Investors information
Nansen Leisure Fund will be created in the 3th quarter 2022, and will issue bonds onthe the following basic conditions:
Nansen Leisure Fund S.A.R.L.
The Bonds for Sun Kart Spain are being issued by a separate legal entity, Nansen Leisure Fund S.A.R.L. in Luxembourg and hence removing it from the operational risk and credit worthiness of Sun Kart Spain S.L. Bondholders are not exposed to the financial performance of Sun Kart Spain S.L., and are fully secured by the assets of Sun Kart Spain S.L. and further secured by a default guarantee insurance policy. This set up was chosen as this makes the issuer, Nansen Leisure Fund S.A.R.L., bankruptcy remote, and it clearly separates the risk of the operating company (Sun Kart Spain S.L.) from the risk of the issuer, hence minimizing any risk of the operations may have on the ability to redeem the bondholders.
Sun Kart Spain S.L.
Sun Kart Spain S.L. (SKS) is a the real estate development project located close to Málaga, Spain which comprises 35 hectares of land with the full license to build a karting racing circuit with a total length of 2,1 km, according to international karting championship standards. Besides the racing circuit the development comprises a mall, a theme park, fast food restaurants, hotel, (read more details)
The total investment for the completion of the project is EUR 36.5M which shall be financed (including additional costs) with a bond issue executed and managed by Nansen Leisure Fund S.A.R.L. in Luxembourg. The total rental income is projected at EUR 5.6M per annum.