Investors put their money on sustainability: Accolade sells out an increased issue of green bonds worth almost CZK 1.9 billion
Accolade Investment Group has taken a second issue of senior green bonds to a successful conclusion, the interest shown by investors in bonds with five-year maturity and a fixed interest rate of 6.937% p.a. exceeding all initial expectations. A leading player in the field of modern industrial real estate in Europe, the Group therefore raised the planned issue of CZK 1.251 billion to 1.875 billion CZK. The strong demand for bonds in the offer of a consortium made up of Česká spořitelna, a.s., Československá obchodní banka, a.s., Komerční banka, a.s., and Conseq Investment Management, a.s., not only serves to confirm the attractiveness of this type of security on the home market, but also the strong position of the Accolade Group in the eyes of investors. The par value of one bond was CZK 3 million CZK. Legal advice was provided for Accolade by law firm White & Case and for the banks by law firm A&O Shearman.
"Medium-term green bonds are not only attractive to investors because of their yield, but in terms of their positive impact on the transformation of the economy towards an efficient and sustainable future. We are convinced that investments in environmentally-friendly industrial infrastructure with a low carbon footprint, the use of renewable energy sources, and effective water and waste management are all key factors in ensuring the future long-term success of domestic and European industry. I would therefore like to thank investors and our financial institution partners, as well as the tenants who are driving the growth of sustainable industrial projects with their demand,” said Tomáš Procházka, CFO at Accolade.
The Accolade Group concentrates on investment in the development, long-term ownership, and management of modern industrial parks that meet high sustainability standards, and currently has a network of several dozen BREEAM- or DGNB-certified industrial parks in six European countries. Its investments are further directed at revitalizing brownfield sites, an area in which the group is a world leader.
The funds obtained from the current bond issue will be used to finance or refinance projects that fall within the "Green Buildings" category. The Group only includes projects that meet the highest environmental standards as far as improving the energy performance of buildings, using renewable resources, or minimizing the environmental impact are concerned.
Stringent internal rules
When planning the issue, the Group worked according to what is known as the "Green Finance Framework", which, in accordance with EU Taxonomy, determines binding rules for the preparation of green projects. The credibility of the document was further proven in an independent evaluation by Sustainalytics, one of the most respected audit companies in the field of sustainability.
Second successful issue in a row
The bonds, which are quoted on the Regulated Market of the Prague Stock Exchange, were issued by Accolade Finco Czech 2, s.r.o., an entity established for the purpose of issuing bonds and subsequently providing financing to other companies in the Group. The company is 100% owned by parent company Accolade Holding a.s., which also provided the financial guarantee for repayment of the bonds.
The most recent issue of CZK 1.875 billion, emanating from a newly-established bond programme, follows on from last year's issue of green bonds. In light of the enormous interest shown by investors, this was raised from the planned CZK 1.5 billion to double that figure.
Parameters of the Accolade bond issue:
| ISIN | CZ0003570608 |
| Issuer | Accolade Finco Czech 2, s.r.o. |
| Guarantor | Accolade Holding a.s. |
| Size of issue | CZK 1.875 billion |
| Par value of one bond | CZK 3 million |
| Date of issue | 3 April 2025 |
| Maturity | 3 April 2030 |
| Coupon and bond payment | Fixed at 6.937% p.a., half-yearly retrospective payment |
| Bond Programme and Issue Coordinator | Česká spořitelna, a.s. |
| Bond Programme Arrangers and Joint Lead Managers of Issue | Česká spořitelna, a.s., Československá obchodní banka, a.s., Komerční banka, a.s. |
| Co-Manager | Conseq Investment Management, a.s. |
| Legal Advisor to the Issuer | White & Case, s.r.o., advokátní kancelář |
| Legal Advisor to Lead Managers | A&O Shearman (Czech Republic) LLP, organizační složka |
| Auditor for Issuer | BDO Audit s.r.o. |