Baker McKenzie has legally advised Cheyne Capital, a global alternative investment manager, on a secured asset-based financing for Nokera Green Factory GmbH. This transaction represents Cheyne Capital's first asset-based financing in Germany and aims to support the ramp-up of Nokera's serial manufacturing activities in the construction sector. The financing was structured under German law as a loan with asset-based lending (ABL) features, secured by a portfolio of industrial manufacturing machinery.
Matthias Töke, a partner in Baker McKenzie's Banking & Finance practice in Frankfurt, classified the transaction as a reflection of the continued growth of asset-based and alternative financing structures in the German Mittelstand. He noted that direct lenders and credit funds are increasingly providing capital secured not solely by cash flows, but also by operational assets. Töke emphasised the pleasure of having supported Cheyne Capital in developing an appropriate secured financing solution.
Nokera Green Factory: Serial Timber Construction
Nokera operates as a technology-driven construction company and focuses on the industrial production of timber construction elements for serial, sustainable residential building. The company's "Green Factory", located near Magdeburg, is described as the world's largest factory for serial timber construction, covering approximately 116,000 square metres. There, digital plans are converted into building elements through precise prefabrication, which are then delivered to the construction site and assembled.
This financing marks Cheyne Capital's expansion of its ABL strategy into the Central European market. The financing solution provided by Cheyne Strategic Value Credit (Cheyne SVC) underscores the ongoing relevance of private credit in the German market. This is particularly true for the implementation of innovative capital structures. The transaction further confirms Cheyne Capital's expertise in providing tailored asset-based financing solutions. Cheyne SVC offers constructive capital solutions to close the funding gap for European Mittelstand companies, supported by a broad origination network.
- —Advisers involved: Baker McKenzie (for Cheyne Capital)
- —Financier: Cheyne Strategic Value Credit
- —Borrower: Nokera Green Factory GmbH
- —Other parties involved: LB Oprent (Operating Partner), GLAS (Facility Agent and Security Agent)
The transaction was executed with the involvement of LB Oprent as Operating Partner and GLAS as Facility Agent and Security Agent. The strategic focus on asset-based financings and the utilisation of the German market by global investors such as Cheyne Capital underscore the dynamic development in the specialised financing sector.
