M&G pledges €600m in U.K. climate-positive homes

M&G plc has acquired a majority stake in sustainable housebuilder Greencore Construction on behalf of policyholders in its £143 billion (€172 billion/$193 billion) Prudential With Profits Fund.

The investment will help Greencore to significantly expand its capacity and increase its impact across the United Kingdom. M&G also 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.

Greencore has developed an innovative modern method of construction (MMC) that uses a closed-panel timber frame, manufactured off-site and insulated with natural materials such as hemp, lime and wood fiber. This allows it to build high-quality, energy-efficient homes that lock up more carbon than is emitted both during construction and over the lifetime of the home. Greencore’s science-led approach is a unique and disruptive solution within the housebuilding secto