M&G takes majority stake in MMC housebuilder
M&G has taken a majority stake in sustainable housebuilder Greencore Construction.
The agreement, made by M&G’s Catalyst team, includes a plan to invest £500m in sustainable housing.
Greencore uses modern methods of construction, incorporating a closed-panel timber frame manufactured off-site and insulated with natural materials such as hemp, lime and wood fibre.
M&G has taken a majority stake in sustainable housebuilder Greencore Construction.
The agreement, made by M&G’s Catalyst team, includes a plan to invest £500m in sustainable housing.
Greencore uses modern methods of construction, incorporating a closed-panel timber frame manufactured off-site and insulated with natural materials such as hemp, lime and wood fibre.
The technique produces energy-efficient homes that produce less carbon, both during the construction process and over the lifetime of the homes.
Surrey-based Greencore was established in 2013 by Ian Pritchett and Martin Pike. At the end of the 2021 financial year, the company had 29 employees and reported total equity of -£4.6m, according to accounts filed on Companies House.
Catalyst’s investment will allow Greencore to scale its operations nationwide and deliver for large institutional clients. Co-development with Greencore will be led by M&G’s real estate investment team on behalf of investors in its residential property and shared-ownership strategies.
Jack Daniels, chief investment officer, M&G, said: “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.”
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