News Article Aareal Bank Accolade Czech Republic investment Poland refinancing
by Property Forum | Investment

Accolade and Aareal Bank have closed a refinancing deal, with a total value of €54 million (CZK 1.4 billion) for four Polish parks: in Bydgoszcz, Białystok, Mińsk Mazowiecki and Legnica. This is a sequel to their previous transaction, concluded last year, whose value amounted to €153 million (CZK 4 billion). Apart from increasing portfolio profitability, the refinancing is also to support the execution of Accolade’s strategy that aims to develop modern business in Europe.

“Modern warehouses with tenants from the manufacturing, logistics and e-commerce industry confirm their investment potential. They are increasing their position as a precious asset in the commercial real estate sector also in Europe and play a key role in the strategy of the world’s biggest funds. We continue along the path to gradually refinance our entire portfolio. The portfolio stability is enhanced, and its effectiveness in the long-term perspective – positively impacted. Owing to the trust placed in us by banking institutions, we are able to develop additional projects to build high-quality spaces for modern business, which is the key to Europe’s sustainable future, says Milan Kratina, the Management Board President and co-founder of the Accolade Industrial Fund.

Over the next years, the refinancing agreement means Accolade will be able to reduce bank financing costs, limit administrative burdens and increase portfolio stability. The financed portfolio includes modern industrial parks with a BREEAM certificate.

“We are again pleased about the trust Accolade has put in us. This transaction strengthens our cooperation and underlines our expertise in financing complex logistics portfolios. And it especially proves our ability to implement industry trends – together with our clients”, says Hubert Manturzyk, General Manager, Aareal Bank.

Accolade currently holds modern parks in all regions of Poland. Correct diversification in terms of location and an appropriate mix of tenants from various sectors guarantee a successful business model. One third of the Group’s portfolio is made up by the growing e-commerce sector, one third is made up by logistics and warehousing, while the remaining part is based on light industry, machine industry, automotive industry and other branches of the manufacturing industry. Accolade’s portfolio of tenants continues to grow. The main feature that sets Accolade apart from its competitors in the Polish market is a more than 50% share of brownfield projects. Moreover, all newly erected parks have BREEAM environmental certificates.

This year, Accolade group also refinanced the Czech part of its portfolio with a value of €150 million (CZK 3.8 billion), which involved the banks ČSOB (KBC Group) and UniCredit Bank, namely the four parks located in: Cheb, Hořovice, Pavlov and Stříbřo. In general, the Polish and Czech transactions with a value of more than €200 million (more than CZK 5 billion) are among the largest financial operations in the industrial real property segment in Central Europe.