Current opportunity · Yield Capital · Croatia and Munich
A stake in five Koykan restaurants that already earn.
An investment in the permanent Koykan Yield Company, Koykan Drava d.o.o. (future name: Koykan Hospitality d.o.o.),
which uses the proceeds of this round to acquire co-ownership in established Koykan restaurants. You invest through a bond convertible into business shares or, once the company has become a d.d., into shares.
Operating partners run the restaurants day to day to Koykan standards, and
the company depends on their results. The portfolio consists of five locations, four established Croatian restaurants and our first German restaurant in Munich (PEP), which has already proved a strong source of yield in its first weeks of trading, and it grows through the acquisition of new established restaurants. Until conversion, the bond carries fixed interest, and after conversion the return comes through dividend payments, in line with results achieved and a decision of the general meeting. A lower risk profile than the growth channel.
8–12%
Indicative average annual return through dividends
from EUR 5,000
Minimum investment for retail investors through this channel
Offers of up to EUR 2 million (subscription from EUR 5,000) and up to EUR 1.5 million (subscription from EUR 50,000) · Registration of interest opens 21 October 2026 · Targeted close in Q4 2026 · Issuer Koykan Drava d.o.o. · Registered with SKDD
In 30 seconds
The investment opportunity in plain words.
Five Koykan restaurants, four in Croatia (two in Zagreb, Zadar, Split) and one in Germany (Munich), are profitable. We have set up the Yield Company, which uses the proceeds of this round to acquire co-ownership in those restaurants, and which offers you a bond with a right of conversion into business shares or shares. As a co-owner, you are entitled to a share of profit through the payment of a dividend, which the general meeting decides on. The stake you acquire depends on the conversion ratio, which is set by reference to the value of the company no later than 31 December 2027.
The earnings of the restaurants are shared with shareholders through a dividend decided on by the general meeting, with a target of an average annual return of 8% to 12% on the amount invested (an estimate, not guaranteed). The portfolio grows over time: the company acquires new established restaurants built by the Koykan Growth Company.
The minimum investment is EUR 5,000. By investing in the Yield Company you do not wait for construction and do not take on the risk of a new opening failing: you are investing in something that already demonstrably works. How do you technically become a co-owner? Through a bond with a right of conversion into business shares or, following the company’s conversion into a d.d., into shares. We explain this further down the page at #kako-funkcionira.
The investment opportunity at a glance
You invest in what is already profitable, not in construction.
The Koykan Yield Company mirrors the Koykan Growth Company: while the Growth Company builds new restaurants, the Yield Company buys established ones and holds them for the long term. The Yield Company’s portfolio starts with five locations, four established Croatian restaurants and one German, which already earn, and grows over time as new ones are acquired. For professional investors, the Group is preparing to establish an alternative investment fund (AIF) in the Netherlands. The fund has not yet been established. Its establishment depends on approval from the competent authority, and it is not part of this offer.
5 locations already trading
Arena Centar and Tkalčićeva in Zagreb, Supernova in Zadar, City Center one in Split and PEP in Munich: restaurants that are already trading and earning.
Target after conversion: 8–12% per year (an estimate, not guaranteed)
An indication of the average annual return through dividends, derived from the expected results of these five locations in 2027.
Stake based on valuation
The stake that investors acquire through conversion depends on the value of the company determined no later than 31 December 2027. Operating partners run the restaurants day to day to Koykan standards.
Minimum investment: EUR 5,000
The nominal value of one bond is EUR 1,000, and the minimum subscription is EUR 5,000, or five bonds, through this public channel.
A calmer risk profile
The locations are already trading, so results are more predictable than during construction. Risk remains, but the profile is calmer than that of the growth channel. The dividend is paid out of the actual profit of restaurants that are already trading, and Koykan has a clean record of payments to its investors.
Dividend after conversion
You are entitled to a dividend from the point of conversion. The general meeting decides on payment, and the amount depends on results and is not guaranteed.
What you are buying
Five locations that already trade, a portfolio that grows.
You are buying a stake in a portfolio with a trading history and profitable results, not a project under construction. The Yield Company is permanent: it acquires new established locations from the Koykan Growth Company under the published platform formula, once an independent firm has confirmed 12 months of stable earnings and checked the price, so the portfolio, and with it the base for the dividend, grows from cycle to cycle.
Arena Centar, Zagreb
A location in the busiest shopping centre in Croatia.
Tkalčićeva, Zagreb
A location in the centre of Zagreb, on one of the busiest streets in the city.
Supernova, Zadar
A location in the leading shopping centre in the Zadar area.
City Center one, Split
A location in the largest shopping centre in Split.
PEP, Munich
The first Koykan restaurant in Germany, in the high-footfall PEP shopping centre (Neuperlach). In its first weeks of trading it has already shown strong revenue and stable operation, with little competition and limited room for new entrants.
EUR 500,000–1,250,000
Annual revenue per location in the Koykan network, the base from which the dividend is funded.
> EUR 90,000
Annual EBITDA per location, after all operating costs.
Since 2012
Since then, Koykan has been building its brand, technology, franchise concept and network of locations: fourteen years of operating experience behind this programme.
Put your questions to our team. We answer personally, in plain language and with no obligation on your part: an expression of interest is for information, not a subscription.
Indication of the return on the concept presented
Expected average annual return after conversion: 8–12% (an estimate, not guaranteed).
After conversion, the return comes through dividend payments out of the portfolio’s results, as decided by the general meeting. The range is derived from the expected results of the five locations in 2027 and the company’s costs. 2027 is the first full financial year of the portfolio in this composition. The amount depends on the results achieved and is not guaranteed.
Illustrative annual return
EUR 10,000 invested → 8–12% a year → ~EUR 800–1,200 a year
An illustration of the mechanics, not a promise of return. The amount depends on the business results of the portfolio and carries risk. The tax treatment depends on the investor’s status.
Two entry thresholds: from EUR 5,000 (8% interest) · from EUR 50,000 (10% interest).
Koykan Drava d.o.o. offers up to EUR 2 million (subscription from EUR 5,000) and up to EUR 1.5 million (subscription from EUR 50,000).
Forward-looking statement
The return range stated is based on current assumptions and indicates the potential of the concept presented. It is not an offer, an invitation to invest or a recommendation. Actual results may differ. The material assumptions and risks are described in the issue documentation.
Exit and liquidity
Dividends first, with liquidity on the exchange.
This is a long-term investment for an annual return. After conversion, the shares are admitted to trading on the Progress Market of the Zagreb Stock Exchange, which is the intended main route to exit, and liquidity is built further through several mechanisms. All of them are possibilities, not guarantees.
Annual return
The core return mechanism: an annual dividend out of the portfolio’s results, with the shares held for the long term.
Sale on the exchange
Once listed, the shares can be sold on the Progress Market of the Zagreb Stock Exchange at the market price, as simply as any other share. After two years’ holding, a capital gain is generally not taxable for individuals.
Share buyback programmes
From time to time the company may publish a buyback offer, offering to buy back your shares for cash under rules published in advance. This is an additional route to exit alongside the exchange: an option, not an obligation.
Long-term scenarios
In a strategic or PE transaction scenario, a buyout of positions is possible and, in the long term, so is a move to a regulated market. All of these are possibilities, not guarantees.
How it works
From payment to shares, in three steps.
The bond is the entry phase: your capital goes to work immediately, and on conversion at your request you become a co-owner. While the company is a d.o.o., conversion is into business shares, before a notary public; after its transformation into a d.d., it takes place as a corporate action at the Central Depository & Clearing Company (SKDD), the national securities register.
Step 1
Bond subscription: the entry phase
You subscribe for bonds of the Yield Company: the nominal value of one bond is EUR 1,000 and the minimum subscription is EUR 5,000 (five bonds), all registered with SKDD. Until conversion into shares, your capital earns a fixed 8% per year, and 10% per year in the offer with a minimum subscription of EUR 50,000, as compensation for the period until conversion. The funds are immediately allocated to the portfolio. The coupon is paid half-yearly until conversion, and the portion accrued up to the date of conversion is paid with it.
Step 2
Conversion on your request
You can request conversion by email to obveznice@koykan.com no later than 30 months after the issue is registered, for the whole bond or part of it. The conversion ratio is set by reference to the value of the company as confirmed by the Management Board on the basis of an official valuation by authorised consultants, no later than 31 December 2027. While the company is a d.o.o., you receive business shares (before a notary public); once it has become a d.d., you receive shares, which are credited to your SKDD account.
Step 3
Shareholder with a right to dividends
You are entitled to a dividend from the point of conversion, in line with the portfolio’s results and a decision of the general meeting. The aim is for the shares, following the transformation into a d.d., to be admitted to trading on the Progress Market of the Zagreb Stock Exchange.
An investor enters the Yield Company by buying a bond: the funds are allocated to the portfolio at once, and until the bond is converted into shares, the investor earns a coupon yield of 8% per year, or 10% per year in the offer with a minimum subscription of EUR 50,000.
Why a bond at entry? Investors’ capital arrives continuously, almost daily, whereas an increase in the share capital of a joint-stock company is a separate, formal corporate event that is not carried out for each individual payment. The bond brings those two rhythms together: every payment goes to work at once, and conversion takes place at the investor’s request.
Conversion is a right of each investor, not an obligation: the request must be submitted no later than 30 months after the issue is registered. The conversion ratio is set by reference to the value of the company as confirmed by the Management Board on the basis of an official valuation by authorised consultants, no later than 31 December 2027. While the company is a d.o.o., conversion is into business shares, before a notary public; after transformation into a d.d., it takes place as a corporate action at SKDD.
Safety net: if the conversion or the listing does not take place, the bond remains in force with a term of three years and the agreed coupon (8%, or 10% in the offer from EUR 50,000), with the principal repaid at maturity, unless the Issuer redeems it earlier.
Timeline
Subscription from 21 October 2026 until fully subscribed
- Subscription (from 21 October 2026)Runs until fully subscribed.
- Bond phase8% per year, and 10% per year in the offer with a minimum subscription of EUR 50,000. The coupon is paid half-yearly until conversion, and the portion accrued up to the date of conversion is paid with it. Capital goes to work in the portfolio immediately.
- By 31 October 2027The management board develops the conversion model and convenes the general meeting; the ratio is set by reference to the value of the company determined no later than 31 December 2027. You can request conversion no later than 30 months after the issue is registered.
- ListingAdmission of the shares to trading on the Progress Market of the Zagreb Stock Exchange.
Risks
What you need to know before investing.
Key risks
- Investing carries the risk of losing part or all of the principal invested.
- The return is not guaranteed. Although the results of established locations are easier to predict, they depend on the portfolio’s trading and are subject to market, operational and regulatory risks.
- If the conversion or the listing does not take place, the bond remains in force with the agreed coupon and a three-year maturity, and the issuer risk remains.
- The liquidity of the shares on the Progress Market may be limited, particularly in the early phase of trading.
- A complete list of risks, terms and fees is set out in the Resolution on the Bond Issue and in the PRIIP KID, published on our website. Read them before making a decision.
Become a co-owner of a profitable portfolio.
Register your interest and we will get back to you with the documentation and the next steps.
An expression of interest is a non-binding registration, not a payment. We answer every enquiry personally.
Subscription from 21 October 2026 until fully subscribed · Retail from EUR 5,000