ING provides £105m green loan for timber office scheme in London
ING has arranged a £105m green loan to finance the development of Xylo, a large timber-frame office project in central London, as demand for sustainable real estate financing continues to grow.
The loan will support Global Holdings’ redevelopment of 100 Grays Inn Road in Clerkenwell into a nine-storey office building, which is expected to become the UK’s largest all-timber frame office development when completed in the second quarter of 2028.
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ING said the financing reflects its focus on backing projects that combine lower carbon footprints with high-quality workspace. The building will incorporate carbon-sequestering timber, energy-efficient systems and low-emission materials, with the aim of significantly reducing both embodied and operational carbon.
Xylo will deliver around 97,000 sq ft of Grade A office space, alongside amenities including a rooftop garden, terraces, a café and cycle facilities designed to support active commuting.
The project is targeting high sustainability certifications, including LETI Pioneer, NABERS UK 5.5-star and BREEAM Excellent, with developers aiming to cut embodied carbon by around 50% compared with a typical London office and reduce operational emissions by up to 82%.
The green loan structure earmarks funds specifically for environmental objectives, highlighting continued appetite among lenders and developers for projects that can demonstrate measurable sustainability outcomes in the UK property market.
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