Accolade agrees a billion-crown green loan for the construction of a facility in the industrial park close to Cheb
Accolade Group, which focuses on investing in premium industry properties, has signed a loan agreement with Komerční banka for the amount of 42.5 million EUR (around 1 billion Czech crowns). Accolade will use these funds to finance the construction and long-term maintenance of a facility for American tyre manufacturer Goodyear at the newly completed Cheb East park. It constitutes a green loan, in accordance with EU taxonomy (a unified framework to evaluate sustainable economic activities), which means that it is structured to be compliant with green financing principles and the building has fulfilled green building criteria.
“We thank Komerční banka for their faith in us. A loan of this type is confirmation that modern, sustainable industrial property is and will continue to be an indispensable element of thriving industry,” said Milan Kratina, Accolade CEO. Accolade and Komerční banka concluded the loan agreement in October of this year.
Accolade will use this bank loan for the construction and long-term financing of a facility with an area of more than 60,000 m² for leading global tyre manufacturer Goodyear. This building will be the first completed project in what is now Accolade’s third Cheb park. Construction began in December 2022 and is roughly halfway to completion.
“Our first major partnership with Komerční banka was that of a record loan for our unique robotics centre project for Amazon in Kojetín. We are therefore absolutely delighted that we have the opportunity to build on this experience and to bring another project to life, for which we are planning to employ an unusually high proportion of sustainable practices and modern technologies,” added Tomáš Procházka, Accolade CFO, explaining that, before granting the loan, the bank put the project through a strict assessment process, not just from a investment return perspective, but also from a sustainability standpoint.
“We are delighted to be able to support Accolade in executing their ambitious plans to build industrial parks in compliance with sustainability standards. Each fully green loan (according to EU taxonomy) that we grant is evidence that Komerční banka takes the question of sustainability seriously and that it forms part of our commercial strategy,” remarked Radek Trachta, Executive Director of Global Banking at Komerční banka.
The facility at the newly constructed Cheb park is designed in line with the strictest sustainability indicators for industrial buildings and will strive to achieve the highest level of BREEAM New Construction certification, that of ‘Outstanding’, something statistics show only a handful of companies are able to achieve. Solar panels are planned for the roof, heating and air exchange will be provided by heat pumps, whilst grey water from underground tanks will be used for flushing. The site will also feature charging points for electric vehicles, a relaxation zone, and a gym.
“Our partnership with Goodyear underlines a growing trend within the industrial property segment to move towards a more sustainable Europe. The ambitious plans of companies to move their production and supply closer to their target markets, with the additional benefit of helping preserve the environment, or as is the case with Goodyear, to go even further and use as many sustainable manufacturing materials as possible and develop new technological solutions, makes us a more sustainable company,” added Kratina.
One of the Cheb East park’s great advantages is its strategic location. The project is completely separate from the village and is situated near the D6 motorway. It therefore benefits from an excellent motorway network and proximity to the German border, as well as being part of a neighbourhood of existing Accolade industrial sites – Park Cheb and Cheb South (Strojírny). It is exactly that strategic location and the emphasis on sustainability which makes the park attractive to clients.