Walker & Dunlop Secures €118.75M, 65% LTV Refinance for Sustainable Ghent Office Campus
Walker & Dunlop arranged a €118.75 million refinancing for Zuiderpoort, a 63,000 sqm, six-building office campus in Ghent, securing a six-bank loan at 65% LTV with 40% of income under a 12-year Belgian State lease. Part of the proceeds will fund a fossil-free HVAC upgrade to enhance ESG performance.
1. Financing Structure
Walker & Dunlop’s EMEA Capital Markets team structured a €118.75 million senior loan at 65% LTV through a six-bank consortium, refinancing Zuiderpoort on behalf of funds managed by Blue Colibri Capital. The transaction secures 40% of the property’s income under a 12-year firm lease with the AA-rated Belgian State, ensuring cash-flow stability.
2. ESG Upgrades and Asset Value
Zuiderpoort spans six buildings and 63,000 square meters, and has achieved BREEAM Excellent and WELL Core Platinum certifications following investments in energy efficiency, water management, LED lighting, EV charging and activated indoor/outdoor spaces. Proceeds will fund a new state-of-the-art, fossil-fuel-free HVAC system to advance the sponsor’s ESG-focused business plan and boost long-term asset value.
3. Tenant Covenant and Market Positioning
Since 2022, the office campus has been repositioned into an active tenant community, driving new leases at 25–30% premiums over 2020–2021 levels. Enhanced public transport links, bicycle infrastructure, shared amenities and wellness offerings underpin tenant attraction and retention in Ghent’s tech-driven office market.