In July 2016 Arcona Capital took over the management of 10 closed-end funds in the Netherlands holding 15 commercial real estate assets on behalf of ca. 700 private investors. The occupancy rates of the assets averaged 72% and the debt obligations substantially exceeded the total value of the portfolio. Within 28 months all the fund entities were restructured into a new structure (AC Vastgoed Nederland C.V.) to permit cross-collateralization of obligations and the existing debt (from 3 separate banks) was paid off at a substantial discount. New debt finance was arranged at portfolio level and a focussed asset management programme to improve occupancy. A disposal programme is now under way to enable the return of equity capital to the original investors. 6 buildings have been sold successfully since September 2019.