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M&G triples investment in sustainable housebuilder

18th March 2024

Sustainable housebuilder Greencore Homes has secured a further £30 million ($38.4 million) in equity funding from UK investment manager M&G Investments. 

The housebuilder, which developers low carbon and energy efficient homes, will use the new capital  to drive “significant expansion”, initially by targeting land acquisitions in the South East of England.

M&G invested £15 million ($19.2 million) investment into Greencore in 2022, to help the company meet its aim of  building 10,000 homes in a decade. The £45 million investment came from Catalyst, M&G’s £5 billion “purpose-led” private assets strategy.

Greencore targets net zero carbon balance in operation and better than net zero embodied carbon for its new homes. It assembles timber-frame panels in its factory, which are insulated with natural materials including hemp, lime and wood-fibre. The panels are then assembled onsite. The homes are highly energy efficient and are designed and built to meet Passivhaus thermal performance standards.

Jon Di-Stefano, CEO 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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