Biscayne (hereinafter referred to as “DRB”), which operates a detached housing business mainly in the Tampa area of Florida, announced that in order to strengthen its business base in Florida, Biscayne
We have acquired the business of Homes (hereinafter referred to as BH Company). The Sumitomo Forestry Group has a long-term vision “Mission TREEING” 2030”, the company aims to supply 23,000 housing units per year in the United States by 2030, with Florida as a key area. Brightland to develop detached housing business in 2022
Southern Impression, which develops and manages detached rental housing through Homes.
Acquired equity in Homes and expanded into the state. In 2023, DRB is expanding its operations in the state, including establishing an Orlando branch. Going forward, we will continue to consider not only organic growth but also new M&A, and aim to expand the number of units supplied in the state from the current approximately 700 units per year to 5,000 units per year.
In 2022, Florida will have the 4th largest GDP (1.4 trillion USD) in the United States, the 3rd largest population (22 million people), and the second largest number of single-family home construction permits in the United States, second only to Texas.
(134,000 households). In 2022, the population growth rate will be the highest in the United States, and the area is expected to continue to see an increase in demand for housing based on population growth and employment expansion. Tampa, where BH is headquartered, is the economic center of Florida, along with Miami, Orlando, and
Jacksonville, and boasts the second largest population in the state, and stable population growth and housing demand are expected to continue in the future.
BH builds and sells single-family homes and townhomes mainly in Tampa. BH sells approximately 120 units a year, and is the number one residential developer in Florida.
Development
We have built a good relationship with the Group and have an abundant pipeline of residential land. By taking over BH’s business and residential land pipeline as the newly established Tampa branch of DRB, we will leverage DRB’s sales, construction, and material procurement functions to strengthen our business foundation in the area.
The Sumitomo Forestry Group globally operates businesses centered on wood, from forest management to the manufacture and distribution of wood building materials, contracting for single-family homes and medium- to large-scale wooden construction, real estate development, and wood biomass power generation. Long-term vision until 2030 “Mission
TREEING
2030, we aim to increase CO2 absorption in forests by implementing Sumitomo Forestry’s Wood Cycle value chain, sequester carbon over the long term through the widespread use of wooden buildings, and contribute to decarbonizing not only our company but society as a whole. We are aiming for We will accelerate our efforts toward decarbonization by promoting “evolving global expansion,” which is one of our business policies in our long-term vision.
that’s all
* ■ Sumitomo Forestry U.S. Housing Business Development MAP* *Florida single-family housing business development area (as of the end of March 2024)*
* ■ DRB Group Company Profile*
Head office: Rockville, Maryland, USA
Representative: Ronald Salameh
Established: 1990
Business overview: Operates condominium housing business in 10 states: Maryland, Delaware, Pennsylvania, Virginia, West Virginia, North Carolina, South Carolina, Alabama, Georgia, and Florida.
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