ResidentialChris ThomsonWed 11 Nov 26
Built Living Confirms Talks After Human Urban Takeover Report
Built Living has confirmed it and developer Human Urban are locked in discussions after a media report from Perth said the former had moved to acquire the latter.
A spokesperson for Built Living—a 50:50 joint venture between ASX-listed conglomerate Wesfarmers and privately owned Built Group—confirmed the major player was “in talks and considering strategic options with regard to Human Urban” .
“These talks are confidential in nature and there is no certainty as to an outcome,” the spokesperson told The Urban Developer.
This week, a Perth-based periodical reported that Built Living had moved to buy Human Urban, otherwise known as H-U.
Built Living was launched in May as a major foray by Wesfarmers and Built into modular housing. The JV aims to accelerate the production of apartments across Australia.
The WA Government has supported the venture through a long-term land lease at the Neerabup automation and robotics precinct in Perth’s north, where a $250-million modular housing factory (pictured top) is planned.
In May, it was announced that veteran property developer Adrian Fini would take equity in the Neerabup facility to support delivery of projects linked to Fini Group and Human Urban.
Fini co-founded Human Urban and is one of the company’s four executives.
The Urban Developer contacted Human Living for comment for this story.
