Accolade: 800 million crowns from Erste to finance four industrial halls
Erste Corporate Banking of the Česká spořitelna Financial Group has provided the Accolade Group with loans amounting to EUR 30 million, i.e. more than CZK 800 million, to finance its four halls for lease in the industrial parks at Ostrov near Stříbro and at Týniště nad Orlicí.
„Erste Corporate Banking has been Accolade’s financial partner ever since Accolade’s establishment. We have already signed loan documents for as much as EUR 30 million with Erste,” explains Petr Mac, Finance Director of Accolade.
“We use the loans to finance projects of industrial halls for Linde Pohony (part of KION Group), for Ideal Automotive and for Leoni in Panattoni Park Stříbro and also for Assa Abloy at Týniště nad Orlicí,” says Milan Kratina, Chairman of Accolade’s Board of Directors.
“The beginnings of cooperation between Accolade and Erste Corporate Banking date back to the end of the year 2013, i.e. the period when the financial crisis was about to end. It was already at that time that Erste gave its confidence to our conservative business model which, after the first two years of operation, has now yielded 60,000 square metres of industrial area fully rented out. Our tenants are prestigious global players, market leaders in their segments, who have signed lease contracts with us for periods of more than 11 years, on average. This is a brilliant result,” explains Milan Kratina.
“Erste Group has always been glad to finance top real estate projects. This is why we did not hesitate to work with the Accolade Group. We provide them with individual services tailored to their needs and I’m glad that we are helping a purely Czech company in a market where a local player was lacking until recently,” says Martina Jůzová, Head of Real Property Financing at Česká spořitelna.
Accolade Group’s key partner for industrial park development and construction is Panattoni Europe. “We are glad to have found a strong and long-standing partner in Accolade,” confirms Pavel Sovička, Managing Director at Panattoni Europe.
The Accolade Group, together with the global developer Panattoni Europe, has built seven large industrial projects. Accolade Group’s current portfolio includes four industrial buildings rented out to tenant companies – Assa Abloy at Týniště nad Orlicí, Ideal Automotive, Leoni and Linde Pohony (part of the KION Group) at Ostrov near Stříbro; other premises are under construction at Cheb. In addition, the Accolade Group has prepared the land for building a Simoldes Plasticos plant at Rychnov nad Kněžnou and a Steelcase plant at Ostrov near Stříbro.