Japanese factory-made housing giant Daiwa House Group plans to expand in Europe after buying a majority stake in Dutch modular builder, Jan Snel.
The parties signed a share purchase agreement with Flexbuild, Jan Snel's holding company, on 18 December.
Flexbuild and Jan Snel will become part of Daiwa with a plan to roll out industrialised building across Europe, they said.
Daiwa House is already active in Asia, North America and Australia.
The say the growing housing shortage and scarcity of skills in Europe "has resulted in increased demand for smarter housing solutions in the market".
"The signing of this agreement is a reflection of our growth ambition," said Harry van Zandwijk, chief executive of Jan Snel.
"Daiwa House will add further expertise in industrial building to Jan Snel's existing knowledge. With this, we want to become the clear market leader in Europe."
Daiwa was founded in 1955 and has a turnover of around €32bn.
Original Source: GCR