Walker & Dunlop has arranged a €118,750,000 loan to refinance Zuiderpoort, a prominent office complex in Ghent, Belgium.
The transaction was led by Walker & Dunlop’s EMEA Capital Markets team on behalf of funds managed by Blue Colibri Capital. Claudio Sgobba, Jessica Bell, and Patrick Smith spearheaded the senior loan refinancing, with debt capital provided by a consortium of six institutional banks.
Located in Ghent, Zuiderpoort comprises six buildings, each rising 10 storeys, and offers approximately 63,000 square meters of rentable office space. Since 2022, the asset has undergone a repositioning from a traditional office property into an active tenant-focused campus built around a “social” concept aimed at strengthening tenant attraction and retention.
The refinancing involves a multi-let property anchored by a strong tenant covenant. The Belgian State, which carries an AA credit rating, accounts for 40% of income under a 12-year firm lease, providing long-term cash flow stability. A portion of the financing will fund the installation of a new state-of-the-art HVAC system, enabling the building to become fossil-fuel free and allowing the sponsor to complete its ESG-focused business plan while enhancing long-term asset value.
The loan closed at 65% loan-to-value through a six-bank consortium at what the company described as a highly competitive spread, standing out in the current European office financing market.
Zuiderpoort has been comprehensively upgraded into a sustainability-driven office campus. The property achieved BREEAM Excellent and WELL Core Platinum certifications following significant investments in energy efficiency, water management, and building systems. Mobility and accessibility enhancements include strong public transport links, expanded bicycle infrastructure, LED lighting implementation, and electric vehicle charging facilities.
These environmental improvements are complemented by upgraded shared amenities, wellness offerings, and activated indoor and outdoor spaces designed to increase tenant engagement and support rental growth. New leases have been signed at premiums of 25–30% over 2020–2021 levels. Notably, a three-year capital expenditure program was executed while the property remained fully occupied, delivering newly designed office space for the Belgian State aligned with its updated workplace guidelines and dynamic office policy.
Walker & Dunlop, listed on the New York Stock Exchange under the ticker WD, is one of the largest commercial real estate finance and advisory services firms operating in the United States and internationally.
KEY QUOTES:
“The deal was completed through a successful six-bank consortium at 65% LTV and a highly competitive spread. This was an exceptional outcome in the European office financing market and a true outlier result achieved through significant effort. This offering is distinctive within the European office market, and we are proud to have been selected to help bring this transaction to completion.”
Claudio Sgobba, Senior Managing Director, Co-Head EMEA Capital Markets, Walker & Dunlop
“When we visited the property five years ago, we immediately saw the significant potential to create a truly different office experience that would offer a unique value proposition for tenants while proving that existing buildings can be brought to the highest levels of environmental performance. The Ghent office market, as we believed initially, has continued to show tremendous growth, which is expected to continue, with a significant demand coming from the Tech industry. W&D has been instrumental in the successful outcome of this refinancing and the quality and dedication shown by the whole team was highly appreciated.”
Alim Vandeweyer, Partner, Blue Colibri Capital
