Accolade Project in Legnica: no problems with financing or delays
Accolade – an international company investing in modern and sustainable industrial property – was granted 21 million euro in credit by the Polish Bank Pekao S.A. to finance the development of their Panattoni Park Legnica I project. Despite the ongoing pandemic, the first stage of the development with the overall surface of 26,200 sq m will be completed according to the original schedule. First companies to move in as tenants are Spreadshirt and MiTek. Polish warehousing and storage market keeps growing and supporting the economy.
“Warehousing and industrial infrastructure at the times of pandemic has become even more important. Bearing in mind the role that our buildings play in the functioning of the entire economy, it was extremely important for us to maintain the continuity of operations at our latest Legnica development. Proper operation of companies is key to contain the economic crisis, therefore we wanted to do our best to provide ready space to our tenants as planned, namely in early July. This is why we appreciate and are grateful even more to our partners that the development and its financing have been smooth at the time of such huge uncertainties,” Michał Białas, Country Head in Accolade Poland said.
Construction works in Panattoni Park Legnica I started in January this year and have been progressing according to the original schedule. The complex in Legnica is being developed on former airport premises. It is yet another Accolade investment that goes in line with company’s strategy of transforming post-industrial zones. Brownfield projects already constitute over 50 percent of the Polish portfolio. Investing in buildings of this kind is still an attractive alternative for Accolade, since many of such structures can be found in best locations, which in turn is always a priority for our tenants. All buildings from the Accolade portfolio are developed in compliance with BREEAM environmental standards meaning they are friendly both to the workers and to the environment.
“We are happy to have this opportunity to support Accolade in their yet another development project. Legnica development combines great location, an experienced developer and a good portfolio of tenants. It is going to be the sixth Accolade project to receive financing from our bank. We strongly believe in the further dynamic development of the Polish warehousing and storage market. We want to support the growth of Pekao clients who operate in this line of business even now at the time of the global economic slowdown,” said Łukasz Białecki, Head of Commercial Real Estate Financing, Bank Pekao.
“Warehousing and storage industry as well as modern logistics are the two areas that should stay resilient to the current market volatility and should even benefit from it. We believe that the development of e-commerce together with increasing stocks maintained by companies, which comes as a result of being more and more aware of the risks connected with the continuity of the global supply chain, will contribute to the further growth of the warehousing and storage market in Poland and will make it a stronger player on the logistic map of Europe,” explained Dieter Lobnig, Head of Investment Banking and Commercial Real Estate Finance Department, Bank Pekao.
Legnica is located in the Lower Silesia Region, which is one of the most industrialized and urbanized areas in CEE. Its proximity to the German and Czech borders makes it a very attractive location for tenants looking for customers also in the neighboring countries. The warehousing complex is being developed in the area which is well connected both with the city center and with the S3 Szczecin-Prague expressway and the A4 motorway connecting Dresden with the Korczowa border crossing to Ukraine. The Legnica development, just like the network of 26 industrial parks owned by Accolade in the Czech Republic, Poland, Germany and Slovakia, will be BREEAM certified to confirm the sustainable and eco-friendly approach.