The amount paid was not disclosed but M&G’s money is expected to help Greencore expand its capacity to build up a noticeable market presence.
M&G said that it plans to invest up to £500m over the next three to five years in new developments of private and affordable housing, in partnership with Greencore.
Greencore builds Passivhaus type housing using a closed panel timber frame system, manufactured off-site and insulated with natural materials such as hemp shiv, lime and wood-fibre.
Based in Abingdon, Greencore was incorporated in 2013 and jointly owned by Ian Pritchett and Martin Pike.
Ian Pritchett, managing director of Greencore Construction, said: “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.”
M&G chief investment officer Jack Daniels 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. Our investment will enable thousands of people to live in high quality, comfortable and energy efficient homes, while also benefitting millions of our customers and policyholders in our With-Profits fund.”