Deutsche Hypo Provides €75 Million Financing to Zadelhoff for Five-Property Amsterdam Office Portfolio
Deutsche Hypo – NORD/LB Real Estate Finance has provided Dutch real estate investor and asset manager Zadelhoff with a €75 million financing facility for a five-property office portfolio in Amsterdam, the lender announced Oct. 6, 2026.
The 10-year loan is secured by the municipally listed Havengebouw in Amsterdam city centre and four office properties on De Boelelaan and Antonio Vivaldistraat in Zuidas, one of the city's principal business districts. PPREF, identified as the Real Estate Debt & Capital advisor, worked on the transaction.
Zadelhoff Portfolio Includes Havengebouw and Four Zuidas Offices
The Havengebouw occupies a waterfront location on the IJ within walking distance of Amsterdam Central Station. The building, at De Ruijterkade 7, was designed by Dutch architect Willem Dudok and completed in 1960. It provides approximately 11,700 square metres of office space.
Zadelhoff extensively refurbished the property in 2021. The work included installation of a thermal energy storage system, known in the Netherlands as a WKO system. The building operates without natural gas and currently holds an A+ energy label.
The four Zuidas properties benefit from good accessibility by public transport and car. Antonio Vivaldistraat 2-8, which was completed in 1966, serves as Zadelhoff's headquarters. De Boelelaan 28 and 30, both completed in 1967, are also part of the portfolio. The properties hold energy labels ranging from A to A+++, with the exception of Boelelaan 28, which holds an energy label C. Further energy-efficiency measures are planned for that property.
Deutsche Hypo and Zadelhoff Comment on the Financing
Bart Bruggeman, CFO of Zadelhoff, said: "I am very pleased with another financing together with Deutsche Hypo of five objects in our group. The fast, pragmatic and flexible approach of Deutsche Hypo during the financing process and the terms and conditions of this 10 year loan, are giving Zadelhoff a lot of comfort for the future ahead."
Martijn Turenhout, Senior Director at Deutsche Hypo – NORD/LB Real Estate Finance, said: "The best transactions are those where all parties are working towards the same goal. Thanks to the constructive cooperation with both Zadelhoff and Real Estate Debt & Capital advisor PPREF, the financing process went particularly smoothly. We are proud of the result achieved and greatly appreciate the trust Zadelhoff has placed in us."
Amsterdam Office Market Context
The financing comes as Amsterdam's office market shows a split between prime, energy-efficient buildings and older or less efficient stock. Amsterdam office vacancy rose slightly to 9.6% in the second quarter of 2026, while prime rent increased to €625 per square metre per year. First-half investment volume reached €272.5 million, and prime net initial yields were approximately 4.75%.
Prime gross initial yields were approximately 5.0% to 5.2% at the end of the first half of 2026. Amsterdam accounted for roughly 38% of G5 office investment in 2025. Prime vacancy in major Dutch business districts has been below 5%, and Zuidas rents have moved above €650 per square metre in some market assessments. Limited new development has constrained the supply of modern, high-quality offices.
Portfolio Positioning
The portfolio combines a recently refurbished, highly rated city-centre asset with Zuidas buildings in Amsterdam's principal business district. The C label at De Boelelaan 28 is materially lower than the A to A+++ range of the other properties, and further energy-efficiency measures are planned for the building. At €75 million, the facility equates to approximately €6,410 per square metre against the Havengebouw's floor area alone.
Sources
Deutsche Hypo: Deutsche Hypo supports Zadelhoff with financing for prime Amsterdam office portfolio