Developer Corwin has completed its first bond issuance of the year, raising €20 million. The proceeds will be used to develop projects in Ljubljana, Prague, and Bratislava.
The securities were placed through Slovenská sporiteľňa and were fully subscribed before the end of the sales period. "As with last year's issuance, the entire volume was sold ahead of schedule. This confirms that Corwin is perceived as a trustworthy company and that our projects are valued by investors," says Robert Mitterpach, CFO of Corwin.
The bonds, with a nominal value of €1,000, were purchased by both private and institutional investors. They carry an annual interest rate of 5.25%, payable on August 2 each year, with maturity set for August 2, 2030.
The issuance is secured by Corwin's assets, specifically selected plots of land within the Kolinska project in Ljubljana. Kolinska is comparable to Bratislava's Palma project and the Dvory Vysočany project in Prague. All involve the transformation of former industrial sites into residential developments with more than 1,000 apartments that combine housing with public and commercial spaces.
This marks Corwin's third bond issuance to date. "These investments have helped position us among the most significant developers in Slovenia. Our strategy has proven effective: we focus on projects with added value, which is also reflected in the repeated interest in our bonds," Mitterpach adds. The company has projects in its pipeline worth more than €2 billion. Once completed, they will deliver over 5,000 apartments across three countries, with the majority located in Ljubljana and Prague.
