Walker & Dunlop Arranges €118 Million Refinance for the Zuiderpoort Office in Belgium
Walker & Dunlop, Inc. announced today that it has arranged a €118,750,000 loan to refinance Zuiderpoort, an office complex in Ghent, Belgium.
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Zuiderpoort. Photo Credit: Blue Colibri Capital
Walker & Dunlop EMEA Capital Markets arranged the transaction on behalf of funds managed by Blue Colibri Capital. Claudio Sgobba, Jessica Bell, and Patrick Smith led the senior loan refinancing, with debt capital provided by a group of institutional banks.
The six-building, 10-storey property consists of approximately 63,000 square meters of rentable office space strategically located in Ghent. Since 2022, Zuiderpoort has been transformed from a traditional office property into an active tenant community through its innovative ‘social' approach, supporting tenant attraction and retention.
The transaction involved a refinancing of a multi-leased asset anchored by a strong tenant covenant, with the Belgian State (AA-rated) contributing 40% of income under a 12-year firm lease, delivering exceptional cash-flow stability. The financing will also be partially used to support the installation of a new state of the art HVAC system, enabling the building to become fossil-fuel free, giving the sponsor full flexibility to conclude its ESG-focused business plan while enhancing long-term asset value.
"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," said Sgobba, senior managing director, co-head EMEA Capital Markets at Walker & Dunlop. "This offering is distinctive within the European office market, and we are proud to have been selected to help bring this transaction to completion."
Zuiderpoort had already been repositioned into a highly sustainable, community-driven office campus through a comprehensive upgrade programme. The property achieved BREEAM Excellent and WELL Core Platinum certifications, supported by major investments in energy efficiency, water management, and building systems. Mobility and accessibility were enhanced through strong public transport connections, extensive bicycle infrastructure, LED implementation, and EV charging. These sustainability-led improvements are complemented by upgraded shared amenities, wellness offerings, and activated indoor and outdoor spaces, strengthening tenant engagement and supporting rental growth, with new leases achieving 25–30% premiums over 2020–2021 levels. In particular, a 3-year capex program has been performed within a fully occupied environment to provide the Belgian State with brand new office space in line with their newly developed new way of working guidelines and dynamic office policy.
"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," said Alim Vandeweyer, partner at Blue Colibri Capital. "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."
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
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