Move comes two years after investor bought majority stake in Greencore
M&G has announced a further £30m investment in sustainable housebuilder Greencore to drive land acquisitions across the South East.
The institutional investment giant bought a majority stake in the Surrey-based developer at the beginning of 2022, establishing a partnership worth £500m over three-to-five years.
Its fresh equity investment in Greencore is intended to help the business lay the foundations to become a national housebuilder and meet its target of building 10,000 homes in the next decade.
Greencore builds homes using closed panel timber fames manufactured off-site using natural materials including hemp, lime and wood-fibre.
It claims this leads to higher quality homes which are more energy efficient as they lock up more carbon than is emitted during construction and over the lifecycle of the property.
The company currently has around 40 employees, opened its first factory in Bicester in 2022, and plans to add more.
Greencore is now looking for new partnerships to deliver affordable and private housing for rent and sale, in addition to its existing partnership with M&G Real Estate.
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Jon Di-Stefano, chief executive of Greencore Homes, said: “Our vision is to lead the housebuilding industry in the delivery of climate positive homes and M&G’s further investment reflects their confidence in our potential to take on this role and operate at scale.
“This investment will enable us to secure the land needed to deliver on our targets whilst supporting local communities, jobs and the environment.
“We look forward to continuing our strong relationship with M&G while we seek out new partnerships to help bolster our pipeline and support our target of building 10,000 climate-positive homes.”
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