Current opportunity · Yield Capital · Croatia and Munich
A stake in five Koykan restaurants that are already earning.
An investment in the shares of the permanent Yield company
which, with the funds from this round, acquires co-ownership in established Koykan restaurants.
The restaurants are run operationally by operating partners to Koykan standards, and
the company lives off their results. The portfolio consists of five locations – four established Croatian ones and our first German restaurant in Munich (PEP), which in its very first weeks of trading proved to be a strong source of income – and grows through the acquisition of further established restaurants. The return is generated through annual dividend payments, in line with the results achieved. A lower risk profile than the Growth channel.
8 - 12%
Indication of the average annual return through the dividend
from EUR 5,000
Minimum investment for retail investors through this channel
Subscription open until fully subscribed · Registered with SKDD
In 30 seconds
The investment opportunity in plain words.
Five Koykan restaurants – four in Croatia (Zagreb, Zadar, Split) and one in Germany (Munich) – are turning a profit. We have established the Yield company, which, with the funds from this round, acquires co-ownership in those restaurants and offers you the opportunity to become its shareholder, giving you the right to a share of the profit through dividend payments. In this round, sized at EUR 1,200,000, investors are offered 30% of the portfolio.
The restaurants’ earnings are distributed to shareholders every year through a dividend – targeting 8 to 12% average annual return on the amount invested. The portfolio grows over time: the company acquires further 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 whether a new restaurant opens successfully – you enter what has already proven to work. How do you technically become a shareholder? Through a bond that is exchanged for shares by mid-2027 – explained further down the page, in the #kako-funkcionira section.
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 Growth builds new restaurants, Yield buys the established ones and holds them long term. In this round, investors are offered 30% of the portfolio of the Yield company, which starts with five locations – four established Croatian ones and one German – that are already earning – and grows over time through further acquisitions. Entry is open through the Croatian public channel (this page) and the AIF (an alternative investment fund for professional investors).
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: 8 – 12% per annum
Indication of the average annual return through the dividend, derived from the expected results of these five locations in 2027.
30% of the portfolio
The stake in the Yield company offered to investors in this round. The majority remains within the Koykan group, and the restaurants are run operationally by operating partners 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 – five bonds – through this public channel. Professional investors enter through the AIF, from EUR 100,000.
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 the Growth channel. The dividend is paid out of the actual profit of restaurants that are already trading, and Koykan has a track record of payments made on schedule to its investors.
Dividend from the day of exchange
The dividend right runs from the day the bonds are exchanged for shares, pro rata to the end of 2027. The first payment is in the first half of 2028, after the annual results are adopted.
What you are buying
Five locations already trading, a portfolio that grows.
You buy a stake in a portfolio with a trading history and profitable results, not a project under construction. The Yield company is permanent: it acquires newly established locations from the Koykan Growth company under a published platform formula, with an independent price review – so the portfolio, and with it the basis for the dividend, grows from cycle to cycle.
Arena Centar, Zagreb
A location in Croatia’s busiest shopping centre.
Tkalčićeva, Zagreb
A location in the centre of Zagreb, on one of the city’s most visited streets.
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 very first weeks of trading it showed strong revenue and stable operations, with little competition and limited room for new entrants.
EUR 500k – 1.2m
Annual revenue per location across the Koykan network – the basis from which the dividend is financed.
> EUR 90,000
Annual operating profit (EBITDA) per location, after operating costs.
Since 2012
Since then Koykan has been building the brand, the technology, the franchise concept and the network of locations – fourteen years of operating experience on which this programme rests.
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Yield indication for the concept presented
Expected average annual yield: 8 - 12%.
The return is generated through annual dividend payments out of the portfolio’s results. The range is derived from the expected results of the five locations in 2027 and the company’s costs. 2027 is the first full trading year for this portfolio, so the first dividend is paid out of that year’s result. The amount depends on the results actually achieved and is not guaranteed.
Illustrative annual return
EUR 10,000 invested → 8 – 12% per annum → ~EUR 800 – 1,200 per annum
An illustration to show the mechanics, not a promise of returns. The amount depends on the portfolio’s business results and carries risk. The tax treatment depends on the investor’s status.
Two entry thresholds: from EUR 5,000 retail (this channel) · from EUR 100,000 for professional investors through the AIF.
Open through the Croatian public channel and the AIF. The channel raises capital up to the regulatory limit, and can go beyond it if investor interest justifies a prospectus.
Forward-looking statement
The yield range stated is based on current assumptions and represents an indication of the potential of the concept presented – 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
Primarily the dividend, with liquidity on the exchange.
This is a long-term investment for the sake of an annual return. The shares trade on the Zagreb Stock Exchange’s Progress market – that is the primary exit route – and liquidity is built up further through several mechanisms. All of these are possibilities, not guarantees.
Annual return
The primary return mechanism: an annual dividend out of the portfolio’s results, alongside holding the shares long term.
Sale on the exchange
The shares can be sold on the Zagreb Stock Exchange’s Progress market, at the market price – simply, like any other share. After two years of holding, capital gains for individuals are as a rule not taxable.
Share buy-back programmes
From time to time the company may announce a buy-back offer: an offer to buy your shares for cash, under rules published in advance. This is an additional exit route alongside the exchange – a possibility, not an obligation.
Long-term scenarios
In the event of a strategic or private equity transaction, positions may be bought out, and in the long term a move to a regulated market is possible. All of these are possibilities, not guarantees.
How it works
From payment to share, in three steps.
The bond is the entry phase: your capital goes to work immediately, and by mid-2027 it converts into shares in a single step. The conversion is carried out as a corporate action at SKDD (the Central Clearing and Depository Company, the state 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 annum – compensation for the period while you wait for conversion. The funds are allocated to the portfolio immediately for their intended purpose, and the coupon is accrued and paid twice yearly.
Step 2
Conversion into shares by mid-2027
The principal is converted into shares by set-off – a direct exchange of the claim for shares – according to the amount paid in, 1 : 1: for example, for EUR 10,000 of bonds you receive EUR 10,000 of shares. The shares are credited directly to your SKDD account.
Step 3
A shareholder with a right to a dividend
The dividend right runs from the day the bonds are exchanged for shares, pro rata to the end of 2027, in line with the portfolio’s results. The first payment follows in the first half of 2028, after the annual results are adopted, and the shares are admitted to trading on the Zagreb Stock Exchange’s Progress market.
An investor joins the Yield company by buying a bond: the funds are allocated to the portfolio immediately for their intended purpose, and until the bond converts into shares the investor earns a coupon yield of 8% per annum.
Why a bond at entry? Investor capital arrives continuously, almost daily, whereas increasing a joint-stock company’s share capital is a separate, formal corporate event that is not carried out for each individual payment. The bond bridges those two rhythms: every payment goes to work immediately, and converts into shares in one orderly step.
The conversion takes place by mid-2027, by set-off, 1 : 1 according to the amount paid in – for example, for EUR 10,000 of bonds the investor receives EUR 10,000 of shares. The process runs as a corporate action at SKDD: the shares are credited directly to the investor’s SKDD account. For future acquisitions of established locations the company uses the same mechanism in new rounds – a bond, then conversion – with the conversion price then determined by the published portfolio value per share, so that the entry of new investors does not dilute existing ones.
Safety net: if the conversion or the listing does not go ahead, the bond remains in force with a three-year maturity and a coupon of 8% per annum, with the principal repaid at maturity.
Timeline
Subscription open until fully subscribed
- Subscription (open)Runs until fully subscribed.
- Bond phase8% per annum. The coupon is accrued and paid twice yearly, and the capital goes to work in the portfolio immediately.
- By mid-2027Conversion into shares 1 : 1 according to the amount paid in, as a corporate action at SKDD. The dividend right runs from the day of exchange, pro rata to the end of 2027.
- ListingAdmission of the shares to trading on the Zagreb Stock Exchange’s Progress market.
- To the end of 2027Dividend right from the day of exchange, pro rata to the end of the year.
- In the first half of 2028The first dividend payment, after the annual results are adopted.
Risks
What you should know before investing.
Key risks
- The investment 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 performance and are subject to market, operational and regulatory risks.
- If the conversion or the listing does not go ahead, the bond remains in force with 8% and a three-year maturity – with issuer risk still present.
- Liquidity of the shares on the Progress market may be limited, particularly in the early stage of trading.
- The complete list of risks, terms and fees is set out in the issue documentation, which we provide after a registration of interest. Read it before making a decision.
Become a co-owner of a profitable portfolio.
Let us know you’re interested, and we’ll come back to you with the documentation and the next steps.
Registering interest is a non-binding submission, not a payment. We answer every enquiry personally.
Subscription open until fully subscribed · Retail from EUR 5,000 · Professionals through the AIF from EUR 100,000
FAQ
Short and clear.
What exactly am I investing in?
In the shares of the permanent Yield company, which, with the funds from this round, acquires co-ownership in a portfolio of five existing, profitable Koykan locations and over time acquires further established restaurants from the Koykan Growth company. In this round, sized at EUR 1,200,000, 30% of the portfolio is offered.
How is the return generated?
Through annual dividend payments out of the portfolio’s results. The expected average annual yield is 8 – 12% – an indication derived from the expected results of the five locations in 2027, not a guarantee.
Why invest through a bond?
Investor capital arrives continuously, whereas increasing a joint-stock company’s share capital is a separate, formal corporate event that is not carried out for each individual payment. That is why the bond is the entry phase: your payment works from day one at 8% per annum, and by mid-2027 it converts into shares 1 : 1 according to the amount paid in.
How many shares do I receive?
The conversion is 1 : 1 according to the amount paid in – for example, for EUR 10,000 of bonds you receive EUR 10,000 of shares. The details are in the issue documentation.
Can I exit the investment?
It is primarily a long-term investment for the sake of the dividend. After listing, the shares trade on the Progress market, the company may run buy-back programmes, and in the long term strategic scenarios are also possible. All of these are possibilities, not guarantees.
What is the minimum investment?
EUR 5,000 through the Croatian public channel. Professional investors enter through the AIF, from EUR 100,000.
Is the issue regulated?
Yes. The issue is carried out in accordance with regulations, with notification to the competent regulator, registration with SKDD and preparation for listing on the Progress market together with a licensed adviser. This page is an informational summary and does not constitute an offer or an invitation to invest.