Beton Plus targets €85 million bond sale to roll up Marera assets and delever

Beton Plus is using Serbia’s domestic debt market to finance a consolidation that could reshape its position in construction, infrastructure and real estate—without relying on equity dilution. The company’s planned €85 million bond issuance is designed not only to buy assets within the broader Marera ecosystem, but also to strengthen the balance sheet ahead of larger-scale project execution.

€85 million corporate bond to finance a three-company acquisition

Beton Plus has launched a corporate bond offering worth RSD 10 billion (approximately €85 million). The proceeds are intended as the financial backbone for a three-company acquisition strategy and for what will effectively become a newly consolidated Marera Group structure.

The company plans the full acquisition of three Serbian companies—Brigate, City Road Group and Marera Properties—none of which are currently owned by Beton Plus. The targets span different parts of the construction and real estate value chain, creating a vertically integrated platform that combines execution capabilities, infrastructure works and property ownership.

Brigate is described as holding a portfolio of construction projects including Ušće Tower 2 in Belgrade, as well as residential-commercial developments such as Savada, Sakura, Wellport and Hyde Park City. City Road Group is positioned as an infrastructure and civil engineering business. Marera Properties anchors the real estate portfolio with office, retail and industrial assets, including Beograđanka and Kalemegdan Business Center.

Acquisitions lead funding; integration support is smaller but defined

From a capital allocation perspective, most of the issuance is directed toward purchase consideration. Approximately €78.4 million is allocated directly to acquire the target companies, while €6.6 million is reserved for post-acquisition integration. That integration spending includes working capital optimization and operational alignment.

The structure reflects a broader regional approach seen across Central and South-East Europe: consolidating fragmented construction, engineering and property assets into unified holding structures that can better attract institutional capital.

Deleveraging is part of the deal economics

Beyond growth through acquisitions, Beton Plus also aims to restructure its balance sheet. Part of the acquisition-related cash flow will be used to reduce existing bank liabilities inherited through earlier corporate restructurings—specifically debt exposure of around €15.5 million to Erste Bank.

This dual-purpose use of proceeds—funding consolidation while lowering leverage—signals an effort to reposition the company for project-heavy segments where working capital intensity and financing capacity matter.

Bond terms highlight investor risk and execution conditions

The bonds are structured as a five-year instrument with a fixed annual coupon of 8%, paid quarterly. Principal repayment is scheduled at maturity.

The offering is open to both institutional and retail investors, domestic and foreign. Trading will take place on the Belgrade Stock Exchange via a price auction mechanism.

A minimum subscription threshold of 70% of total issuance has been set as a condition for transaction success. That requirement underscores execution risk in Serbia’s still relatively shallow capital market.

Holding-company plan formalizes an integrated platform

Beton Plus operates under Marera Construction, which sits within a broader property and asset management system ultimately linked to Cyprus-based holding entities. After completion of the transaction, Beton Plus is expected to function as a holding company for the newly consolidated group—formalizing an integrated construction-to-real-estate platform.

The deal has been framed as akin to a private-equity-style roll-up executed through public debt rather than equity injections: combining construction execution capacity, infrastructure capabilities and income-generating real estate assets into a hybrid profile that mixes contractor-like activity with asset ownership.

Why it matters for investors

For investors, the appeal centers on yield: the 8% coupon sits above eurozone benchmarks. At the same time, it comes with credit and liquidity risks typical of emerging-market corporate issuers—risks that may be amplified by reliance on M&A conditionality tied to successful bond subscription.

If executed as planned, Beton Plus would move from operating as part of related entities toward building a more structured vertically integrated Marera platform positioned to compete for larger urban development and infrastructure contracts in Serbia and potentially across wider South-East Europe—supported by debt financing rather than equity dilution.