Miller Houses has agreed a deal to shop for St Modwen Houses to assist it hit a goal of establishing 6,000 properties a 12 months
Edinburgh-based housebuilder Miller introduced the purchase of £371m-turnover St Modwen on Friday, topic to regulatory approval within the new 12 months. The price of the deal is considered value £215m.
The acquisition manner 19 are living websites, totalling round 3,500 plots for brand spanking new properties, at the side of 5 strategic websites, will switch to Miller, giving it a presence within the south west of England for the primary time. Miller will proceed to function the emblem underneath the St Modwen identify.
St Modwen, obtained by means of Blackstone in 2021, posted turnover of £371m within the 12 months to December 2022, creating a pre-tax benefit of £5.36m after promoting 1,313 properties.
Miller became over £1bn within the 12 months to December 2023 and finished 3,585 properties, producing a pre-tax benefit of £65.7m.
>>See additionally: Best 50 Housebuilders 2024
Stewart Lynes, leader govt of Miller Houses, mentioned: “We have been interested in the standard and site of St. Modwen Houses’ land, serving to us develop and increase to new spaces.”
The deal is topic to regulatory approval and is anticipated to near within the first quarter of 2025.
