Trim
Access a high-yield Danish residential portfolio of 332,000 m² of building rights and 3,700 planned homes
Trim Invest 1 ApS offers qualified investors 14% fixed-rate bullet notes due 31 December 2029 unconditionally guaranteed by Trim Udvikling ApS — a Danish residential developer with 15 projects and approximately 3,700 homes in its pipeline. Quarterly coupon payments, bullet repayment at maturity.
Denmark faces a structural shortage of affordable housing in its growth corridors. Trim Udvikling ApS addresses this by developing sustainable, affordable residential homes in carefully selected municipalities — securing sites through capital-light option agreements, navigating municipal zoning processes, and executing construction with established partners before selling completed projects to institutional buyers or end-purchasers.
The company’s 15-project portfolio comprises approximately 332,000 m² of building rights (3,700 homes) with an internal valuation of approximately EUR 67 million in profits on a debt-free basis, and includes two projects already sold to institutional investors with construction underway proving the business model end-to-end. The proceeds of the Notes fund the next phase of this pipeline, including five target projects in Slagelse, Kalundborg (two projects), Ullerslev and Skødstrup, totalling approximately 85,000 m² and 950 homes.
Investors receive a contractually fixed 14% annual coupon, paid quarterly in arrears, with full principal repaid at maturity on 31 December 2029. The Notes are unsecured, unsubordinated obligations of the Issuer, guaranteed by the operating company, and benefit from a negative-pledge covenant on pre-development sites. This offering is directed exclusively at qualified investors.
HIGHLIGHTS
Project Summary
Net proceeds are applied by the Issuer to fund an intercompany loan to the Guarantor under the Intra-Group Loan Agreement. The Guarantor applies the loan proceeds to the development of its properties, including (without limitation) five Target Projects, as well as general development activities across the broader 15-project portfolio and general working capital.
Trim operates a full-cycle development model: (1) site sourcing through option agreements in Danish growth municipalities — securing land rights without tying up capital; (2) navigation of the municipal planning process (kommuneplan and lokalplan); (3) technical design and project execution with established construction partners; (4) monetisation through sale of completed homes, sale of the project subsidiary (propco) to institutional buyers, or transitional rental operation. Land is only acquired once local zoning approval is secured and the option is exercised, keeping the capital structure light and the pipeline risk-managed. The funds from this development loan will fund activities up until construction starts, where it will be replaced by construction financing. Hence, the bullet repayment at maturity is funded from construction financing and/or project monetisation proceeds.
The portfolio spans 15 locations across Denmark, selected for population growth, infrastructure connectivity and local undersupply of affordable housing:
• Kalundborg (two Target Projects, 483 homes): home to one of Northern Europe’s largest pharmaceutical production clusters, with multi-billion-euro industrial expansion underway driving sustained inbound workforce migration and acute housing demand. Direct rail connection to Copenhagen.
• Slagelse – Slots Bjergby (110 homes): regional centre in West Zealand on the Copenhagen–Odense rail corridor, with a hospital, garrison and growing commuter population.
• Ullerslev (227 homes): located on Funen between Odense and Nyborg, minutes from the E20 motorway and the Great Belt fixed link — commuter catchment for both Odense and Zealand.
• Greater Aarhus — Skødstrup, Mårslet, Trige, Lisbjerg (over 640 homes across projects): Denmark’s second-largest city and fastest-growing urban economy; the sold Trige and Lisbjerg projects validate institutional demand for completed homes in this region.
• Further pipeline in Ølstykke (Greater Copenhagen), Viby Sjælland, Hvide Sande, Vissenbjerg and Ormslev — diversifying the portfolio across Zealand, Funen and Jutland.
Company Overview
Trim Udvikling ApS (CVR 43064681) is a Danish real estate development company focused on sustainable and affordable residential housing in growth areas across Denmark. The company operates a full-cycle development model covering site sourcing through option agreements, navigation of municipal zoning processes, technical design and project execution, construction management, and ultimately rental or sale of completed homes.
The company has built a portfolio of 15 residential projects totalling approximately 332,000 m² of building rights and 3,700 planned homes, internally valued at approximately EUR 67 million in profits on a debt-free basis. Two projects — Trige (211 units) and Lisbjerg (126 units), both in Aarhus — have been sold to institutional investors and are under construction with completion expected in 2028, validating the model end-to-end.
Management
Kasper Fahlberg — Chief Executive Officer
Kasper leads Trim Udvikling’s strategy, capital structuring and growth. He brings 5 years as a Project Leader at Boston Consulting Group, where he led large-scale transformation programs in the retail and consumer sectors, including 1.5 years in the United States advising one of the largest pharmacy retailers. Kasper holds a Master’s degree in Economics and Management from Aarhus University with a focus on statistical modeling and econometrics.
Financial Information*
The economic profile of the Guarantor’s portfolio underpinning the Notes is summarised below (internal management estimates, not independently audited):
• Construction profit on already sold projects (Trige, Lisbjerg — 30,450 m², 337 units): approximately EUR 4 million, to be received upon project completion in 2028;
• Projects in municipal zoning plan stage (141,000 m² across 8 projects): expected development and construction profit of approximately EUR 48 million (net present value, discount rate 19%);
• Projects in pre-municipal-zoning-plan stage (161,000 m² across 5 projects): expected development and construction profit of approximately EUR 15 million (probability-adjusted net present value, discount rate 19%).
Debt service capacity: the annual coupon obligation at full subscription (EUR 8M at 14%) is EUR 1.12 million, against a portfolio with approximately EUR 67 million in profits of internally estimated debt-free value and EUR 4 million of contracted construction profit arriving in 2028. The annual coupon and bullet repayment on 31 December 2029 is planned to be funded from obtaining construction financing for each project as we reach an adopted local zoning plan (which redeems development costs) and/or project monetisation (propco sales and completed-home sales from the 2027–2029 local-plan cohort).
* All figures, projections, valuations, and other data relating to the Issuer, the Guarantor, and the underlying real estate portfolio referenced on this page (including, without limitation, portfolio value, expected development and construction profit, discount rates, probability-of-completion assumptions, and project timelines) have been provided by the Issuer and/or the Guarantor and reflect their own internal management estimates as of the date stated. These figures have not been independently verified, audited, or reviewed by BMCP GmbH or any third party, and BMCP GmbH makes no representation, warranty, or assurance as to their accuracy, completeness, or achievability. Actual results may differ materially from these estimates. BMCP GmbH acts solely as distributor/intermediary in respect of this offering and assumes no liability for the accuracy of issuer-provided content.
Trim Invest 1 ApS
Target Fund Raise
EUR 8,000,000
For Qualified Investors from
Europe
| Issuer | Trim Invest 1 ApS |
|---|---|
| Guarantor | Trim Udvikling ApS |
| Jurisdiction | Denmark |
| Industry | Real Estate |
| Instrument Type | Fixed-Rate Bullet Notes |
| Total Investment Volume | €8,000,000 |
| Min. Investment Amount | €100,000 |
| Max. Investment Amount | €8,000,000 |
| Denomination | €1,000 |
| Interest Rate | 14% p.a. |
| Maturity | 31 December 2029 |
| Payment Frequency | Quarterly |
| Principal Repayment | At Maturity |
| Accepted Currency | EUR |
| Blockchains | Canton, Stellar* |
| Transaction Fee | 2.25% |
*Available as a tokenized offering on the Canton and Stellar networks.
Investor Documentation
More information about the issuer, as well as the legal documentation you will receive after registration. We are available for questions at any time – contact@blackmanta.capital
Interested investors must register and qualify as professional client according to Annex II of DIRECTIVE 2014/65/EU. A professional client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risks that it incurs.
Potential investors must successfully complete an investor identification process in accordance with anti-money laundering rules in order to invest. Only identified and verified investors can participate in the offering and purchase tokens. There is no preferential subscription right for investors. There is no entitlement to allocation of the tokens. Acquired tokens will be credited to the investors’ personal wallet and simultaneously recorded in the issuer’s register.
Legal Information
The information in this Offering is intended solely for investors who are not located or resident in certain other restricted jurisdictions and who are not otherwise permitted to receive such information.
The information in this Offering does not constitute an offer or solicitation to purchase any securities in the United States, Australia, Canada, Japan, South Africa, the Republic of China or in any other jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation.
Users of this information are requested to inform themselves about and to observe any such restrictions. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.
An investment involves considerable risks and can lead to the complete loss of the assets invested. In the interests of risk diversification, only those amounts of money should be invested that are not required or expected to be returned in the near future. However, the risk is limited to the investment sum made and there is therefore no obligation to make additional contributions.
The Issuer is solely responsible for all contents and information provided regarding the offering. BMCP GmbH acts as a pure intermediary and assumes no liability for the accuracy of the provided content.
BMCP receives a transaction fee of 2.25%. The fees paid are used to cover our company’s operating costs, in particular personnel costs and employee training, technology and infrastructure, regulatory and legal costs, and business operations. This aims to increase the quality of BMCPs distribution services for clients.
This issuance does not contain a prospectus within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) or any other applicable securities law, and has not been prepared, reviewed, or approved in that capacity. This offering is made in reliance on one or more exemptions from the obligation to publish a prospectus under the Prospectus Regulation, including (without limitation) the exemptions for offers addressed solely to qualified investors and/or offers where the minimum investment amount per investor is at least EUR 100,000. Neither this page, the Private Placement Memorandum, nor any other document relating to this offering has been filed with, reviewed by, or approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), any other competent authority. No such authority has examined or confirmed the accuracy or completeness of any information provided on this page or in connection with this offering
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