Tunstall Real Estate Asset Management continues to build a pan-European real estate platform, buying a portfolio of Dutch commercial real estate loans for a new fund.

Tunstall, established last November by Stifel investment banker Roger Clarke, said it had invested €31.7m in five loans for DPO Fund 1.

The fund, which focuses on “discounted payoff debt” in the Netherlands, has attracted €55m from international investors in a first close.

It is Tunstall’s first credit fund and was set up to facilitate the restructuring of non-performing loans held against otherwise performing assets.

Clarke, who founded Tunstall in affiliation with European property investment firm M7 Real Estate, said: “The loans we have acquired are backed by a strong portfolio of properties owned by a well-respected and very capable sponsor who will now be free to undertake a number of value accretive asset management initiatives.”

The 20 underlying properties are spread across the Northern region of the Netherlands and are mainly office properties plus some warehouse and retail assets.

Clarke said there is great demand from owners and borrowers of non-performing loans for refinancing solutions. “Our current pipeline is testament to that,” he said.

In June, Tunstall joined forces with private equity firm Starwood to buy the housing and regeneration specialist company Pinnacle.