The agreement calls for Miller Homes to acquire 19 active sites containing approximately 3,500 parcels and five other strategic sites.

The acquisition will enable Miller to enter the South West for the first time and expand its operations across the Midlands and South regions.

Under previous owner Blackstone, St Modwen generated £368 million in its latest published results for the end of 2022, making a pre-tax profit of just £5.3 million, while Miller Homes, owned by US investor Apollo, generated just over £1 billion in revenue. pre-tax profit of £162 million.

Miller will continue to operate the business under the St. Modwen Homes brand and will establish a new regional office in the South West of England.

Stewart Lynes, CEO of Miller Homes, said: “We are committed to growth and playing an important role in tackling the housing shortage. We were attracted to the quality and location of St. Modwen Homes land, which helped us to grow and expand into new areas.

“By operating St. Modwen Homes under its brand, we can continue to offer choice to the market, whilst delivering on our commitments to quality, sustainability and customer experience. »

The transaction is subject to regulatory approval and is expected to be finalized in the first quarter of 2025.