Press release

Accolade secured 500 mln euro of bank financing in Poland

20 maja 2022

Warsaw, 20 May 2022

Despite the turbulent economic situation, the banks are readily lending money to the commercial real estate segment, with warehouses being their top-choice. The industrial investor Accolade is one of the most willingly financed warehouse portfolio holders in Poland. The company benefits from over 500-million-euro bank loans, 40% of which has been acquired since February 2020. At the same time, in Czech Republic, the company has signed a loan agreement with a club of banks for 137,5 mln euro. It is the largest ever loan provided for a single industrial rental property in the CEE region.

For several years, the CEE-region has been dealing with a rapidly changing economic situation, caused firstly by the covid pandemics, and now by the war in Ukraine. Although one might think that the demand for warehouses would slow down, quite the opposite happened. The demand remains huge, and the market has shown that it has strong foundations and constantly develops, taking an increasingly important role in the overall economy. As a result, the warehouses have become a core financing product for the banks and the most willingly financed segment in the real estate sector. The industrial investor Accolade, owning a network of 47-BREEAM certified parks in Europe is one of the top beneficiaries of these financing products in Poland.

- Thanks to the high-quality of our portfolio and our long-term focus, Accolade is able to secure satisfying financing conditions from the banks that share our view on the importance of environmental awareness and appreciate the attractiveness and stability of the warehouse segment. The financial institutions value our ESG approach, and the high standards confirmed by BREAAM certificates. On top of that, we take great care to carry out business and communication with our partners in an honest and transparent manner. We think this is also important to our financial associates – says Michał Białas, Country Head of Accolade in Poland.

The total amount of bank loans provided to Accolade with respect to financing of the Polish portfolio exceeds 500 mln euro. The Banks financing Accolade include. Bank Pekao, mBank, Santander Bank Polska, BNP PARIBAS and Alior Bank. Over 200 mln euro of long-term re-financing for its existing portfolio provided Aareal Bank. In terms of exposure toward single lender, Aareal Bank A.G. and Bank Pekao S.A. remain the biggest financing providers of Accolade Group in Poland, with 40% and 30% stakes respectively.

- Owing to the trust placed in us by banking institutions, we are able to grow our portfolio and create high-quality space for modern business. We appreciate equally all our financial partners, who understand our business and offer us the highest standard of service and flexibility. Taking into account the scale of our investments in Poland, a high credit limit and a quick, uncomplicated path from applying to the pay-out is for us crucial. We are grateful to our financing partners for this fair judgement and sharing our outlook. - says Michał Białas.

Looking from the bank’s perspective, the cooperation with the warehouse market looks promising as well. - Accolade is one of the key Pekao’s counterparties in the Warehouse market. We cooperate with Accolade from 2016 and borrowed to the Group already EUR 250 mln. Accolade projects combine great location, diversified tenant mix and highest ESG standards including environmental certificates. Together with experience of Accolade team it creates a great opportunity for banks to finance its projects. We hope we will have privilege to cooperate with Accolade also on their future project - says Łukasz Białecki, Head of Real Estate Financing in Bank Pekao.

- We are delighted to engage with a professional partner like Accolade once again. Cooperation is the key for mutual rewarding relationship with our clients. The expertise of Accolades in an attractive asset class, with a strong demand by tenants, makes the portfolio very attractive for investors. Another aspect for the resilience of the portfolio is the geographical spread, which gave us the chance to support Accolade with our cross-border expertise – says Hubert Manturzyk, General Manager of Aareal Bank.

The situation on the market looks similar in Czech Republic, where Accolade has recently signed a record loan agreement worth EUR 137 million with three major banks to finance the construction of the most advanced distribution centre. It is the largest ever loan provided for a single industrial rental property in the CEE region. This industrial facility, which is being built on the brownfield site of a former sugar factory, will be leased by a global e-commerce leader, who will bring up to two thousand jobs to the region as a result. - We thank our partner banks for their confidence in Accolade's activities in particular and the future of the industrial real estate market in general. We are extremely happy about that. - says Milan Kratina, CEO of Accolade.

Media contacts:

Anna Groß, Mariel & Haan Communications, +49 15207157198, anna.gross@marielhaan.com

Patrycja Rabińska, Mariel & Haan Communications, +48 504006016, patrycja.rabinska@marielhaan.com

Accolade Holding, a.s. operates in six European countries, where it invests in modern and sustainable infrastructure for global brands’ business mainly in the fields of e-commerce, manufacturing, and logistics. It owns a network of 47 BREEAM-certified industrial parks in the Czech Republic, Poland, Germany, Spain, the Netherlands, and Slovakia, guaranteeing a sustainable and environmentally friendly approach. The Group has recently completed commercial properties covering a total area of 2 million sqm, which are being leased to 142 tenants worldwide. In addition, projects of more than 5 million sqm are in the pipeline. Accolade is also investing in brownfield redevelopment. Brownfields currently account for more than one-third of the portfolio. The building on the revitalized site of the Cheb Engineering Works was the first project in the Czech Republic to be awarded an "Outstanding" sustainability rating and a record score of 90.68% in accordance with the BREEAM global sustainability certification. In 2014, the Group established the Accolade Fund Sicav, an industrial real estate fund opened for investments by qualified investors, of whom it currently has over 2,000. The Accolade Fund's portfolio value has exceeded €1 billion, it has also been named the best performing real estate fund in the Top Real Estate Funds raking several times in a row. In 2017, the Group bought the operator of the second busiest airport in the Czech Republic, Brno-Tuřany, it is also preparing a polygon near Stříbro as a research centre for the development and certification of autonomous driving vehicles. More at www.accolade.eu. Data correct as of 31.12.2021