ING provides £67.1m green loan for PLP’s flagship Nottingham logistics park
ING has provided PLP with a £67.1m green loan to fund a major c.700,000 sq ft Grade A logistics park at Junction 27 of the M1 in Nottingham.
Fronting Junction 27 of the M1, the development can reach more than 80% of the UK population within a four hour drive time. Its location puts it at the heart of the East Midlands, one of the UK’s strongest logistics markets, with direct access to national distribution networks and East Midlands Airport.
PLP Nottingham will deliver three units, with sizes ranging from 69,000 sq ft to 459,000 sq ft, and meet rising demand from major UK and international occupiers for sustainable, energy-efficient logistics space, combining high-power capacity, generous yard depths and modern specifications.
Sophie McGovern, Real Estate Finance, ING said: “We’re delighted to be working with PLP on our first transaction together. This development combines a best-in-class location, strong sustainability credentials and a highly experienced sponsor. It is an excellent example of the type of logistics asset we are keen to support, and we look forward to building our relationship with PLP over the coming years.”
The deal marks ING’s first transaction with PLP, a specialist developer and investment manager of UK logistics real estate, which has delivered around 9 million sq ft of logistics space across 40 developments since inception.
James Deane, PLP CFO, said: “This financing enables the delivery of a best-in-class logistics development in one of the UK’s most important distribution locations. We are pleased to be establishing a relationship with ING and partnering with a lender that shares our long-term conviction in the logistics sector and our commitment to sustainable development.”
PLP and its investors have committed significant equity alongside the financing, underlining their confidence in the project and alignment with ING as a lending partner.
The financing strengthens ING’s position as a leading lender to the logistics and real estate sectors and reflects ING’s continued commitment to supporting the development of high-quality, sustainable logistics assets across the UK.
Logistics remains a key sector for the bank, supported by long-term trends including e-commerce growth, supply chain modernisation and increasing demand for energy-efficient facilities.
By financing developments that prioritise operational resilience and lower carbon emissions, ING is helping to support the transition to a more sustainable built environment while backing infrastructure that is critical to the UK’s economy.
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