Baker McKenzie has advised Cheyne Capital, the global alternative investment manager, on a secured asset-based term loan financing provided to Nokera Green Factory GmbH. The transaction, Cheyne Capital’s first asset-based lending deal in Germany, will support the ramp-up of Nokera’s serial construction manufacturing operations.
The financing is structured as a German law term loan facility with asset-based lending (ABL) features, secured against a portfolio of industrial manufacturing machinery.
“The Nokera financing reflects the continued growth of asset-based and alternative lending structures in the German mid-market, where direct lenders and credit funds are increasingly deploying capital secured against operating assets rather than cashflows alone,” said Matthias Töke, partner in Baker McKenzie’s Banking & Finance practice in Frankfurt. “We were particularly pleased to support Cheyne Capital in structuring a robust secured lending solution.”
Nokera is a technology-led construction company that industrially manufactures timber building components for serial, sustainable housing. At its “Green Factory” near Magdeburg — at around 116,000 square meters, described as the world’s largest factory for serial timber construction — Nokera turns digital plans into high-precision prefabricated components delivered and assembled on site.
As Cheyne Capital’s first asset-based lending transaction in Germany, the financing marks the expansion of the firm’s ABL strategy into a core European market. The financing solution provided by Cheyne Strategic Value Credit (Cheyne SVC) demonstrates the continued relevance of private credit in the German market, particularly when it comes to implementing innovative capital structures. It also reflects Cheyne Capital’s strong track record in delivering tailor-made asset-based financing solutions. Cheyne SVC provides constructive capital solutions to help address the observable funding gap in European mid-market corporates, with a robust deal pipeline sourced through its expansive origination network across Europe.
LB Oprent acted as operating partner and GLAS as facility agent and security agent on the transaction.
Legal advisor to Cheyne Capital:
Baker McKenzie
Lead: Banking & Finance: Matthias Töke (partner, Frankfurt)
Team: Banking & Finance: Markus Wolf (partner, Zurich), Saskia Ilzhoefer (associate, Frankfurt), Alisa Tannert (associate, Frankfurt)
Tax: Andrea B. Bolliger (counsel, Zurich), Fidan Erbay (tax specialist, Zurich)
The financing is structured as a German law term loan facility with asset-based lending (ABL) features, secured against a portfolio of industrial manufacturing machinery.
“The Nokera financing reflects the continued growth of asset-based and alternative lending structures in the German mid-market, where direct lenders and credit funds are increasingly deploying capital secured against operating assets rather than cashflows alone,” said Matthias Töke, partner in Baker McKenzie’s Banking & Finance practice in Frankfurt. “We were particularly pleased to support Cheyne Capital in structuring a robust secured lending solution.”
Nokera is a technology-led construction company that industrially manufactures timber building components for serial, sustainable housing. At its “Green Factory” near Magdeburg — at around 116,000 square meters, described as the world’s largest factory for serial timber construction — Nokera turns digital plans into high-precision prefabricated components delivered and assembled on site.
As Cheyne Capital’s first asset-based lending transaction in Germany, the financing marks the expansion of the firm’s ABL strategy into a core European market. The financing solution provided by Cheyne Strategic Value Credit (Cheyne SVC) demonstrates the continued relevance of private credit in the German market, particularly when it comes to implementing innovative capital structures. It also reflects Cheyne Capital’s strong track record in delivering tailor-made asset-based financing solutions. Cheyne SVC provides constructive capital solutions to help address the observable funding gap in European mid-market corporates, with a robust deal pipeline sourced through its expansive origination network across Europe.
LB Oprent acted as operating partner and GLAS as facility agent and security agent on the transaction.
Legal advisor to Cheyne Capital:
Baker McKenzie
Lead: Banking & Finance: Matthias Töke (partner, Frankfurt)
Team: Banking & Finance: Markus Wolf (partner, Zurich), Saskia Ilzhoefer (associate, Frankfurt), Alisa Tannert (associate, Frankfurt)
Tax: Andrea B. Bolliger (counsel, Zurich), Fidan Erbay (tax specialist, Zurich)
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