ING Stakes £67.1m Green Loan on PLP's 700,000ft² Nottingham Park

ING has handed PLP a £67.1 million green loan to build a 700,000ft² Grade A logistics park at Junction 27 of the M1 in Nottingham. For context, that's roughly ten football pitches of new distribution space at one of the UK's best-connected motorway junctions.

PLP Nottingham will deliver three units ranging from 69,000ft² to 459,000ft². The spec reads like an occupier wishlist: high-power capacity, generous yard depths and modern fittings throughout. The biggest unit, at 459,000ft², is squarely aimed at regional distribution users who need volume near the East Midlands' motorway web.

This is a first transaction between the two parties. PLP and its investors have also committed significant equity alongside the debt — a detail that matters, because it signals the developer is sharing risk rather than leaning entirely on the bank.

What does the deal change for occupiers?

Not much today, and that's rather the point. New Grade A supply at this scale remains scarce in the East Midlands, and speculatively funded projects have thinned out as construction costs and financing rates climbed. A funded scheme with three flexible size bands widens the options for occupiers from mid-box users to big-box regional players.

For 3PLs and retailers weighing Midlands consolidation, it adds a credible node at a junction that already serves the A38, A608 and the M1's freight spine. Location, in sheds, rarely deviates from cliché for long.

The green angle

ING has structured the facility as a green loan, tying the financing to developments that prioritise operational resilience and lower carbon emissions. The bank says it wants to support the industry's transition to a more sustainable built environment — a polite way of saying lenders now price sustainability credentials into real estate finance.

Sophie McGovern of ING's real estate finance team framed the deal as a template: "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."

She added: "We look forward to building our relationship with PLP over the coming years." Translation: expect more of these.

Sponsor and lender aligned

PLP's CFO James Deane kept his verdicts short and commercial. "This financing enables the delivery of a best-in-class logistics development in one of the UK's most important distribution locations," he said.

He also flagged the relationship's durability: "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."

That word — conviction — is doing real work. Development lending for warehouses tightened considerably through the recent rate cycle, and a fresh £67.1m commitment from a major bank suggests the financing window is reopening for schemes with the right sustainability credentials and the right postcodes.

The forward view

The equity-plus-debt structure and the green label point one way: lenders are favouring premium, energy-efficient stock in core logistics locations over speculative volume. Occupiers hunting Grade A space in the East Midlands just gained a funded option — and rival developers now know the price of admission.