Walker & Dunlop Arranges $191 Million Refinancing for Time Equities' Dutch Office Portfolio
Walker & Dunlop Capital Markets EMEA has arranged a $191 million (€168.14 million) refinancing for Project Dutch Lion, a diversified portfolio of 19 office assets spanning approximately 1.5 million square feet across eight municipalities in the Netherlands, the firm announced June 29.
The financing was arranged on behalf of Time Equities (TEI), a privately held global real estate investment, development, and asset management company headed by Francis Greenburger. Aviva Investors, the global asset management business of UK-based insurer Aviva plc, provided the debt capital. The transaction closed at 55% loan-to-value.
Deal Structure and Capital Stack
The total facility comprises two components: a $134.5 million (€118 million) refinancing tranche to replace existing debt, and a $57 million (€50 million) accordion facility earmarked for future acquisitions and portfolio growth.
Walker & Dunlop conducted a broad financing process involving both banks and insurance companies active in the Dutch office sector. Following competitive lender engagement, Aviva Investors was selected based on its ability to provide what the firm described as the most attractive combination of leverage, pricing, structural flexibility, and certainty of execution.
The deal was led by Claudio Sgobba, senior managing director and co-head of Capital Markets EMEA at Walker & Dunlop, and Patrick Smith.
"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," said Claudio Sgobba. "Project Dutch Lion represents a highly diversified portfolio with strong occupancy, substantial government-backed income, and excellent sustainability credentials. Aviva Investors recognized 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."
Portfolio Overview: Geography, Tenancy, and Occupancy
Project Dutch Lion encompasses approximately 1.5 million square feet of net internal area across 19 office assets located throughout the Netherlands. The portfolio spans eight municipalities, including Amsterdam, The Hague, Utrecht, Rotterdam, Arnhem, Apeldoorn, and other established regional office markets.
The portfolio reported occupancy of approximately 90% at the time of the transaction, with more than 65 tenants drawn from government, professional services, healthcare, technology, logistics, and other sectors. The portfolio benefits from significant geographic and tenant diversification.
Sustainability Credentials
Sustainability performance was a central element of the financing. All 19 assets in the portfolio hold Dutch energy ratings of A or higher, with more than half achieving A+ or better. The source states these credentials far exceed the Netherlands' minimum office energy requirements. Time Equities has invested in building upgrades, amenity enhancements, and operational improvements across the portfolio designed to support tenant retention, leasing velocity, and long-term asset relevance.
Aviva Investors explicitly tied its participation to the portfolio's sustainability profile. "As we continue to grow our activity in Europe, we are focusing on engaging with high-quality sponsors which can combine a longer-term investment horizon with a strong focus on energy efficiency and sustainability, making assets relevant further into the future. We think Time Equities is an excellent example of this and we are delighted to be working with it on this refinancing," said Gregor Bamert, head of Real Estate Debt at Aviva Investors.
Time Equities' European Strategy
For Time Equities, the refinancing is intended to support a broader European growth strategy. The company signaled plans to be active in the Netherlands, Belgium, and the United Kingdom in the near term.
"This financing demonstrates Time Equities' continued growth and long-term investment strategy in Europe. We are most excited about Aviva's interest in lending against our growing portfolio in Europe," said Aaron Medeiros, director at TEI. "We expect to be very active in the coming year with a focus specifically in the Netherlands, Belgium, and the UK. Claudio Sgobba and Patrick Smith not only met our financing objectives but exceeded in both terms and quality of lender with a new institutional lending relationship with Aviva."
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Its Capital Markets EMEA platform arranged the transaction on behalf of the borrower.
Sources
Walker & Dunlop — Office Portfolio Throughout Netherlands (June 29, 2026)