CEE industrial property specialist Accolade has obtained a €153 mln refinancing facility from Germany’s Aareal Bank secured against six parks in Poland.
The refinancing - one of the largest financial transactions in the industrial real estate segment ever completed in Central Europe – will result in lower bank financing costs and a lighter administrative burden for Accolade, the company said in a statement.
The six parks are located in Szczecin, Bydgoszcz, Lublin, Legnica, Bialystok, and Zielona Góra.
Zdenek Šoustal, member of the board and co-founder of Accolade Fund, said that the refinancing of the portfolio of several industrial parks with one loan from one bank is ‘a natural step’ in the development of the Accolade business in Poland. ‘The management of financing and related reporting will be simplified in a fundamental way. Financial indicators will be assessed on the basis of the entire portfolio instead of separate properties, and the structure of our financing thus becomes even more resilient to the external environment. Thanks to this transaction, we also reduced the costs associated with financing and extended its maturity,’ he noted.
‘Large, modern industrial parks constitute infrastructure for business,' added co-founder of Accolade Fund, Milan Kratina. 'They are the present and future of shopping because major online vendors are based on them. They are the place where most modern products are made. And they are also the place that provides for a supply chain for all of us and the European economy. From food to clothing to machines and their parts. Quality premises for modern enterprise are the path to a sustainable future of the European industry.’
