Accolade signs another multi-million euro loan for the construction of a huge industrial facility in Cheb

Accolade Group, which focuses on investing in premium industrial properties, has signed a loan agreement with  Česká spořitelna and Československá obchodní banka for 140 million EUR (approximately 3.4 billion CZK). This figure is one of the highest loans granted for the construction of a single industrial property. Accolade will use the capital to finance the construction and long-term maintenance of a facility at the Cheb industrial park for a fashion industry giant.

Accolade signs another multi-million euro loan for the construction of a huge industrial facility in Cheb

“We would like to thank both banks for this expression of trust. This is another record-breaking loan, which underscores the fact that modern industrial property is, and will continue to be, an indispensable facet of modern European infrastructure and prosperous industry,” said Milan Kratina, Accolade CEO.  

Accolade will use the loan for the construction and long-term financing of a building covering more than 200,000 m² of leasable land, becoming the largest such industrial facility in the Czech Republic. The scheduled project is record-breaking not just in terms of its size, but also its environmental approach and use of modern technology. The building will be 22.4 m high, which means it not only saves on built-up land, but will also be able to leverage elements of robotisation and automation, making product distribution substantially easier for its employees. The building is currently under construction – completion and handover is scheduled for 2025, with nearly 2,000 new job opportunities coming to the Cheb region as a result.

“We are looking forward to once again working alongside our long-term partners from two major Czech banks. We extend our thanks to Česká spořitelna and Československá obchodní banka and their teams for supporting Czech industry and the Czech economy, and for being, along with other banks, the cornerstone of our country’s prosperity. Together, we are investing billions of Czech crowns into a region which for years had been neglected. Its recent development illustrates the progress Cheb is making in terms of catching up with equivalent Czech cities,” added Milan Kratina, Accolade CEO.

“In many respects, this historic project will even surpass our Amazon distribution centre in Kojetín, which is currently the most modern robotics facility of its type in the Czech Republic. Not to mention the fact that the loan amount exceeds the Kojetín figure by several millions of euros, which was at the time the largest loan ever granted for a single leasable industrial property in Central and Eastern Europe. This financing also takes into consideration ESG elements and EU taxonomy principles, demonstrating that the financing bank put the project through an extremely strict evaluation process before granting the loan, emphasising both financial and environmental sustainability,” added Tomáš Procházka, Accolade CFO.

Another green project

The project will seek to obtain the highest possible level of BREEAM New Construction environmental certification, that of ‘Outstanding’. To achieve such a high level of certification, excellent insulation, solar panels, and heat pumps must be implemented. Reducing the consumption of drinking water is another key factor, along with generally lowering the impact of the tenant’s operation as much as possible. Furthermore, low-emission employee transport is also considered, alongside an excellent working environment and mindfulness towards the surrounding area.

In this project, the green spaces will total more than 40,000 m² and the occupation of arable land will be compensated by planting new trees, which will help mitigate dust and overheating in paved and built-up areas, among other benefits.

“We are delighted that the finance provided will enable Accolade Group, with whom we have worked for many years, to implement the construction of a new, highly-automated distribution centre. We also welcome the fact that several sustainable solutions will be incorporated into the build, allowing the building to seek the highest level of BREEAM New Construction certification,” emphasises Martina Jůzová, Property Business Manager at Česká spořitelna.

“We have worked with Accolade Group for a long period and are delighted to be part of their growth by financing another project in Cheb. We are extremely grateful that our daughter company, ČSOB Advisory, a.s., was able to provide ESG guidance, allowing us to categorise this as a green project in accordance with EU taxonomy criteria,” added Jakub Pospíšil, ČSOB Regional Corporate Branch Director. 

The distribution centre will be located at the Cheb industrial park, one of the greenest industrial parks in the whole of Central Europe and the recipient of numerous awards. The site also benefits from excellent transport links due to its proximity to the D5 motorway and several other German road links.

In addition to the financial teams at Accolade, Česká spořitelna, and ČSOB, ESG specialists at all three parties also worked on the financing. The loan documentation was provided by the law firm Dentons, whilst Allen & Overy provided legal support on the Accolade side.

One of the largest investors in the Karlovy Vary Region

Since it first set foot in the region ten years ago, Accolade Group has invested in nearly 300,000 m² of manufacturing, e-commerce and logistics space. The total value of the completed and handed-over projects is in excess of 7.5 billion CZK. The group’s presence has led to wage growth and an increase in attractive job opportunities. In Cheb alone, Accolade owns two parks, whilst another site (Cheb East) is currently under construction. It is scheduled to be completed in the first quarter of next year, with an estimated value of 2 billion CZK. The total future area of all three Cheb projects is due to reach almost 600,000 m².

A range of powerful multinationals already lease space in the Cheb industrial park itself, including DHL, Tchibo, BWI, TFS and Nexans. “The period when the former Sudetenland interested neither politicians nor investors is long gone. From an industrial property construction perspective, the Karlovy Vary Region is now one of the most attractive parts of the Czech Republic, only further confirming that the decision to invest in the development of this area back in 2013 was a real breakthrough and that we are on the right track,” concluded Kratina.


Media contact:  

Lucie Mareš Heřmanská  
+420 773 819 515