Accolade Fund has a portfolio value of CZK 36 billion, last year it earned CZK 2 billion in rents
The value of the portfolio of the Accolade Industrial fund, which belongs to the Czech Accolade group of founders Milan Kratina and Zdeněk Šoustal, reached EUR 1.5 billion last year, or CZK 36 billion. Its revenue from rent collections rose 5.3 percent to 85 million euros, or about two billion crowns. Last year, it achieved a euro yield of 9.33 per cent and 8.49 per cent in koruna terms.
"There is still a shortage of storage and production space on the market. We are constantly approached by clients from logistics and manufacturing companies, as well as e-commerce. Although analyses show a slight year-on-year decline in the condition in this area, we do not feel it on interest," Kratina said.
The vacancy rate for industrial parks is low in the Czech Republic, which reached 1.18 percent at the end of last year and was almost zero in Prague and its surroundings, according to Industrial Research Forum (IRF) data. Thanks to this and inflation clauses, rents have been rising. Despite this, Kratina said all of the fund's parks are paid for and the space is fully occupied with one exception in Poland.
This year, the fund plans to expand its portfolio with more properties abroad. Currently, the fund has added its first Spanish property near Seville. Kratina said that thanks to significantly higher new rents, it will be able to hold the values of the properties in the existing portfolio. "It could bring us additional acquisition opportunities with higher yields than in 2021 and part of 2022," Kratina estimated.
The Accolade Industrial Fund was established by the Accolade Group in 2014 for qualified investors, of which there are currently over 3,000. It currently owns 29 industrial parks with 98 tenants in the Czech Republic, Poland, Germany, Slovakia and Spain. The leasable area of all properties amounts to more than 1.6 million sqm.
Source: Accolade and CTK