M&G buys stake in Greencore, plans to invest £500m in sustainable housing

M&G buys stake in Greencore, plans to invest £500m in sustainable housing

M&G has acquired a majority stake in sustainable housebuilder Greencore Construction.

M&G plans to invest up to half a billion pounds over the next three to five years in sustainable new developments of private and affordable housing, in partnership with Greencore.

The equity investment into Greencore has been made by M&G’s Catalyst team, which is investing up to £5 billion into innovative privately-owned businesses working to create a more sustainable world.

Greencore Construction describes its homes as climate positive because they:(i) lock up more carbon than they emit in the construction phase, (ii) produce more energy than they use over their lifetime and (iii) have numerous other positive (direct, or indirect) impacts on the environment.

Ian Pritchett, Managing Director of Greencore Construction, says: “With this investment, Greencore can scale to have a transformational impact on sustainable housebuilding standards in this country. 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.”

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.”