Accolade expands into South Bohemia with more than €100 million acquisition of GARBE Park České Budějovice
The investment group Accolade is expanding into South Bohemia with the acquisition of GARBE Park České Budějovice from GARBE Industrial Real Estate (GARBE). The acquisition includes the completed and fully leased Hall 4, the newly built and recently handed-over Hall 5, and development-ready land plots for future construction, which will be carried out by a joint venture between Accolade and GARBE. The total transaction value exceeds €100 million (almost CZK 2.5 billion), making it one of the largest commercial real estate deals in the Czech Republic this year and the second-largest in the industrial real estate segment.
GARBE Park České Budějovice, located in Boršov nad Vltavou, began development in 2023. Upon completion, the park will cover approximately 490,000 square meters, offering over 230,000 square meters of rentable space. The park includes a mix of logistics, manufacturing, office, and retail spaces. Construction is split into two phases: the first is already in process, while the second will begin depending on market demand. Accolade has acquired the completed Halls 4 and 5 as well as land for further development. Future construction will be managed by a joint venture between Accolade and GARBE.
“Thanks to our partnership with GARBE, we have reached another key milestone in our efforts to enhance regional diversification. This is our first expansion into the South Bohemian Region, and we are making a big entry - the park in České Budějovice will become one of the largest in our portfolio once completed. We strongly believe in investing in regional hubs like regional capitals, where we can foster new opportunities and support people in building strong foundations for work and life. This is essential for the balanced development and prosperity of both the country and the broader European economy,” said Milan Kratina, CEO of Accolade.
A prime location with strong tenants
Hall 4 covers nearly 20,000 sq m and is leased to manufacturing companies Taconova and HAUSER. Swiss-based Taconova, which also operates in nearby Velešín, has placed its production and logistics for heating, sanitary, and solar systems in the new facility. HAUSER, whose main plant is located in Kaplice, uses the Boršov facility as supplementary storage for refrigeration units such as freezers for the LIDL supermarket chain.
Hall 5 covers almost 30,000 sq m and was handed over this spring to tenant NOBO AUTOMOTIVE, a renowned supplier of automotive interiors, exteriors, and electronics. The technologically advanced plant in České Budějovice manufactures seat sets for premium BMW vehicles.
Both completed buildings have achieved a high-level BREEAM Excellent certification. The emphasis on environmental sustainability is evident in numerous features, including rainwater use for flushing and irrigation, green roofs and facades, heating via heat pumps, and individually controlled LED lighting and heating systems, all contributing to reduced energy consumption.
“Our long-term vision at GARBE is to create modern and attractive industrial parks that appeal to both investors and tenants. GARBE Park České Budějovice proves that we are successfully delivering on that strategy. I am particularly pleased that we have secured a strong and reliable partner for further development. This park offers excellent parameters - outstanding transport accessibility, cutting-edge technologies, and a strong focus on sustainability - and will surely become a sought-after address for companies,” said Martin Polák, Managing Director of GARBE for Central and Eastern Europe.
Accolade to take over park asset management
The first phase of the park will soon see the completion of two additional buildings. One will be leased by BILLA, which will open a supermarket directly in the park to serve both employees and the public. The second building will be leased to TERA Systems and Gebrüder Weiss. Construction of two more buildings is planned for later this year. In total, around 160,000 sq m of land is currently ready for future development.
With the acquisition, Accolade will also take over asset management of the entire park. GARBE will continue to provide property management. “We are taking over a top-quality project from GARBE that fits seamlessly into our existing portfolio. Thanks to the diverse mix of current and future tenants, we can fully apply our extensive asset management expertise and provide top-tier service and satisfaction to our clients. We are excited about all the new partnerships this regional expansion will bring,” added Lukáš Répal, COO of Accolade.
Legal advisory for Accolade was provided by Kinstellar, with TPA handling tax and financial due diligence, and Savills responsible for technical due diligence. The seller was advised by CMS on legal matters, with ASB covering tax and financial advisory, and technical due diligence was provided by RotaGroup.
GARBE Park České Budějovice is located in an excellent location - just 2 km from the D3 motorway, which connects Prague through Tábor and České Budějovice to the Czech-Austrian border. It is located 90 km from Linz, 300 km from Munich, 400 km from Budapest, and 500 km from Berlin. In addition to proximity to major motorways, the park also benefits from its location just 3 km from the České Budějovice airport.