Miller Homes has plans to buy St Modwen Homes.
A sales price was not disclosed in the press release; however, U.K.-based outlets estimated it to be £215 million ($267 million).
The deal sees Miller Homes acquire 19 live sites, totaling around 3,500 plots for new homes, and a further five strategic sites, growing its business in the West Midlands, East Midlands and South regions and entering the South West for the first time.
The acquisition is part of Miller Homes’ growth strategy and is significant in helping it meet its medium-term ambition of reaching 6,000 homes a year. It will continue to operate the business under the St. Modwen Homes brand, and it will establish a new regional office in the South West of England.
“Across the United Kingdom, people need high-quality, sustainable homes. We are committed to growth and playing an important part in addressing the housing shortage. We were attracted to the quality and location of St. Modwen Homesâ€
