Appleby Jersey has advised Apollo-managed funds on the Jersey aspects of an agreement to sell approximately 30% minority stake in Miller Homes to Daiwa House Industry Co Ltd, one of Japan's leading construction and real estate companies.
Miller Homes is the largest private housebuilder in the UK, completing approximately 5,000 homes a year across England, Scotland and Wales. The strategic investment by Daiwa House will support the continued profitable growth of Miller Homes, providing additional resources and global construction and real estate expertise as Miller Homes expands its multi-tenure model and progresses towards its target of delivering 7,000 new homes per year.
Working alongside lead counsel A&O Shearman, the Appleby team was led by Partner Andrew Weaver and Senior Associate Inyene Udoh with support from Associate Tshepang Phiri.
Andrew Weaver said: "We are pleased to support the team on this latest investment by Daiwa House having acted on a number of acquisitions and investments for this important client over the years, including the 2022 acquisition of Miller Homes. The transaction further demonstrates Appleby's strength and expertise in advising on strategic investments and complex cross-border transactions."
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.