Apollo Global Management has agreed to buy Miller Homes builders for more than £ 1bn as a business representative seeks to enhance their visibility in the UK’s fastest-growing real estate market.
The money raised by the Apollo affiliates will take control of the company from the British buyout Bridgepoint group, which soon to be mentioned on the London Stock Exchange, and the deal is expected to expire early next year.
Apollo will pay £ 1.2bn to the company, according to two people familiar with the deal,
Miller Homes, an average home builder who builds about 4,000 homes a year in England and Scotland, has benefited from an unexpected increase in the UK housing market over the past 18 months.
Retail and home prices have risen behind consumer preferences, low interest rates and government-sponsored measures after fears that the coronavirus virus could delay the market or cause an unforeseen accident.
According to home market analysts, the sheer number of household chores at the epidemic, which is expected to remain high despite re-opening offices, has prompted buyers to look for homes with more space, making them look away from the city center.
“Miller Homes has a strong presence in rural areas that continues to see a growing number of customers, and we look forward to working with a professional technical team to achieve their growth strategy,” said Alex Humphreys, a colleague at Apollo, who wrote the article. historical benefits in the third quarter of this year due to the increase in US stocks.
Chris Endsor, chief executive of Miller Homes, said the partnership would help the company maintain a “strong current drive” and focus on “Apollo Housing Specialist, with a global platform, resources and profits for all concerned”.
A U.S. real estate broker has agreed to take on a new contractor who was listed in New York by the New Home Company in a $ 338m deal earlier this year and is selling a loan to a UK Home Loans lender.
Secret societies have been spending some of the money they made last year, inclusive spending $ 42bn buying companies from their products.
Bridgepoint, which acquired Miller Homes in 2017, was consulted by Rothschild and Co and Moelis & Company on a Miller Homes partnership. Barclays and HSBC advised Apollo.