Accolade Achieves Remarkable 26% Yearly Growth in Rental Income for 2023

Accolade, a prominent industrial developer, recently unveiled its annual report for the fiscal year 2023. Despite a notable downturn in construction activities across the market, Accolade managed to maintain its total lease volume from the previous year, largely owing to strategic renegotiations.

The company successfully leased or extended agreements for properties spanning 555,000 square meters, of which 168,000 square meters belonged to the fund’s portfolio.

Moreover, Accolade experienced a substantial surge in total rental income, witnessing a remarkable 26% increase to €148 million, with approximately €100 million attributable to the fund’s portfolio. The year also marked Accolade’s expansion into Croatia, further broadening its operational footprint across Europe.

Key Highlights:

Accolade’s portfolio expanded to encompass 3.3 million square meters by the end of 2023, with 1.8 million square meters falling under the Accolade Industrial Fund. The overall value of Accolade’s portfolio reached €3 billion, with €1.7 billion allocated to the Accolade fund.

In 2023, Accolade successfully leased or extended agreements for 550,000 square meters of property, with 160,000 square meters attributed to the Accolade fund. Total rental income surged by 26% compared to the previous year, reaching €148 million, of which nearly €100 million was derived from the fund’s portfolio.

Milan Kratina, CEO of Accolade, remarked, “Accolade Group’s performance closely reflects the state of the economy at large. While we have observed a decline in numerical figures, the demand is shifting towards exceedingly large projects. Examples include the Ostrov North Park, spanning 120,000 square meters, and Cheb East, encompassing 60,000 square meters, currently occupied by the American tire manufacturer Goodyear. Such instances were not as prevalent in the past.”

Kratina elaborated that the group is actively investing in construction projects covering approximately 745,000 square meters of land. Many of these projects are already leased, with some being complex undertakings that will extend into the current year.

The consistent leasable area in new contracts is attributed to recent signings and renegotiations with existing tenants. “In 2023, we witnessed significant growth in tenants from the industrial sector, signaling Europe’s stride towards self-sufficiency,” Kratina added.

We are witnessing a tangible transformation in industries such as automotive, engineering, and manufacturing, where demand remains robust, and companies are keen on expanding their presence in Europe. Consequently, we are expanding our network of industrial parks.”

Currently, the group collaborates with approximately 180 tenants across Europe.

Expanding Horizons: Accolade’s Robotics Center and Overseas Endeavors

Accolade, a prominent player in the realm of robotics and industrial innovation, has been witnessing a significant shift in its operational landscape, particularly in its Czech portfolio.

With manufacturing constituting 45% of its holdings and showing steady growth, e-commerce capturing 40%, and logistics occupying the remaining 15%, Accolade’s diversified interests reflect a strategic approach to emerging markets and technological advancements. Across Europe, this distribution aligns neatly, with each segment commanding a third of the portfolio.

Notably, within Accolade’s European scope, the largest slice of the pie belongs to its Polish ventures, boasting an impressive 1.5 million square meters of leasable area, closely trailed by the Czech Republic.

The past year has been particularly fruitful for Accolade in the Czech Republic, witnessing an influx of new tenants committing to long-term contracts. This success can be partially attributed to the geopolitical stability of the Czech Republic, viewed favorably by companies seeking distance from the conflict in Ukraine.

Speaking on this success, Kratina, a key figure within Accolade, emphasized the attraction of the Czech Republic to diverse multinational tenants. Among the notable additions to Accolade’s tenant roster are industry giants such as ZF, Wacker, Goodyear, and Witte, further solidifying Accolade’s foothold in the region.

Accolade’s reach extends beyond the Czech borders, with substantial expansions marking its presence in Germany, Spain, the Netherlands, and Slovakia. The group’s foray into new territories includes a recent expansion into Croatia, where plans for industrial sites spanning 50,000 square meters are underway just south of Zagreb.

This strategic move aligns with Accolade’s vision of identifying and capitalizing on emerging markets and fostering industrial development.

Furthermore, Accolade is actively scouting for additional locations conducive to industrial zone development, signaling a commitment to continuous growth and innovation. This multifaceted approach underscores Accolade’s position as a forward-thinking entity, adept at navigating dynamic market landscapes and capitalizing on emerging opportunities.

Accolade’s expansion into foreign territories signifies more than just geographical diversification; it represents a strategic pivot towards broader market penetration and innovation-driven growth. By leveraging its expertise in robotics and industrial development, Accolade is poised to make significant strides in reshaping the industrial landscape across Europe and beyond.


Green Projects and Sustainable Financing: Driving the Future of Industrial Development

In the past year, Accolade Group has achieved significant milestones in the realm of sustainable construction projects and financing, marking a paradigm shift towards environmentally conscious industrial development. With a total value approaching €400 million, Accolade successfully refinanced and secured high-value loans for various construction endeavors.

These projects include the establishment of the new Cheb East park, encompassing over 60,000 square meters, slated for occupancy by renowned American tire manufacturer Goodyear. Additionally, funds were allocated for a substantial facility in Cheb, earmarked for a leading global fashion chain.

The surge in financing for such projects underscores the growing appetite among financial institutions to support sustainable industrial initiatives. This trend reaffirms the pivotal role of modern, eco-friendly industrial infrastructure as a cornerstone of thriving industries. Notably, the financing agreements adhere to EU taxonomy and are aligned with Environmental, Social, and Governance (ESG) principles.

Tomáš Procházka, Accolade’s Chief Financial Officer, emphasized the environmental credentials of these projects, asserting their potential to rank among the greenest industrial buildings globally. Notably, one of Accolade’s developments has already earned this distinguished title.

Accolade’s commitment to sustainability extends beyond mere rhetoric, as evidenced by its achievements in green building certifications. The Cheb South park, leased to German online automotive parts retailer AUTODOC, stands as a testament to this commitment.

This facility has been bestowed with the prestigious ‘Outstanding’ rating under the BREEAM New Construction sustainability certification, boasting an exceptional score of 94.2%. By clinching this accolade, the Cheb South park emerges as the epitome of eco-friendly industrial architecture on a global scale.

The success story of sustainability does not end there for Accolade. The Cheb site marks the sixth building in the company’s portfolio to attain the ‘Outstanding’ rating. Alongside the Cheb South park, which houses Kaufland eCommerce Fulfillment, other facilities such as those in Stříbro and Kojetín industrial parks proudly hold this esteemed certification.

Of particular note is the Kojetín industrial park, distinguished as the largest ‘Outstanding’-rated building, boasting a sprawling floor area of 187,000 square meters. Accolade’s commitment to sustainability transcends national boundaries, with industrial parks in Poland, namely Szczecin and Konin, also achieving this exemplary standard. Collectively, Accolade’s BREEAM-certified projects span nearly 2.5 million square meters, underscoring its unwavering dedication to sustainable development.

Accolade’s endeavors epitomize a holistic approach to sustainable industrial development, seamlessly integrating environmental consciousness with financial prudence. By securing financing for green projects and adhering to stringent sustainability standards, Accolade not only spearheads the transition towards eco-friendly infrastructure but also sets a precedent for responsible corporate citizenship within the industrial sector.

Jann Confield
Jann Confield
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