Malaysian conglomerate Petra Group was among the flurry of foreign investors pledging £10bn at the UK Global Investment Summit, ahead of COP26.
Prime minister Boris Johnson’s £10bn package of 18 deals also included £1.5bn from Prologis to develop net-zero carbon warehouses over three years and a £50m investment from HiPoint AG, which plans to create five new facilities to turn horse stall waste into bedding, fertiliser and biofuels.
The Malaysian-headquartered group has pledged a £30m investment to establish its UK business, which it estimates will create 225 jobs. The group will also invest £30m in establishing a “green rubber” business, which will see the development of a production facility creating a further 110 jobs.
Petra Modular has a debut scheme of 280 homes at Tile Hill in Coventry (pictured), which will include a combination of flats and houses, including specialist retirement accommodation.
The conglomerate invests in a range of industries, including sustainable technologies, infrastructure development, media and entertainment.
Last summer, the group brought on European president and chairman Andrew Rickards, splitting his role between London and Hong Kong, and UK operations director Kevin Peters.
The modular play comes as UK companies struggle to scale modern methods of construction. High upfront costs in establishing factories mean that most struggle to turn a profit and scale their operations.
One of the largest modular providers, Ilke Homes, has secured £60m in two loans from Homes England, which it hopes to use to deliver 2,000 homes a year.
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