M&G Real Estate installs largest shopping centre solar panel system in the UK

 16 January 2017

 London

M&G Real Estate, one of the UK’s largest property investors, has announced that it will install the UK’s largest shopping centre solar panel system on the roof of The Galleries shopping centre in Washington, Tyne and Wear.

The system will comprise 1,317 individual photovoltaic panels, covering an area of 41,000 sq ft – equivalent to a professional football pitch - on an otherwise unused part of the centre.

Generating around 315,000 kilowatt-hours (kWh) of electricity– enough to power 68 UK households for a year, the project will save around 165 tonnes of carbon dioxide annually. As an indication of scale, one average car driven for 3,000 miles produces approximately one tonne of carbon dioxide. It is anticipated that 95-100 per cent of the electricity it produces will be consumed on site and ‘sold’ to the centre to repay the considerable upfront investment of its installation over time, with very little excess exported to the National Grid.

The news of this substantial investment follows the long-standing commitment by M&G Real Estate to improve the energy efficiency of its UK shopping centre portfolio. Other initiatives have included the roll-out of innovative energy monitoring systems, to better manage usage and limit energy wastage. At one of the centres in the portfolio, Manchester Arndale, the roll-out of innovative energy monitoring systems in partnership with specialists, EP&T, has seen electricity use drop by more than 30% since 2013 – which is enough saved energy to watch a TV continuously for 1,858 years!

John Duxbury, Head of Retail and Asset Management at M&G Real Estate, commented: “As a business, we are committed to reducing the amount of energy we use and to shifting the balance so
that our power comes from renewable sources more of the time. We achieved a 29 per cent energy reduction across the shopping centres that we have owned and managed since 2013, which represents a saving of over £600,000 for both our retailers and investor returns and helps us align with customers’ expectations.

“We are proud of this latest strategic investment at The Galleries that will set a new bar for environmental best practice. The creation of renewable energy from equipment installed in otherwise unused areas will help it become an exemplar centre nationally as it markedly lessens the demand for energy from carbon emitting sources.”

  • As a business, we are committed to reducing the amount of energy we use and to shifting the balance so that our power comes from renewable sources more of the time. We achieved a 29 per cent energy reduction across the shopping centres that we have owned and managed since 2013, which represents a saving of over £600,000 for both our retailers and investor returns and helps us align
    with customers’ expectations.

    We are proud of this latest strategic investment at The Galleries that will set a new bar for environmental best practice. The creation of renewable energy from equipment installed in otherwise 
    unused areas will help it become an exemplar centre nationally as it markedly lessens the demand for energy from carbon emitting sources.

    John Duxbury,  Head of Retail and Asset Management, M&G Real Estate

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Notes to Editors

About M&G Real Estate
M&G Real Estate is the real estate fund management arm of M&G and is one of the top 25 real estate fund managers in the world by assets under management, with over £25 billion invested in a broad spread of properties across Europe, North America and the Asia Pacific region (as of 30 June 2016). M&G Real Estate has a sector leading approach to responsible property management, and is committed to assessing and improving the sustainability performance of funds under management.

M&G is the investment arm of Prudential Plc in the UK, Europe and Asia. For more information please visit www.mandg.com/realestate

About M&G
M&G is an international active asset manager, investing on behalf of individuals and institutions for over 80 years. As of 30 June 2016 the firm manages over £255 billion of assets through a wide range of investment strategies across equities, bonds, property and multi asset.

This press release reflects the authors’ present opinions reflecting current market conditions; are subject to change without notice; and involve a number of assumptions which may not prove valid. It has been written for informational purposes only and should not be considered as investment advice or as a recommendation of any particular security, strategy or investment product. Past performance is not a guide to future performance. The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial Conduct Authority’s Handbook. They are not available to individual investors, who should not rely on this communication. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents.

M&G Real Estate is a business name of M&G Investment Management Limited and is used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under number 936683 with its registered office at Laurence Pountney Hill, London EC4R OHH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. M&G Real Estate Limited is registered in England and Wales under number 3852763 with its registered office at Laurence Pountney Hill, London EC4R 0HH.