Walker & Dunlop Arranges €118 Million Refinance for the Zuiderpoort Office in Belgium
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Zuiderpoort. Photo Credit:
Walker & Dunlop EMEA Capital Markets arranged the transaction on behalf of funds managed by
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
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
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