Daiwa House Acquires Stake in Miller Homes

Overview of the Acquisition

Daiwa House, a major player in the global construction industry, has acquired a 30% minority stake in Miller Homes, one of the largest private housebuilders in the UK. This strategic move is expected to enhance Daiwa House's presence in the UK housing market and is subject to regulatory approvals, with completion anticipated later in 2026.

About Miller Homes

Founded in 1934 in Edinburgh, Miller Homes has established itself as a significant contributor to the UK housing sector. The company currently completes approximately 5,000 homes annually across England, Scotland, and Wales. In a bid to address the growing demand for housing, Miller Homes aims to ramp up its annual home completions to 7,000.

Recent Performance

In the year ending December 31, 2024, Miller Homes completed 3,698 homes, marking a 6.4% increase from the previous year. The company reported a profit of £128.8 million during the same period, demonstrating its robust financial health and operational efficiency.

Strategic Implications

The acquisition comes in the wake of Apollo Global Management's acquisition of Miller Homes in a £1.2 billion deal in 2022. Apollo will continue to be the controlling shareholder following this transaction. This partnership may provide Miller Homes with additional resources and market insights, further supporting its ambitious growth targets.

Expansion Plans

Miller Homes has been active in expanding its landbank, recently acquiring St Modwen Homes in a £190 million deal that was completed in 2025. This acquisition added nearly 10,000 plots to its portfolio, positioning the company well to meet its increased output goals.

Daiwa House's Global Reach

Daiwa House operates in 28 countries and regions, employing around 55,000 staff and boasting total assets exceeding $50 billion. This acquisition not only strengthens its foothold in the UK but also aligns with its strategy to diversify and expand its international operations.

Conclusion

The acquisition of a 30% stake in Miller Homes marks a significant development in the UK construction landscape. As both companies look to the future, the collaboration could lead to enhanced capabilities and an increased supply of homes in a market that is in desperate need of more housing solutions.