Accolade has received long-term financing for its five industrial parks, located in Gorzow Wielkopolski, Szczecin Załom (West), Szczecin Kniewska, Czestochowa and Kielce. The €129 million loan (refinancing loan) was provided by a new financial partner, Helaba Bank. The transaction will improve Accolade’s profitability and performance.
This is the second major refinancing of our Polish portfolio. The first took place in September 2020 and we extended it exactly one year later, during the COVID pandemic. Times and the market have changed a lot, bringing plenty of challenges. However, Accolade’s strategy has proven resilient to this, and we continue to build long-term relationships with Europe’s largest banking groups. The financing with our new partner Helaba Bank, confirming confidence in our operations, is another positive verification of this. We are very satisfied that we were able to bring this transaction to fruition. – says Tomas Prochazka, CFO of Accolade Group.
Accolade and Helaba Landesbank Hessen-Thüringenzawarranged a loan agreement for the refinancing of five parks, located in Gorzow Wielkopolski, Szczecin, Czestochowa and Kielce. The new financing, worth a total of 129 million euros and granted for a period of five years, is the first transaction between the parties. For Accolade, the refinancing means a reduction in bank financing costs, a reduction in operating charges and an improvement in the maturity structure of its debt, which will ultimately allow the portfolio to become more profitable in future years.
Meanwhile, the market situation, especially rising interest rates resulting in higher financing costs, has become very challenging for some investors. In view of the current macroeconomic situation, banks are being very selective with regard to financed specific property segments and customer groups. – This is the first time we have worked with Helaba, and we are pleased that it has placed its trust in us from the beginning by providing a significant amount of new financing. We recognize that the trust is due to Accolade’s experienced team overseeing a diversified portfolio of properties, as well as Accolade’s clients operating in those properties. The new loan significantly improves the financing structure of our portfolio in Poland and allows us to focus on its further development. At the same time, we continue to cooperate with all other major banks in Poland. – emphasized Jakub Leszczynski, General Counsel of Accolade in Poland.
With this transaction, Helaba has become one of the two largest financing banks for Accolade in Poland.
We are very pleased to have finalized such a significant transaction with Accolade at the end of the year for five logistics properties in Poland. Accolade is one of the major players in this sector in Central and Eastern Europe, and is now expanding into Western Europe as well. During the financing process, Accolade proved to be a reliable and professional partner. The work of the Helaba team, led by Georg Blaschke, has been accompanied at all times by trust and commitment, aiming to close the financing in the shortest possible time. We look forward to continuing our cooperation with Accolade in the future and the opportunity to participate in the development of the business into new markets. – says Martin Erbe, head of real estate financing for the Central and Eastern Europe, Benelux and International Clients (Germany) region at Helaba.
Today Accolade owns 25 modern industrial parks in all parts of Poland, including strategic locations such as the currently refinanced Szczecin and Gorzow Wielkopolski. The success of this business model is ensured by good geographic diversification, including along the western border, as well as an optimal mix of tenants: one-third of the group’s portfolio comes from the e-commerce sector, another third from logistics and warehousing, and the last third from brands in light manufacturing, machinery, automotive and other process industries. The company is also a pioneer of ESG trends and a promoter of local sustainability.
