ING has provided PLP with a £67.1 million green loan to fund a c.700,000ft² Grade A logistics park at Junction 27 of the M1 in Nottingham.
PLP Nottingham will deliver three units, with sizes ranging from 69,000ft² to 459,000ft², combining high-power capacity, generous yard depths and modern specifications.
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.
By financing developments that prioritise operational resilience and lower carbon emissions, ING is aiming to help support the industry’s transition to a more sustainable built environment.
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.”
