Walker & Dunlop arranged a €118.75 million loan to refinance the Zuiderpoort office complex in Ghent, Belgium. The six‑building, 10‑storey property covers roughly 63,000 square metres of rentable office space and is owned by Blue Colibri Capital. The loan is being provided by a six‑bank consortium on behalf of the sponsor, with a loan‑to‑value ratio of 65%.
The refinancing includes a 12‑year firm lease that anchors 40 % of the income to the Belgian State, which carries an AA credit rating. The capital will also fund a new HVAC system that will make the complex fossil‑fuel free, reinforcing the building’s BREEAM Excellent and WELL Core Platinum certifications and supporting the sponsor’s ESG strategy. The deal’s structure and the inclusion of a state‑backed lease component are designed to secure favourable financing terms in a market that has seen limited activity for high‑profile office assets.
Walker & Dunlop’s successful completion of this transaction marks a notable outlier in the current European office market, which has been characterised by high vacancy rates and cautious lenders. The deal demonstrates the firm’s growing presence in Europe and its ability to secure large, structured loans for sustainable properties, even in a challenging environment. It also highlights the increasing importance of ESG credentials in real‑estate financing, as lenders and investors place greater emphasis on carbon‑neutral operations and high‑performance building certifications.
"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," said Claudio Sgobba, Senior Managing Director and Co‑Head of EMEA Capital Markets at Walker & Dunlop.
The refinancing not only strengthens Blue Colibri Capital’s asset portfolio but also positions the Zuiderpoort complex as a benchmark for sustainable office development in Belgium. By securing a long‑term, state‑backed lease and investing in a fossil‑fuel‑free HVAC system, the sponsor is poised to attract premium tenants and command higher rental rates, thereby enhancing long‑term value for investors.
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