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 taken a minority stake in the £1.4bn-turnover firm from private equity house Apollo Funds, who will remain controlling shareholder and retain ownership of the remaining 70% of the business.
Miller, which built nearly 5,000 homes last year but wants to eventually get this up to 7,000 homes, has been owned by Apollo since 2022 when the firm was sold to it by investor Bridgepoint Group.
Daiwa House has a turnover of $37bn (£28bn) across all its operations, including commercial 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, added: “[The] 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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