Walker & Dunlop Secures €118M Refinancing for Ghent Office Campus
Event summary
- Walker & Dunlop arranged a €118.75M loan to refinance Zuiderpoort, a 63,000 sqm office complex in Ghent, Belgium.
- The deal was structured at 65% LTV with debt provided by a six-bank consortium.
- 40% of income is anchored by a 12-year lease with the AA-rated Belgian State.
- Proceeds will fund a fossil-fuel-free HVAC system and support ESG-focused upgrades.
The big picture
This refinancing highlights the growing institutional interest in sustainable, community-driven office assets. The €118.75M deal demonstrates strong appetite for well-leased properties with ESG credentials, particularly in secondary markets like Ghent. Walker & Dunlop's ability to secure competitive terms at 65% LTV suggests continued liquidity in European office financing despite broader sector challenges.
What we're watching
- ESG Execution
- Whether the fossil-fuel-free HVAC installation will enhance asset value and tenant retention.
- Market Demand
- The pace at which tech-driven demand sustains Ghent's office market growth.
- Debt Market Trends
- How this outlier European office financing impacts future deal structures.
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