Icade unit Icade Promotion and French real estate developer REI Habitat will form a joint venture to construct mixed wood and concrete buildings in France over the next few years.
The French integrated real estate company's subsidiary aims to deliver 200,000 square meters of mixed-element towers in the Paris region and in several larger cities in the country, according to a release.
The joint venture will use 70,000 cubic meters of timber in its development projects.
The duo will also sign agreements with local forestry and wood industry participants, such as carpenters, sawmill operators and forest management companies, in line with their development aims of bringing online nearly €1 billion worth of estimated future revenue for the French wood market. A research-and-development program on wood-based structures will also be established as part of the partnership.
