Japan’s Daiwa House has agreed to acquire an approximately 30% stake in Miller Homes from Apollo-managed funds, as the housebuilder pursues a target of delivering 7,000 homes a year.
Apollo’s funds will retain control of the business, which operates across Scotland, England and Wales and currently completes around 5,000 homes annually.
Announced on 17 September, the transaction remains subject to closing conditions, including regulatory approvals, and is expected to complete later in 2026. A purchase price was not disclosed in the announcements.
Miller Homes said there would be no change to its management team, strategy, capital structure or day-to-day operations as a result of the deal. It will continue to trade under the Miller Homes and St. Modwen Homes brands.
The company expects Daiwa House’s global construction and property expertise to support its growth plans. The Japanese group operates across housing, commercial property and logistics facilities.
Stewart Lynes, chief executive of Miller Homes, said: “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.”
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Apollo’s funds acquired Miller Homes in 2022. The housebuilder has since acquired and integrated St. Modwen Homes.
Founded in 1934, Miller Homes operates through 11 regional offices. Alongside its private-sale brands, it works with affordable-housing providers and private rented sector partners as part of its plans to expand delivery across different housing tenures.
