The invention relates to an infra-red reflecting layered structure comprising a transparent substrate layer; a first metal oxide layer; a first silver containing layer, a second metal oxide layer; a second silver containing layer and a third metal oxide layer. The first, second and third metal oxide layer have a refractive index of at least 2.40 at a wavelength of 500 nm. The layered structure according to the present invention laminated on glass has a visual light transmittance (VLT) higher than 70% and a solar heat gain coefficient (SHGC) lower than 0.44. The invention further relates to the use of a layered structure as a transparent heat-mirror.