Lab 28

The current campaign relates exclusively to the senior loan. The junior loan, offering a 12.0% p.a. return, will be launched as a separate campaign after the senior loan has been fully subscribed and drawn down. We provide these parameters for completeness. By expressing interest in the senior loan, you will receive priority information about the upcoming junior tranche.

Investor fees: entry fee: €0, ongoing fee: €0, exit fee: 1% of the investment, charged as a one-off fee.

Senior loan security: (1) a notarised deed with direct enforceability, (2) a first-ranking pledge over the business (LAB28), including assets, rental receivables, sublease agreements and IP. Any payments to the investor are subordinated to the creditors’ claims.

Purpose of financing: refinancing of the BKS Bank loan, buyout of the investor’s stake, settlement of intra-group loans, and simplification of the ownership structure of the LAB28 project.

Source of repayment: the company’s operating cash flow and refinancing of the senior loan by a bank.

• A bank-like position with a higher return. The senior loan refinances the existing bank financing, with investors stepping into the bank’s position as first-ranking secured creditors, earning a 9.4% p.a. return with semi-annual interest payments.
• Security over the entire business. A notarised deed with direct enforceability and a first-ranking pledge over the business. The senior loan takes priority over the junior loan and the owners.
• Self-sustaining income. 91 workstations with 84% occupancy and quarterly invoicing generate stable income that covers the entire fixed rent. Agreements for 100% occupancy of the office space are expected to be signed by the end of the year.
• Profitable operations from the first year. Revenue of EUR 713,000, EBITDA of EUR 170,000 (24% margin), and net profit of EUR 105,000 in 2025. The high-margin event space rental business increases profitability without significant additional costs.
• An Irreplaceable Asset. The entire top office floor in Bratislava, featuring panoramic views and a private high-speed elevator, with a head lease from HB Reavis. The lease with building owner HB Reavis runs for 15 years (five years plus an option to extend for another ten).

From an investment manager’s perspective, this represents investors stepping directly into the position previously held by the bank, backed by a business that has been profitable from its first year and where office rental income at the current occupancy level alone covers the entire fixed head lease. The senior loan refinances the existing bank financing and streamlines the project’s fragmented capital structure. The key value lies not only in the cash flow, but also in the underlying asset itself: the top floor in the city, secured by a lease agreement through 2033, with an option to extend through 2043. The space is fully furnished, meaning that further revenue growth translates directly into profit.

Loan drawdown conditions: legal separation of the LAB28 project into a standalone borrower entity, Debt/EBITDA ≤ 6.0x and equity > 20%, together with quarterly monitoring.

LAB28 is operated by Headway Real Estate, s. r. o., a company within the group founded by Pavel Marcinko, which also operates the Váš Lekár network of healthcare facilities.

LAB28 is a multifunctional space occupying the entire 28th floor of Nivy Tower. Companies rent fully furnished workstations here on a long-term basis through flexible sublease agreements. They pay per workstation rather than per m², with furniture, internet, reception and shared spaces included. The same space is also rented on a one-off basis by companies and individuals for conferences, corporate parties, film shoots and celebrations, with a capacity of 200 standing guests or 100 seated guests.

Business Model

Revenue is generated from two pillars using the same space. Offices (~60% of revenue): 91 workstations with an average monthly rent of EUR 427 per workstation and 84% occupancy. Tenants pay quarterly under contract, creating stable and predictable income. At full occupancy, sublease revenue reaches approximately EUR 38,000 per month. Events (~40% of revenue): events are charged as one-off space rentals based on scope and season, supplemented by a catering commission. Prices are negotiated individually. Depending on the season, the number of events ranges from approximately 4 to 10 per month; 72 events are planned for 2026 (61 were held in 2025).

The largest expense is the fixed head lease from HB Reavis. Even at the current occupancy level, office rental income alone covers this cost, meaning that events, thanks to their low variable costs, provide a high-margin layer of additional revenue. The space is fully furnished (with an investment of nearly EUR 600,000 in fit-out), so revenue growth translates directly into improved operating margins.

Development Phase and Outlook

Operations are stabilised and profitable – the management scenario assumes stable occupancy of ~84%, ~72 events per year and revenue growth through inflation indexation to EUR 700,000–760,000, with an EBITDA margin of approximately 20–30%. Tenants whose contracts expired in 2026 have renewed them. The debt-to-EBITDA ratio gradually declines from ~4.3x towards zero after the loans are drawn down and remains below the 6.0x covenant throughout the period.

More information is available in the financial analysis following a non-binding expression of interest in investing.

The company has a credit rating of “C”. The rating reflects the high profitability since the start of operations and sustainable leverage, but also the risks associated with the company’s short two-year operating history and the fact that demand for events can be seasonal and volatile, while head-lease costs are fixed. These risks are mitigated by strong loan security and financial covenants.

🟡 Project Risk (Medium): The loan refinances existing liabilities, including the buyout of shareholders. The risk is mitigated by the simplified financing structure and LAB28’s ability to service the loan from its own operations.

🟡 Competition Risk (Medium): LAB28 operates in a competitive market for flexible offices and event spaces. Its advantages include a unique location, high occupancy and long-term lease agreements through 2033.

🟡 Industry Risk (Medium): Demand for office space remains under pressure from hybrid working. The risk is mitigated by the combination of recurring rental income and event revenue.

🟡 Seasonality Risk (Medium): Event revenue is seasonal, and most clients are one-off customers. Stability is supported by recurring income from office rentals.

🟡 Macroeconomic Risk (Medium): During a recession, companies may reduce spending on premium spaces. The risk is mitigated by long-term tenant contracts and contractual security arrangements.

More information on the risks and scoring can be found in the “Financial Analysis” document following a non-binding expression of interest in the investment.