Walker & Dunlop announced that its Capital Markets EMEA team arranged a $191 million (€168.14 million) refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets across eight municipalities in the Netherlands.
The financing was arranged on behalf of Time Equities, a privately held global real estate investment, development, and asset management company led by Francis Greenburger. The debt capital was secured from Aviva Investors, the global asset management business of U.K.-based insurer Aviva.
The transaction closed at 55% loan-to-value and includes a $134.5 million (€118 million) refinancing, along with a $57 million (€50 million) accordion facility for future acquisitions and portfolio growth.
Project Dutch Lion includes about 1.5 million square feet of net internal area across 19 office assets in Amsterdam, The Hague, Utrecht, Rotterdam, Arnhem, Apeldoorn, and other established regional office markets in the Netherlands. The portfolio has approximately 90% occupancy and includes more than 65 tenants across government, professional services, healthcare, technology, logistics, and other sectors.
Walker & Dunlop conducted a broad financing process involving banks and insurance companies active in the Dutch office sector. Aviva Investors was selected based on its combination of leverage, pricing, structural flexibility, and certainty of execution.
The refinancing replaces existing debt and gives Time Equities additional flexibility to execute its long-term asset management strategy. The accordion facility also supports potential future acquisitions and portfolio expansion.
Sustainability has been a key part of the portfolio’s value creation strategy. All assets in the portfolio hold Dutch energy ratings of A or higher, with more than half rated A+ or better. These ratings exceed the Netherlands’ minimum office energy requirements and position the portfolio favorably as tenants continue to prioritize energy-efficient workplaces.
Time Equities has also invested in building upgrades, amenity enhancements, and operational improvements to support tenant retention, leasing activity, and long-term asset relevance.
The transaction was led by Claudio Sgobba and Patrick Smith of Walker & Dunlop.
KEY QUOTES:
“Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan. Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives.”
Claudio Sgobba, Senior Managing Director and Co-Head of Capital Markets EMEA at Walker & Dunlop
“This financing demonstrates Time Equities’ continued growth and long-term investment strategy in Europe. We are most excited about Aviva’s interest in lending against our growing portfolio in Europe. We expect to be very active in the coming year with a focus specifically in the Netherlands, Belgium, and the UK. Claudio Sgobba and Patrick Smith not only met our financing objectives but exceeded in both terms and quality of lender with a new institutional lending relationship with Aviva.”
Aaron Medeiros, Director at Time Equities
“As we continue to grow our activity in Europe, we are focusing on engaging with high-quality sponsors which can combine a longer-term investment horizon with a strong focus on energy efficiency and sustainability, making assets relevant further into the future. We think Time Equities is an excellent example of this and we are delighted to be working with it on this refinancing.”
Gregor Bamert, Head of Real Estate Debt at Aviva Investors
