Daiwa House Group’s Stanley-Martin Communities, LLC (“Stanley-Martin”) concluded a business transfer agreement with FD Communities, LLC (“FrontDoor”), a single-family housing business in the USA, on December 20, 2017. FrontDoor’s operations, which are primarily in the urban areas of Atlanta, Georgia, and Charleston, South Carolina, are scheduled to be taken over by the end of January 2018.
In America, Stanley-Martin, which is involved in single-family housing in the eastern states of Virginia, North Carolinaand Maryland, became a subsidiary of Daiwa House USA Inc. (Head office: Delaware, USA, President: Takeshi Kosokabe) on February 13, 2017, and tapped into the housing business of the Group in the USA.
FrontDoor is currently operating its single-family housing businesses in the states of Georgia, South Carolina and Florida. However, Stanley-Martin is only planning to acquire the assets located in Georgia and South Carolina. The acquisition by Stanley-Martin will include real estate assets held directly by FrontDoor in 12 locations and equity interests in 6 joint ventures as well as management and employees that will join Stanley-Martin.
