Global investment firm M&G has snapped up a majority stake in sustainable housebuilder Greencore Construction and plans to pump £500m into building climate positive homes across the UK, the firm announced today.
The funding injection from M&G will be used to scale up Greencore’s building operations nationwide and deliver new building projects, the firm said yesterday.
Greencore uses uses timber frames and natural materials like hemp, lime and wood-fibre in construction, which lock up more carbon than is emitted during construction and over the lifetime of the building.
Ian Pritchett, Managing Director of Greencore Construction, says: “The built environment is one of the biggest emitters of carbon, both in construction and occupation, but we’ve shown it doesn’t have to be this way.
“Our homes are sustainable to build and sustainable to live in, which is becoming more important than ever as energy prices continue to spiral.”
The funding injection into Greencore comes as part of a wider push by M&G’s catalyst team which is investing £5bn into “innovative construction firms”.
Jack Daniels, Chief Investment Officer, M&G plc, says: “The scale, expertise and flexibility we have across our business means we are uniquely positioned to help Greencore transform UK house building to a more sustainable model.
“Our investment will enable thousands of people to live in high quality, comfortable and energy efficient homes, while also potentially benefitting millions of our customers and policyholders in our With Profits Fund.”