Kokeza and Babović Linked to Genesis Capital as DK Acquisition Snaps Up Belgrade Block 26 Project for 1.1bn Dinars

DK Acquisition Buys Genesis Capital's Block 26 Contract for 1.1bn Dinars

A bankruptcy auction has shifted control of a key agreement for one of Belgrade’s largest pending developments. DK Acquisition Co, a company registered only in late December 2025, purchased the insolvent Genesis Capital for 1.1 billion dinars (roughly €9.4 million) at a public bidding on 3 August. The sole asset of Genesis Capital is a joint-construction agreement covering parcels in New Belgrade’s Block 26, where plans envisage nearly 380,000 square metres of building space.

Court and company registers reveal that the creditor that forced Genesis Capital into bankruptcy in 2018 — Croatian firm Baytown NPL — was originally wholly owned by Slaviša Kokeza, the former president of the Football Association of Serbia. From November 2021 until late June of this year, its sole owner was Stefan Babović, a former professional footballer and son of prominent businessman Milija Babović. Baytown NPL had purchased the non-performing loan originally issued by Hypo Alpe Adria Bank in 2005, a debt that had ballooned to roughly €23 million with penalty interest.

The latest buyer, DK Acquisition Co, secured a €24.5 million credit facility from Aik Banka on 23 July, pledging the entire claim it now holds against the bankrupt debtor as collateral. The transaction unfolds just as construction firm Napred — the main driver of the Block 26 project — consolidates its ownership of co-investor Energoprojekt, and while the Constitutional Court is reviewing a decade-old approval for that takeover. The parcels were originally awarded as compensation for construction works on the Belgrade Arena.

The Debt Trail, the Football Names, and the Stalled Mega-Project

The Origin: A Failed Loan and a Contaminated Partner

Genesis Capital was created in 2004 to bankroll Napred’s portion of the Block 26 development. It borrowed CHF 9.75 million from Hypo Alpe Adria Bank in 2005, but none of the funds were injected into the project and the loan was never serviced. By the time the bank’s successor, Heta Asset Resolution, sold the claim to Baytown NPL in 2017, the obligation had mushroomed, forcing Napred to address a partner that had delivered no capital.

The Baytown NPL Chapter: Kokeza, Babović, and a Decade of Delay

According to sources, the idea to buy the toxic debt came from Napred’s side to eliminate the “contaminated” party. Slaviša Kokeza controlled Baytown NPL when it petitioned for Genesis Capital’s bankruptcy in May 2018. Stefan Babović later took over, and during his ownership the court-ordered valuation of the only asset — the joint-construction contract — was submitted. Despite the change of guards at the creditor, construction never began and the dispute over the land agreement sat unresolved for years. Neither man has publicly commented on their involvement.

DK Acquisition’s Gamble: A 12-Month Loan to Unlock a 20-Year Project

The emergence of DK Acquisition Co is striking in its timing. Registered just 221 days before the auction, the entity obtained a €24.5 million bank loan that matures in only 12 months. The financing is secured against the full claim of DK Acquisition from the debtor, a claim the commercial court confirmed at 2.88 billion dinars on 28 July — five days before the auction. This structure suggests the buyer sees a rapid path to value, most likely by taking control of the development agreement and moving the stalled Block 26 complex forward.

Unfinished Business: The Energoprojekt Connection and the Zoning Clock

Napred has spent years acquiring a majority stake in Energoprojekt, which holds the adjacent share of the Block 26 parcels. However, the Constitutional Court has just sent back the securities commission’s approval for that takeover, potentially delaying full consolidation. Meanwhile, the detailed regulation plan that would permit construction of 380,000 square metres is nearing completion. The bankruptcy auction outcome inserts a new unknown: whether DK Acquisition can align interests with Napred and Energoprojekt quickly enough to beat the 12-month financing deadline.

What the Genesis Capital Deal Means for Napred, Energoprojekt, and the Block 26 Development

• DK Acquisition must validate the contract’s worth within a year. Its €24.5 million loan from Aik Banka matures in July 2027, and the underlying asset is an agreement that has yielded nothing for two decades. Every quarter of delay erodes the rationale for the 2.88 billion dinar claim.
• Watch the APR register. Official registration of DK Acquisition as the new owner of Genesis Capital is the immediate trigger that transfers control of the joint-construction contract. Any lag could signal financing or regulatory hurdles.
• The Energoprojekt consolidation is not yet final. The Constitutional Court’s review of Napred’s takeover approval introduces fresh uncertainty. Until it is resolved, the full complement of Block 26 land rights remains fragmented.
• The zoning plan is the real prize. The detailed regulation plan for the neighbourhood is in its final stages. Once adopted, the land gains a clear building envelope, which would dramatically revalue the 2005 agreement that DK Acquisition now holds.