Britain enlists Japanese home-building giant to construct prefab housing
Partnership between Sekisui House, Urban Splash and Homes England to increase supply of social housing across the UK
The British government is bringing one of Japan’s biggest home-builders to increase the supply of homes in the UK.
Osaka-based Sekisui House has set up in the country by investing GBP22 million (USD28.4 million) into ‘House’, a new venture by British developer Urban Splash.
House will focus on the delivery of modular homes across the UK, harnessing Sekisui House’s expertise in prefabricated buildings.
“Using modern methods of construction to build high quality homes with short build-times is one of our company’s great strengths,” said Sekisui House president Yoshihiro Nakai in a statement via Inside Housing.
“Our technology and know-how can help resolve pressing social issues in the UK, and I want to see us play our part effective immediately. These operations can also help bring vitality to UK regions, and we will work to make the strongest connections with the local communities.”
More: UK property gets bulk of South Korean investments in Europe
In addition to GBP35 million from Urban Splash, the business will also have GBP30 million in equity and debt funding from the government’s Home Building Fund, administered through the government’s housing delivery agency Homes England.
“Backed by government investment, [this] announcement will support our urgent mission to deliver more, better and faster home construction to ensure a new generation can realise the dream of home ownership,” housing minister Kit Malthouse said in a statement.
Sekisui House made sales of more than GBP15 billion wit a profit of GBP900 million in the year to January 2019 alone.
We Buy Any Car founder Noel McKee will have a 5 percent stake in House in exchange for a GBP2.5 million equity investment, reported The Construction Index.
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