Miller Homes Secures Japanese Investment to Support 7,000-Home Growth Target
Miller Homes has secured major international investment as Japanese construction and real estate group Daiwa House prepares to acquire an approximately 30% stake in the UK housebuilder.
The deal will see Daiwa House become a long-term strategic partner and minority shareholder, bringing its global construction and property expertise to Miller Homes as the housebuilder targets significant growth across the UK housing market.
Apollo-managed funds, which acquired Miller Homes in 2022, will retain a controlling stake in the business.
Housebuilding target rises to 7,000 homes a year
Operating from 11 regional offices across England, Scotland and Wales, Miller Homes currently delivers around 5,000 new homes annually.
The housebuilder is now targeting 7,000 homes per year across multiple tenures, representing a 40% increase on current delivery levels.
The expansion will maintain a focus on housing quality, customer service and the creation of sustainable communities across the UK.
Miller Homes has grown considerably under Apollo’s ownership, including through the acquisition and integration of St. Modwen Homes. Both the Miller Homes and St. Modwen Homes brands will continue to operate following the transaction.
There will also be no changes to the company’s management team, strategy, capital structure or day-to-day operations.
International investment supports UK housing growth
Stewart Lynes, Chief Executive Officer at Miller Homes, described the agreement as a “significant milestone”, adding that Daiwa House’s expertise alongside Apollo’s backing would further strengthen the business as it expands its delivery of new homes.
Daiwa House Chairman and CEO Keiichi Yoshii highlighted Miller Homes’ established brand, experienced management team and long-term growth prospects, with the Japanese group aiming to contribute its international housing and development expertise.
The investment comes as the UK housebuilding sector continues to face pressure to accelerate housing delivery while meeting growing expectations around quality, sustainability and affordability.
Subject to regulatory approval and other closing conditions, the transaction is expected to complete later this year.
With international investment supporting plans to increase annual output from 5,000 to 7,000 homes, the partnership represents another significant move in the continued expansion of one of the UK’s major housebuilders.
