Edinburgh-based Miller is eyeing 7,000 completions a year
Japan’s biggest housebuilder has bought a 30% stake in Edinburgh-based housebuilder Miller Homes.
Daiwa House has acquired a minority stake in the £1.4bn-turnover firm private equity house Apollo Funds, who will remain controlling shareholder and retain ownership of the remaining 70% of the business.
Miller Homes built nearly 5,000 homes last year but wants to its annual turnover to 7,000 homes.
Daiwa House has a a turnover of $37bn across all its operations, including commerical and leisure facilities. It first entered the UK housing market in 2023 with a joint venture with Lendlease to build homes at Elephant & Castle in London.
A Miller spokesperson said there would be no change in the housebuilder’s management team or strategy as a result of the Daiwa deal.
Stewart Lynes, chief executive at Miller said, “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.”
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