Daiwa House Acquires Stake in Miller Homes

Daiwa House, a global construction and real estate company, has acquired a significant minority stake in Miller Homes, the largest private housebuilder in the UK. The acquisition, valued at approximately 30% of Miller Homes, is part of a strategic investment aimed at supporting Miller Homes' continued growth and expansion.

Established in 1934, Miller Homes has been a leading force in the UK housing market, completing around 5,000 homes annually across England, Scotland, and Wales. Since its acquisition by Apollo Funds in 2022, Miller Homes has seen significant growth and strengthened its operational model through disciplined execution and the successful integration of St. Modwen Homes.

The strategic partnership with Daiwa House is expected to bolster Miller Homes' resources and provide access to global construction and real estate expertise. This move is part of Miller Homes' broader strategy to expand its multi-tenure model and increase its annual home delivery target to 7,000 units.

Keiichi Yoshii, Representative Director and Chairman of Daiwa House, expressed enthusiasm about the partnership, stating, "Miller Homes is an impressive business with a strong brand and an attractive long-term growth outlook. We are delighted to invest alongside Apollo and look forward to contributing our global housing and development expertise to support Miller's continued growth."

Rajesh Jegadeesh and Peter Sinensky, Deal Team Leads at Apollo, also highlighted the significance of the transaction. They noted, "Miller Homes is one of the highest-quality businesses in the UK residential sector, and we are proud of what the management team has built over the past four and a half years. This transaction reflects the strength of the Miller Homes business today and its sector-leading financial performance, leaving the company well-positioned for further profitable expansion."

Stewart Lynes, Chief Executive Officer at Miller Homes, emphasized the importance of the partnership, saying, "Today's transaction marks a significant milestone for Miller Homes. The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date, and we are pleased to be welcoming Daiwa House as a long-term strategic partner. Their expertise, in conjunction with Apollo, will further strengthen the Miller Homes business as we continue our focus on delivering high-quality homes for our customers across the UK."

The transaction is subject to the satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.