Walker & Dunlop secures €168m refinancing for Dutch office portfolio

Walker & Dunlop Capital Markets EMEA has arranged a €168.1 mln refinancing package for "Project Dutch Lion," a 19-asset office portfolio spanning eight municipalities across the Netherlands.

Claudio Sgobba

Led by Claudio Sgobba and Patrick Smith, the Walker & Dunlop team secured the financing from U.K. insurer Aviva Investors on behalf of global real estate investment firm Time Equities (TEI).

Closed at a 55% loan-to-value ratio, the transaction includes a €118 mln refinancing component alongside a €50 mln accordion facility to back future property acquisitions.

The 140,000 m2 portfolio is highly diversified across major and regional Dutch office hubs—including Amsterdam, Rotterdam, and Utrecht—and boasts a 90% occupancy rate across more than 65 tenants.

Walker & Dunlop ran a competitive bidding process among banks and insurance companies, ultimately selecting Aviva Investors for its optimal balance of leverage, pricing, structural agility, and execution certainty to support TEI's long-term asset management goals.

Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop, said: "“Successfully arranging long-term financing for a large-scale Dutch office portfolio in today’s market requires a lender that understands both the strength of the underlying real estate and the sponsor’s long-term business plan. Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognised the quality of the assets and TEI’s proven track record as an owner and operator, resulting in a financing solution that supports both the existing portfolio and future growth initiatives.”