- What Graywood Developments formed a joint venture with Japanese firm Hankyu Hanshin Properties
- Why They will partner on residential development projects in the Greater Toronto Area
- What next Their first undertaking is a condominium building in Oakville with sales launching this year
Graywood Developments has entered into a strategic partnership with Japan-based firm Hankyu Hanshin Properties to develop residential projects in the Greater Toronto Area.
The joint venture’s first undertaking will be a boutique residential condominium project in southern Oakville. The project, dubbed Claystone, will reach seven storeys and deliver over 150 units.
Claystone’s preconstruction sales will begin this year, with occupancy slated for 2028.
“We are thrilled to partner with a top-tier real estate firm like Hankyu Hanshin Properties,” said Stephen Price, president and chief executive of Graywood.
“This collaboration represents a significant milestone for both companies, and we are confident that our combined expertise will deliver an exceptional living experience for future residents of Claystone. We look forward to completing more joint venture projects with our new partner.”
Toronto-based Graywood is a private development and investment management company with $1.6bn under management. It is overseeing 16 active projects totaling 7,300 residential units and $5.8bn in development value.
Hankyu Hanshin Properties has a 100-year history in Japan and develops condominium projects under its brand Geo. The firm began expanding its operations overseas in 2015 and has developed, or is in the process of developing, more than 67,000 residential units.
The Graywood joint venture marks Hankyu Hanshin Properties’ first Canadian partnership. Colliers Canada and Colliers Japan acted as advisors on the deal.
“Raising capital is part of our core business at Colliers Capital Markets Canada, and foreign capital’s interest in Canadian real estate is at an all-time high,” said Johann Rodrigues, senior vice president of capital markets at Colliers.
“We expect HHP’s successful entry into Canada with Graywood will lead to new sources of Japanese and other international capital looking at Canada in 2025 and beyond.”
