JOOL advises on SEK 530 m debt restructuring to CapRate

JOOL Corporate Finance AB has acted as corporate finance advisor to CapRate in connection to the restructuring of debt issued by Koggbron AB and Malmö Katrinelund 27 AB, totalling a volume of SEK 530 m.

CapRate, a Berlin-based property developer, acquired the Katrinelund Center project from the Koggbron group in November 2020. Subject to bondholder approval, proposed amendments to the terms and conditions of the issued bonds in connection to the acquisition were approved by bondholders in December.

CapRate has a strong international track record of developing residential and commercial real estate in continental Europe and the Nordics. CapRate’s vision is to develop Malmö's finest student campus on the Katrinelund properties, with up to circa 700 apartments and common areas such as restaurants and sports facilities. In total, CapRate expects to invest a further SEK 700-800 m in order to complete the project.

“Throughout the past few years, JOOL has worked continuously together with Intertrust, Angermann and Roschier law firm toward the common goal of maximizing investor value recovery. Realizing this acquisition represents a major milestone in the multi-year effort to protect asset values and secure the best possible deal terms with all bondholders taken into account”, says Tom Olander, JOOL CEO and co-founder.