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The privately owned real estate group Proark has announced the launch of a new EUR 40 million bond issue. The issue will be carried out through its subsidiary Famkaa Invest ApS and structured as a senior unsecured bond with a 3.5-year tenor and a floating interest rate. There is also an option to tap an additional EUR 40 million.
The net proceeds from the transaction will be allocated to value-add projects in the Nordic region, including acquisitions of shares in property-owning companies and refinancing. A portion of the proceeds will also support the refurbishment and repositioning of Proark’s four-star hotel outside Paris, which is set to be rebranded under the Crowne Plaza flag in 2026.
With DKK 6 billion of assets under management and a pro forma loan-to-value ratio of 49%, Proark is well positioned to capture growth opportunities while maintaining a robust balance sheet.
“This bond issue is an important step in Proark’s strategy to strengthen and develop our portfolio. We focus on projects that create long-term value, both in the Nordics and internationally, and the bond market provides us with the flexibility to execute these plans,” says Michael Kaa Andersen, founder and owner of Proark.
SB1 Markets has been appointed Sole Bookrunner for the transaction.
The privately owned real estate group Proark, founded by Michael Kaa Andersen, recorded a revenue of DKK 540 million in 2024 and an EBITDA of DKK 127 million. Of this, DKK 123 million stemmed from core operations, and DKK 4 million from value adjustments. Net profit totalled DKK 60 million, impacted by rising interest rates and unsatisfactory performance across six UK hotels. As a result, the hotel manager was replaced in January 2025. The group ended the year with a robust balance sheet, a solvency ratio above 40%, and equity of DKK 1.6 billion.
“We don’t pursue growth for the sake of growth. Our focus is on improving profitability and realising the opportunities already within our portfolio. With our strong balance sheet, we are ready to act when the market conditions are right,” says Michael Kaa Andersen, founder and owner of Proark.
The first five months of 2025 have shown positive development. During this period, Proark completed a
comprehensive refinancing of short-term interest-bearing debt, strengthening the group’s financial resilience
and establishing a solid foundation for future growth.
“2025 is already off to a strong start. Hotel earnings are improving, and vacancy rates in our office and retail
properties are declining. This supports our expectation of an EBITDA in the range of DKK 130–160 million
for the full year,” says Søren Lykke, Co-CEO of Proark.
Strategic priorities 2025–2026
Proark is pleased to announce a strategic leadership transition as we welcome Julie Helweg and Søren Lykke as our new co-CEOs, effective August 1, 2024. This appointment is a key milestone in Proark’s growth and consolidation strategy, reinforcing our commitment to operational excellence, financial strength, and sustainability.
Julie Helweg will spearhead operational excellence across all owned assets, ensuring that Proark’s operations are optimized with a disciplined and structured approach. By leading initiatives in ESG, HR, communication, administration, and renewable energy, Julie will significantly contribute to Proark’s sustainability goals while fostering a collaborative environment that empowers high performance and innovation.
Søren Lykke will lead Proark’s financial strategy, focusing on finance, accounting, refinancing, and capital raising. His deep expertise in strategic financial management, particularly in M&A, plays a pivotal role in strengthening Proark’s financial foundation and fuelling the company’s growth trajectory. Søren’s forward-thinking approach is crucial for navigating today’s complex financial landscapes.
Together, Julie and Søren will shape Proark’s overall strategy, ensuring a cohesive and forward-looking approach. Their combined expertise and shared vision are set to drive Proark’s mission to new heights, delivering exceptional value to our stakeholders while prioritising innovation and sustainability.
In addition to the new leadership structure, Allan Jacobsen will continue as an integral part of Proark’s leadership team, taking on the visionary role of leading our hospitality division. His ongoing contributions will be key in enhancing this sector, leveraging his extensive experience to expand and innovate.
This leadership transition represents an exciting new chapter for Proark as we continue to build on our strong foundation and pursue new opportunities. With Julie and Søren at the helm, Proark is well-positioned to navigate the future with confidence and agility, ensuring sustainable growth and long-term success.
Join us in welcoming Julie, Søren, and Allan in their new roles as we embark on this exciting next phase of Proark’s journey.
12 August 2024
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