The Slovak developer Corwin successfully placed the second issue of its bonds on the market, selling out at Slovenská sporiteľňa – Slovakia’s largest bank – in under two weeks.
The proceeds will finance the company’s projects in Slovakia, Slovenia, and the Czech Republic. “We’re pleasantly surprised by the overwhelming interest in our bonds,” says Robert Mitterpach, CFO of Corwin. “The sale launched on 7 May and was originally planned to run until the end of the month. However, by 19 May, the entire issuance had been fully subscribed.”
According to Mitterpach, the strong demand reflects growing investor confidence not only in Corwin as a company but also in the Palma project in Bratislava, which serves as collateral for the bonds. “Slovakia currently offers a diverse landscape of investment opportunities. That’s why we view the high demand as a significant vote of confidence, especially in our flagship development, Palma,” he added.
The bonds, with a nominal value of €1,000 each, were purchased by both private and institutional investors. Corwin’s second bond issue raised a total of €23 million. The annual interest rate is 5.20 percent, payable on November 29 every year, with final maturity on November 29, 2029.
“Thanks to the success of this bond issue, we’re now better positioned to transform the Palma industrial brownfield into a vibrant urban district with high-quality urbanism. Surveys of residents and prospective homeowners have confirmed that the project is highly anticipated. They see it as an excellent place to live, not only due to its excellent transport connectivity and proximity to the city centre, but also to the Malé Karpaty mountain range. Investing in Palma is an investment in upgrading an entire micro-location,” Mitterpach explains.
The transformation of this former Bratislava brownfield into a “15-minute city” is currently Corwin’s flagship Slovak project. Spanning more than six hectares, Palma will create a new local hub offering residential, commercial, cultural, and recreational spaces. The master plan was designed by internationally renowned urbanists Jan Gehl and David Sim.
“We’re hopeful that in the coming months, we’ll be able to significantly accelerate the zoning change process for Palma. Both we and our neighbours–near and far – have made it clear through surveys that they want to see the revitalisation of this abandoned factory site begin as soon as possible,” concludes Mitterpach.
