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 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 improved occupancy rates to over 93%. A disposal programme was then undertaken to enable the return of equity capital to the original investors.