Daiwa House agreed to buy 30% of Miller Homes: what it means for Daiwa House stock

Published on 10/13/2026 at 03:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Miller Homes targets 7,000 homes versus 5,000 per year. For Daiwa House stock, the group includes 716 companies as of April 2026.

Key points in brief

Daiwa House agreed to acquire a 30% stake in UK housebuilder Miller Homes on September 17, 2026.
Miller Homes targets 7,000 annual homes compared with 5,000 currently.
Daiwa House reported first-quarter revenue of JPY 1.41 trillion and net income of JPY 83.19 billion.
The Tokyo Stock Exchange quote was JPY 2,173.50 on October 13, 2026, with a market capitalization of JPY 2.7 trillion.

Shizuoka, JP3505000004, Illustration mit AI erstellt.

Daiwa House Industry (JP3505000004) had agreed on September 17, 2026 to acquire a 30% stake in Miller Homes from Apollo-managed funds, with Apollo retaining control, according to Linklaters. The transaction gives Daiwa House a strategic position in a UK builder targeting higher annual output.

Three expansion milestones

In April 2026, Daiwa House said its group had grown to 716 companies, according to its investor-relations page. The same page describes the group as operating across housing, business, life and global activities.

On August 6, 2026, the latest quarterly figures listed by Investing.com showed revenue of JPY 1.41 trillion and net income of JPY 83.19 billion. Revenue was lower than the preceding quarter's JPY 1.55 trillion, while net income fell from JPY 125.21 billion, creating a more demanding earnings backdrop for overseas expansion.

On September 17, 2026, the Miller Homes transaction became the latest dated step. Property Week reported that Miller completes 5,000 homes per year and is pursuing capacity of 7,000 homes per year.

What does 30% mean for growth?

The operating comparison is clear: the target is 40.00% above the existing 5,000-home level, calculated from 7,000 divided by 5,000 minus 1. Daiwa House is taking a minority position rather than control, so the investment adds international exposure while leaving Apollo as the majority shareholder.

The transaction is expected to close later in 2026 and remains subject to regulatory approvals, according to Linklaters. Financial terms were not disclosed, so the available operating yardstick is Miller's planned increase from 5,000 to 7,000 homes rather than a disclosed purchase valuation.

Next reporting date is November 11

Daiwa House lists its FY2026 second-quarter financial announcement for November 11, 2026 at 3:30 p.m. JST on its investor-relations page. That report will provide the next formal check on revenue, profit and the capital demands of the overseas strategy.

Tokyo quote and euro reference

Daiwa House was last quoted at JPY 2,173.50 on the Tokyo Stock Exchange on October 13, 2026 at 10:23 a.m. JST. The 52-week range was JPY 2,040.50 to JPY 2,902.50, while market capitalization stood at JPY 2.7 trillion on the same date.

The last Lang & Schwarz quote stood at EUR 12.10 on October 12, 2026 at 10:57 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Daiwa House stock.