Investment Finance

Project North

€14 million loan for a DIY and sport focused retail complex with strong tenants in Amsterdam.

PolarReal has assisted Lenferink Groep Zwolle to refinance a mixed retail complex c.a. 26,000m2 GLA in Amsterdam Westpoort, which Lenferink Groep has acquired in 2019 and has successfully improved the tenancy situation by fully letting the c.a. 30% vacancy and extending and renegotiating leases with incumbent tenants. This has particularly highlighted the assets resilience during the Covid period. HypoNOE (Hypothekenbank NiederÖsterreich) was able to provide a fitting finance structure to replace the bridge financing used during the redevelopment and improvement period.

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The complex is leased to 15 tenants with a focus on DIY (including a strong presence of leading kitchen and bathroom suppliers) and a large sportswear and equipment store. Several sitting tenants have extended their leases and new leases were signed to reach 100% occupancy over the last 2 years, adding a home decoration store, a large extension to the sports store and an indoor children’s playhouse. On refinancing, the asset is 100% let with stable leases and a long WALR.

Investment loan based on new stable and sustainable tenancy pool

Working with HypoNOE, we were able to structure a financing that recognises the value added by Sponsor since 2019 by improving the asset and achieving a stable, long term letting level.

Loan Amount

€14 mio


Retail (DIY & Sport), Horeca

Key challenges

Lease up of vacant space during Covid19


Lenferink Groep Zwolle

Type of financing

Invesment Loan


Hypothekenbank NiederÖsterreich


Jul 2022

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