News Article Accolade Cheb Czech Republic industrial investment logistics
by Property Forum | Industrial

Accolade Group plans to invest over CZK 6 billion in the Karlovy Vary Region. Accolade's portfolio currently includes two industrial parks near Cheb with a total of five buildings and thirteen tenants. Three more buildings are in preparation or under construction in Cheb. So far, the group has financed the development of approximately 250,000 sqm of industrial and logistics space in the area, the value of which exceeds CZK 5 billion.

Accolade Group launched its activities in the Karlovy Vary Region in 2013. Back then, the region was heavily impacted by its historical legacy. “The area of the former Sudetenland had long been neglected by politicians and investors alike, and suffered one of the highest unemployment rates and the lowest salaries in the Czech Republic,” commented Milan Kratina, CEO of Accolade, adding that Accolade managed to create more than 3,500 jobs in the area.

“Besides building modern, functional and sustainable buildings, an industrial real estate investor should always strive to care for the immediate neighbourhood of their projects and the wider community. When I look at all the years during which we have been operating in the Karlovy Vary Region, I am pleased to see a long track record of activities that have contributed to the economic growth of the region, added value and, I dare say, to some extent made the whole region a more attractive place,” said Milan Kratina, CEO of Accolade.

Accolade was the first major investor in industrial and logistics facilities to come to the region. The newly built infrastructure attracted a number of companies, who brought new jobs to the region as they signed their lease contracts with Accolade. “The region has changed beyond recognition recently. The standard of living has risen, salaries have increased. Local residents have the opportunity to work in top management here and do not have to look to other parts of the country for jobs matching their qualifications,” said Martina Životová, deputy director of the development department, who herself comes from the Karlovy Vary area.

Accolade's largest investment in the Karlovy Vary Region so far is the industrial park near Cheb, worth CZK 4.3 billion. In 2017, the park was named as the best industrial park in Central Europe. It also received the BREEAM Very Good and Excellent sustainability ratings, making it one of the highest rated sustainable industrial parks in the Czech Republic and the whole of Central Europe. The park's tenants include multinational companies such as Tchibo, DHL, BWI, TFS and Nexans.

Under the joint leadership of Accolade and Panattoni, a second industrial park was built on the site of a former engineering plant in Cheb proper. At the time of its completion in 2020, one of the buildings there was awarded as the most environmentally friendly warehouse of its type in the world. Cheb South received the BREEAM Outstanding sustainability rating with a record score of 90.98%. The building boasts rainwater flushing, roller shutters for better insulation, an insect hotel and an outdoor gym for employees.

Accolade Group plans to expand its portfolio in the region by almost 260,000 sqm of industrial space. Currently, three buildings with a total area of 145,000 sqm are already under construction. Their combined worth will exceed CZK 6 billion. More new projects will be developed in existing parks near Cheb as well as in the town of Karlovy Vary and other locations.