Frasers Property Group Secures First Green Loan For Commercial Development Project In The UK

How The Rowe will look when it is finished Frasers Property UK has announced it has secured a GBP100 million five-year green revolving credit facility (“Green Loan”). The Green Loan will be used to finance the development of The Rowe, an ambitious commercial redevelopment in Whitechapel that has already attained BREEAM UK Interim Certificate: Design Stage “Excellent” rating. This is the Group’s first green development loan in the UK.

The Rowe is a redevelopment of the Aldgate Bauhaus in Whitechapel. Six additional storeys will be added to the building, while delivering a coherent and exciting new addition for the East End. Designed by RIBA Stirling Prize winning practice AHMM, it is undergoing a retrofit to transform its interior from a former educational institution to a modern open-plan workspace, retaining its 1960s façade and frame. A new eye-catching glass, steel and concrete six-story extension will double its space and presence. The new building will establish an increased total footprint of 162,000 sq. ft. of modern workspace and over 17,000 sq. ft. of outdoor terraces, including an exceptional communal roof garden that will be open all year round.

Climate conscious principles underpin every aspect of the scheme, including using sustainably sourced materials and installing resource efficient equipment throughout. On top of the BREEAM rating, the scheme is on track to achieve multiple other green certifications, including WELL, SmartScore and WiredScore. The Rowe will:-

  • Run on 100% renewable electricity and provide a 45% carbon emission reduction compared to a standard office building.
  • Windows have been designed to balance daylight, heat loss and heat gain.
  • Low energy lighting will be installed throughout the building.
  • Water efficient equipment and fixtures have been installed throughout.
  • The building is being constructed using sustainability sourced materials, prioritising low embodied carbon materials.


Martin Ratchford, Chief Financial Officer at Frasers Property UK, said: “As everyone knows, the way our customers want to occupy office space is changing. The period of intensely occupied floorplates, poor technology and unsustainable design principles is thankfully drawing to a close.

The Rowe under construction “People, quite rightly, want to be drawn back into flexible, vibrant, connected, and inspiring places. To be able to meet, collaborate and enjoy seamless technology, in a sustainable building. And employers seek a centre for brand, culture, and creativity. All this has been central to our design principles at The Rowe.

“Developing The Rowe is an important step for Frasers in achieving our goal to be net zero by 2050, and our ability to raise this £100m sustainability linked loan is key to being able to finance our portfolio with green and sustainable financing.”

The building was the former home to London Metropolitan University’s School of Art, Architecture and Design. Its former use has been a major source of inspiration for its retrofit and redevelopment, from interior design choices to artistic partnerships with University alumni and visual artist Yinka Ilori MBE, who will create a site-specific installation. The eye-catching work, visible from ground level placed on the sixth floor, will wrap around the building to unite the old and new.

It will welcome a public café and retail space to activate the ground floor, as well as a rooftop café / bar exclusively for occupiers and their guests. The building is planned to complete in Q3 2022, and this month celebrates its ‘topping out’.

Frasers Property is committed to achieving net-zero carbon by 2050 and to be climate resilient by establishing mitigation and adaptation plans by the end of this year. In the UK, the business is targeting net-zero carbon across operational areas of control by 2030, to certify 80% of its portfolio with green building certifications by 2024 and to finance most of its portfolio with green and sustainable financing.