Cheyne Capital backs Nokera's timber factory in first German asset-based loan
What's the deal? Cheyne CapitalDealroom has a profile for this one. Try Dealroom → has provided a secured asset-based term loan to NokeraDealroom has a profile for this one. Try Dealroom → Green Factory GmbH, the German maker of prefabricated timber building components. The financing, structured under German law with asset-based lending (ABL) features, is secured against a portfolio of industrial manufacturing machinery.
What's the endgame? The loan will fund the ramp-up of Nokera's serial construction manufacturing. At its "Green Factory" near Magdeburg — around 116,000m² and described as the world's largest factory for serial timber construction — Nokera turns digital plans into prefabricated components delivered and assembled on site.
Why now? The deal marks Cheyne Capital's first asset-based lending transaction in Germany, extending its ABL strategy into a core European market. The capital came from Cheyne Strategic Value Credit, which targets a funding gap among European mid-market companies.
Baker McKenzieDealroom has a profile for this one. Try Dealroom → advised Cheyne Capital on the transaction. LB OprentDealroom has a profile for this one. Try Dealroom → acted as operating partner, with GLAS serving as facility agent and security agent.
The signal: "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, a partner in Baker McKenzie's banking and finance practice in Frankfurt. As traditional bank lending tightens, private credit funds are stepping in with structures backed by physical assets rather than earnings.
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