Accolade Industrial Fund Secures Financing from ING to Strengthen Its Position in the Spanish Market
- The €56 million loan will support the expansion and consolidation of four industrial parks in Burgos, Valencia, Seville and Vitoria.
- This is the first agreement between the two entities, whereby Accolade Industrial Fund refinances its Spanish portfolio under ING's sustainable financing framework.
- The transaction strengthens Accolade's position as a leading investor in cutting-edge industrial and logistics parks in the Spanish market.
- The transaction was completed with support from Knight Frank, CMS and Pérez Llorca.
Accolade Industrial Fund, a pan-European investor in state-of-the-art industrial and logistics parks, has closed its first financing agreement with ING, one of the world's most prominent financial institutions, in a move that reinforces its growth in Spain and commitment to regional industrial development.
The loan, totalling approximately €56 million with a five-year term, will support the operation and consolidation of four strategically located parks in Burgos, Valencia, Seville and Vitoria. This market-rate financing represents a milestone for Accolade Industrial Fund as its first collaboration with ING and the first refinancing of its stabilised Spanish portfolio under the bank's sustainable financing framework.
"We are very pleased with the conclusion of this first financing agreement with ING. Our goal is to grow in a sustainable and efficient manner that positively impacts the communities where we operate. We believe Spain has enormous industrial potential, and through partnerships like this we can continue offering solutions tailored to current market needs whilst strengthening our presence," says Eduardo Feliciano, Accolade's Business Director for Spain.
"This transaction consolidates our position as a leading bank in our country's main logistics hubs and reaffirms our commitment to sustainability. Currently, 54% of ING's portfolio is sustainable, a figure achieved through increased green financing and the integration of sustainability as a strategic pillar in Spain and Portugal. It is a great privilege to support them through financing and the backing of a global network led by local experts," notes Julián Bravo, Head of Real Estate at ING Spain & Portugal.
The transaction was completed with contributions from various parties: ING as the financing institution, Knight Frank as asset valuers, CMS as advisors to Accolade Industrial Fund, and Pérez Llorca as legal advisors to the bank.