The equity investment will be used to drive significant expansion, initially by targeting land acquisitions across the Southeast of England to complement existing sites underway.

Since M&G’s initial £15m investment into the company two years ago, the foundations have been laid for Greencore to become a national housebuilder as it aims to build 10,000 homes in the next decade.

The homes that Greencore build achieve a net zero carbon balance in operation and target better than net zero in terms of embodied carbon in the structure.

Due to their many sustainability features, occupiers are likely to benefit from reduced costs associated with living in an energy efficient home.

Greencore’s flexible and scalable model evolves around building its innovative timber-frame panels in its factory, which are insulated with natural materials including hemp, lime and wood-fibre.

The panels are then assembled onsite in a matter of days.

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Greencore’s onsite assembly method differs from other approaches to modular housebuilding where full structures or modules are built offsite.

Building on an existing portfolio of completed and pipeline projects, Greencore is looking for new partnerships to deliver affordable and private housing for rent and for sale in addition to the existing partnership with M&G Real Estate.

The £45m investment in total from M&G is from Catalyst, a £5bn purpose-led private assets strategy, investing in innovative companies tackling some of the world’s biggest environmental and social challenges. 

Jon Di-Stefano, CEO at 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.”