ACCOLADE INDUSTRIAL FUND PRESENTATION - We invest in smart Industrial Parks for a sustainable future
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ACCOLADE INDUSTRIAL FUND PRESENTATION We invest in smart Industrial Parks for a sustainable future MAY 2021
CONTENT
4 Why to invest in Industrial Real
Estate
10 Our Parks
13 Accolade Industrial Fund
17 Investments with Accolade
19 Upcoming Projects
21 Key Personnel
2
OUR TENANTS
LOGISTICS
PRODUCTION
RETAIL
& E-COMMERCE
3
WHY TO INVEST IN PROPERTY YIELDS
INDUSTRIAL REAL ESTATE? CZECH REPUBLIC
4.75% INDUSTRIAL PROPERTY
5.75% SHOPPING MALLS
INDUSTRIAL PROPERTY PRIME YIELDS IN CZ, PL, DE (BY YEAR) 4.25% OFFICES
3.25% RESIDENTAL
9
8
POLAND
7
6 5.25% INDUSTRIAL PROPERTY
5
5.75% SHOPPING MALLS
4
3
4.60% OFFICES
2 5.25% RESIDENTAL
1
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
GERMANY
(%/year) Czech Republic Poland Germany
3.40% INDUSTRIAL PROPERTY
Industrial properties are one of the most profitable real estate investment 5.10% SHOPPING MALLS
Long-term lease agreements
2.55% OFFICES
Higher solvency of tenants
Rents are stable or growing in the long term 2.25% RESIDENTAL
4
INDUSTRIAL PROPERTIES VACANCY Q1 2021
ON THE CZECH MARKET
Total stock of modern A-class warehouse and industrial properties is 9.17 million sq m
Net effective rent ranges between EUR 3.60–4.70 per sq m per month
Average lease transaction size is 7,900 sq m
3.59 %
INDUSTRIAL BUILDINGS
NEW PROPERTIES
New supply of industrial properties in the Czech Republic (thousands of sq m)
1 000
900 829
800 744 735
681
662
700 623
568
7.60 %
600
501
448
500
359
400
282 OFFICES
258
300
213
198
200
68
100
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Q1
5
INDUSTRIAL PROPERTIES VACANCY Q1 2021
ON THE POLISH MARKET
Total stock of modern A-class warehouse and industrial properties is 21.28 million sq m
Net effective rent ranges between EUR 2.00–4.60 per sq m per month
Average lease transaction size is 7,400 sq m
6.47 %
INDUSTRIAL BUILDINGS
NEW PROPERTIES
New supply of industrial properties in Poland (thousands of sq m)
3 000 2,717
2 500 2,270
2,177
2,000
2 000
1 500
926
1,062
980
1,122
766
12.20 %
1 000 OFFICES
416
355
304
500 242
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Q1
6
INDUSTRIAL PROPERTIES VACANCY Q1 2021
ON THE GERMAN MARKET
Total stock of modern A-class warehouse and industrial properties is 86.90 million sq m
Net effective rent ranges between EUR 4.25–7.15 per sq m per month
Average lease transaction size is 7,900 sq m
2.30 %
INDUSTRIAL BUILDINGS
4.00 %
OFFICES
INDUSTRIAL PARK
ALSDORF, GERMANY
7
UNIQUENESS OF OUR PARKS
LOCATION IS KEY
strategic location with quality infrastructure
tenants of world brands from e-commerce, logistics and production
modern halls with environmentally friendly technologies
supporting the region‘s economic growth LOCATION THAT MEETS THE NEEDSOF SUPPLIERS
STRATEGIC POSITION IN THE REGION
the rebuilding of tradition – revitalization of the brownfields AND CONSUMERS
LOCATION THAT MEETS THE NEEDSOF SUPPLIERS
The diversification of our portfolio from the perspective of the tenant EXCELLENT ACCESS FOR TRANSPORT
AND CONSUMERS
industry and the region ensures our fund‘s stability and excellent results.
CHEB GERMAN BORDER PRAGUE
(5 km, 11 min) (14 km, 10 min) (155 km, 120 min)
D6
T.F.S. INTERNATIONAL
BWI
DHL
TCHIBO
NEXANS
INDUSTRIAL PARK
CHEB, CZECH REPUBLIC
8
MODERN INDUSTRIAL ESG STRATEGY
PARKS FOR SUSTAINABLE ENVIRONMENTAL
We invest and do
FUTURE business in a manner
that is consistent with
the protection of the
environment.
Accolade is a socially responsible investment group with commitments to itsinvestors, tenants,
business partners, but also to the society, environment, andits employees. Sustainable development is SOCIAL
key for Accolade. Our ESG strategy includes our commitments.
The Accolade group
Our goal is to own modern parks with a large proportion of revitalized brownfields with a longstanding supports those who
industrial tradition that meet the highest standards of a respectful approach to the world around us. need its help and ensures
suitable conditions of
Brownfields accounts for 30% of the fund‘s portfolio. employment.
GOVERNANCE
BREEAM OUTSTANDING EXCELLENT VERY GOOD GOOD TOTAL
Our priority is a
BREEAM 27,326 sq m 81,509 sq m 173,674 sq m 427,421 sq m 709,930 sq m transparent and fair
approach to investors,
tenants, and business
partners.
9
PARKS IN ACCOLADE
INDUSTRIAL FUND
BIAŁYSTOK
SZCZECIN
BYDGOSZCZ II
BYDGOSZCZ
MIŃSK
MAZOWIECKI
ZIELONA GÓRA
LUBLIN
BOCHUM
LEGNICA
LEGNICA II
KIELCE
CZĘSTOCHOWA
ALSDORF
TÝNIŠTĚ
CHEB PAVLOV NAD ORLICÍ
CHEB SOUTH
HOŘOVICE
STŘÍBRO
PŘEŠTICE KOŠICE
PARKS IN THE FUND PARKS IN PROCESS
10OUR PARKS
CZECH REPUBLIC POLAND
CHEB CHEB SOUTH LUBLIN
OSTROV U STŘÍBRA PŘEŠTICE BYDGOSZCZ
IN PROCESS
TÝNIŠTĚ NAD ORLICÍ PAVLOV HOŘOVICE HOŘOVICE BYDGOSZCZ IIOUR PARKS
POLAND SLOVAKIA
IN PROCESS
KIELCE LEGNICA ZIELONA GÓRA
IN PROCESS
KOŠICE
GERMANY
BIAŁYSTOK CZĘSTOCHOWA
IN PROCESS IN PROCESS
SZCZECIN MIŃSK MAZOWIECKI LEGNICA II BOCHUM ALSDORFOUR FUND IN NUMBERS
7 % EXPECTED ANNUAL RETURN 1,445 INVESTORS
17 MODERN INDUSTRIAL PARKS 66 TENANTS
ACCOLADE INDUSTRIAL FUND INVESTMENTS AS OF 31. 03. 2021
756.0 mil. EUR 50.3 mil. EUR 970,367 sq m
Total value of Accolade Annual revenue from Leased area in
Industrial Fund lease agreements the portfolio
ESTIMATED VALUE OF ACCOLADE INDUSTRIAL FUND INVESTMENTS AS OF 31. 03. 2023
(including potential projects)
1,332.5 mil. EUR 90.6 mil. EUR 1,782,508 sq m
Total value of Accolade Annual revenue from Leased area in
Industrial Fund lease agreements the portfolioACCOLADE INDUSTRIAL FUND A - PROJECTS IN FUND LOCATION COUNTRY VALUATION GLA (SQ M) LEASE TERM WAULT LTV Park Hořovice Czech Republic 21,400,000 € 34,780 6 - 10 years 6.60 Park Cheb Czech Republic 114,750,000 € 160,125 5 - 15 years 4.88 Park Stříbro Czech Republic 132,787,000 € 148,721 7 - 35 years 18.92 Park Pavlov Czech Republic 8,740,000 € 11,063 5 years 1.24 Park Týniště nad Orlicí Czech Republic 8,410,000 € 9,783 10 years 6.67 Park Přeštice Czech Republic 16,470,000 € 14,015 16 years 13.43 Park Cheb South Czech Republic 20,330,000 € 27,326 10 years 9.05 Park Szczecin Poland 132,830,000 € 181,769 2 - 11 years 3.99 Park Bydgoszcz Poland 30,941,000 € 50,081 5 - 6 years 1.31 Park Zielona Gora Poland 71,160,000 € 92,737 3 - 10 years 4.45 Park Lublin Poland 54,324,000 € 73,470 4 - 11 years 4.16 Park Kielce Poland 27,250,000 € 36,373 7 - 10 years 7.73 Park Bialystok Poland 31,680,000 € 42,188 3 - 10 years 4.39 Park Legnica Poland 20,160,000 € 23,294 10 years 8.26 Park Bydgoszcz II Poland 25,030,000 € 37,044 5 - 7 years 4.51 Park Alsdorf Germany 8,716,000 € 7,542 10 years 8.35 Park Bochum Germany 31,027,000 € 20,056 16 years 15.84 TOTAL 756,004,000 € 970,367 7.55 58.44 % B – PROJECTS IN PROCESS LOCATION ASSUMED ACQUISITION COUNTRY VALUATION GLA (SQ M) LEASE TERM WAULT LTV Park Częstochowa 2Q/3Q 2021 Poland 9,530,000 € 7,846 7 years 6.30 Park Košice 2Q/3Q 2021 Slovakia 11,880,000 € 16,767 3 - 10 years 7.70 Park Legnica II 2Q/3Q 2021 Poland 18,440,000 € 26,924 5 - 10 years 6.70 Park Minsk Mazowiecki 2Q/3Q 2021 Poland 9,680,000 € 15,046 3 years 2.50 Park Hořovice 2Q/3Q 2021 Czech Republic 6,640,000 € 7,375 6.5 years 6.50 TOTAL 56,170,000 € 73,958 6.13 60.00 %
ACCOLADE INDUSTRIAL FUND
441.8 mil. EUR 756.0 mil. EUR
BANK FINANCING COUNTRIES SHARE IN PORTFOLIO VALUE
Aareal 34.2% Pekao 5.2% Poland 52.0%
Erste Bank 22.6% mBank 4.9% Czech Republic 42.7%
UniCredit Bank 14.1% Sparkasse 4.8% Germany 5.3%
ČSOB 6.8% BNP Paribas 1.7%
Santander 5.8%
970,367 sq m 50.3 mil. EUR
TOTAL LEASED UP AREA ANNUAL RENTAL INCOME
% share of industries in leased-up area % share of tenants in rental annual income
Logistics 31.5% Retail 8.3% DHL 11.4% Expondo 3.1% Gates 2.4%
E-commerce 26.3% Eletrical 6.2% KION Group 9.3% InPost 3.0% IAC Group 2.4%
Engineering 16.3% IT recycling 0.2% Tchibo 5.2% ABC Autoparts 2.8% Röhlig 2.3%
Automotive 10.9% Plastic piping 0.2% Raben 5.0% Oponeo 2.6% Others 38.6%
Pierce 3.4% Real Digital 2.5%
Assa Abloy 3.4% ViVe 2.5%
15ORGANIGRAM ACCOLADE INDUSTRIAL FUND
MILAN KRATINA 50% ZDENĚK ŠOUSTAL 50%
ACCOLADE HOLDING, A.S. 100% founder shares
ACCOLADE FUND SICAV, PLC MALTA
CZECH REPUBLIC 4.99% MALTA
100%
Accolade Capital Holding (Malta) Ltd. QUALIFIED INVESTORS 95.01% ACCOLADE INDUSTRIAL FUND
Natural persons, Legal persons, Investment funds, Foundations
100%
Accolade Investment Company Ltd.
CZECH REPUBLIC POLAND GERMANY
TÝNIŠTĚ NAD ORLICÍ HRADIŠTĚ U CHEBU PAVLOV BYDGOSZCZ ZIELONA GORA LUBLIN ALSDORF
AIFM I, s.r.o. AIFM IV, s.r.o. AIFM VIII, s.r.o. AIFM PL I sp. z o.o. AIFM PL V sp. z o.o. AIFM PL IX sp. z o.o. LU GE XVII S.a r.l.
Tenant: ALPHA Corporation Tenant: BWI Tenants: DSV, B2 Assets Tenants: DPD, Oponeo, Röhlig, Tenants: REAC, Fiege, Eobuwie, Pekaes, Tenants: Spizarnia, Cega, Eurocash, Tenant: Dachser
AIFM V, s.r.o. Chep Polska Swiss Krono, Iveco, Expondo Röhlig, Ruch, DD Pack, Inter Cars, Miracle,
Tenant: DHL AIFM PL III sp. z o.o. Accolade PL XII sp. z o.o. TEDI Dystrybucja, Data Modul, Farutex,
OSTROV U STŘÍBRA PŘEŠTICE BOCHUM
AIFM VII, s.r.o. Tenants: Oponeo, Röhlig, Sims Recycling, Tenants: Raben, InPost Iglotex, Specjal, Fibrain, Laboratoria
AIFM II, s.r.o.
Tenant: Tchibo AIFM XIII, s.r.o. Vet Planet Natury, Multivac, FedEx LU GE XXIV S.a.r.l.
Tenant: Ideal Automotive, Leoni
AIFM XI, s.r.o. Tenant: IAC Group Tenant: Faiveley
AIFM III, s.r.o. BIAŁYSTOK
Tenant: DHL
Tenant: KION Group SZCZECIN LEGNICA
AIFM XIV, s.r.o. AIFM PL VI sp. z o.o.
AIFM X, s.r.o. CHEB SOUTH
Tenant: DHL, T.F.S. International, B2 AIFM PL II sp. z o.o. Tenants: Distribev Orbico, Röhlig, Pekaes, AIFM PL X sp. z o.o.
Tenant: KION Group AIFM XV, s.r.o.
Assets Tenants: Pierce, Svendsen Sport, Change, Farutex, InterCars, Glosel, Pilkington, DPD, Tenant: Gates
AIFM XII, s.r.o. Tenant: real Digital
AIFM XVIII, s.r.o. DSV, Inter Cars, Advansor, ABC Autoparts, Poczta Polska
Tenant: Assa Abloy
Tenant: Nexans Cotes
AIFM XVI, s.r.o. BYDGOSZCZ II
AIFM PL IV sp. z o.o.
Tenant: Raben AIFM XIX, S.R.O. KIELCE
Tenants: DHL, Party Deco, Rohlig, AIFM PL XI sp. z o.o.
AIFM XVII, s.r.o. HOŘOVICE AIFM PL VII sp. z o.o. Tenants: InPost, Nissin, DB Schenker, DSV,
ABC Autoparts
Tenant: KION Group AIFM VI, s.r.o. Tenants: Raben, Pekaes, Vive Dadelo
Accolade PL XIII sp. z o.o.
Tenant: Saint Gobain
Tenants: InPost, Vero Logistics, DTS,
AIFM IX, s.r.o.
Iglotex
Tenant: Raben AIFM PL VIII SP. Z O.O. 16WHY INVEST WITH INDUSTRIAL REAL ESTATE
CONTINUES TO BE A GREAT
ACCOLADE? INVESTMENT OPPORTUNITY
expected return on shares of the fund of more than 7% p. a.
conservative strategy based on lease payments (we do not
speculate on real estate price)
upon acquisition by the Fund, the property is 100% leased
lease payments guaranteed by security deposits, by bank
or corporate company or its combination
average lease term is more than 7 years per sq m
valuation four times a year
minimum first investment EUR 75,000 or CZK 2 million
transparent fee structure
sale of shares possible not earlier than after five yearsPERFORMANCE OF ACCOLADE FUND PERFORMANCE OF SHARES 1
From 1. 4. 2020 to 31. 3. 2021
8.88 %
ACCOLADE INDUSTRIAL FUND SHARE PRICE
SHARES CZK
Launched 30th September 2014
10.90 %
SERIES TYPE /
30. 9. 2014 10. 12. 2015 31. 12. 2016 31. 12. 2017 31. 12. 2018 31. 12. 2019 30. 6. 2020 4 30. 9. 2020 31. 12. 2020 31. 3. 2021
SHARES EUR
VALUATION DATE
LEAD SERIES A - CZK
1
If not stated otherwise, the information is related to the institucional share classes (ISIN
100 121.0714 133.5304 152.3594 166.8153 183.1897 197.5299 202.0478 205.2164 211.3732
(ISIN MT7000014932) MT7000014932 a MT7000014940)
LEAD SERIES A - CZK
Typ série/období ocenění 30.0%
9. 2014 10. 12. 2015
21.07% 31.10.29%
12. 2016 31. 12. 2017
14.10% 31. 12. 9.49%
2018 31. 12. 2019
9.82%
2
31. 3. 20201.75%
30. 6. 2020 30. 9. 2020
2.29% 1.57% 3.00%
(% CHANGE)
Úvodní série A - CZK 100 121,0714 133,5304 152,3594 166,8153 183,1897 194,1399 197,5299 202,0478
(ISIN MT7000014932)
LEAD SERIES A2 CZK
Úvodní série A - CZK (%
(ISIN MT7000018404) 0% 21,07 % 10,29 %
151.8049
14,10 %
165.4054
9,49 %
180.6050
2,14 %
194.2262
5,98 %
198.4241
1,75 %
201.2925
2,29 %
207.0804
změna)
Úvodní série B - EUR 100 123,4895 136,2890 160,6307 176,8774 193,9304 198,5672 203,5724 206,8240
(ISIN
LEAD MT7000014940)
SERIES A2 - CZK
PERFORMANCE OF (NAV)
11.02%² 8.96% 9.19% 1.62% 2.16% 1.45% 2.88%
(% CHANGE)
Úvodní série B - EUR (% 0% 23,49 % 10,36 % 17,86 % 10,11 % 2,56 % 2,39 % 2,52 % 1,60 %
změna)
LEAD SERIES B - EUR
100 123.4895 136.2890 160.6307 176.8774 193.9304 203.5724 206.8240 213.3680 220.2024
(ISIN MT7000014940)
360
340
320
LEAD SERIES B - EUR
0% 23.49% 10.36% 17.86% 10.11% 9.64% 2.52% 1.60% 3.16% 3.20% 300
(% CHANGE)
280
260
240
LEAD SERIES B2 - EUR 220
160.2418 175.5966 191.4217 200.4530 203.4088 209.5903 216.0416
(ISIN MT7000018412) 200
180
160
LEAD SERIES B2 - EUR 140
3.10%3 9.58% 9.01% 2.40% 1.47% 3.04% 3.08% 120
(% CHANGE)
100
80
60
NAV (mil. EUR)
40
2
Series initial offering 31.3.2017 0 )
20
3
Series initial offering 30.6.2017 0
4
% change in relation to previous quarter 30. 9. 30. 6. 10. 12. 30. 6. 31. 12. 30. 6. 31. 12. 30. 6. 31. 12. 30. 6. 31. 12. 30. 6. 31. 12. 31. 3. 1. 4.
2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021
(estimated)
18ACCOLADE INDUSTRIAL FUND POTENTIAL FUTURE PROJECTS CZECH REPUBLIC POLAND BRNO ZDICE BYDGOSZCZ III CHEB HOSTOMICE SZCZECIN GOLENIÓW CHEB SOUTH OSTROV U STŘÍBRA II GORZÓW
ACCOLADE INDUSTRIAL FUND POTENTIAL FUTURE PROJECTS
POLAND SLOVAKIA
KIELCE
SZCZECIN
LEGNICA AIRPORT PARK
ZIELONA GÓRA CZĘSTOCHOWA KOŠICEKEY PERSONNEL
MILAN KRATINA ZDENĚK ŠOUSTAL
Co-founder of Accolade Fund Co-founder of Accolade Fund
chairman of the Board, Accolade Fund SICAV plc and Accolade member of the Board, Accolade Investment Company Ltd.
Investment Company Ltd.
member of the Investment Committee, Accolade Investment
Company Ltd.
CHRIS CASAPINTA STEVEN TEDESCO
Member of the Board, Accolade Fund SICAV plc Member of the Investment Committee, Accolade Investment
director of Alter Domus (Services) Malta Limited since 2010 Company Ltd.
over 10 years experience in audit and financial advisory more than 20 years experience in the Asset Management sector
managed portfolio exceeding EUR 1 billion
chartered Fellow of the Chartered Intitute for Securities & Investment
JOSEPH FALZON MICHAŁ BIAŁAS
Member of the Board, Accolade Investment Company Ltd. Member of the Board, Accolade Fund SICAV plc
professor with Ph.D. degree in economics from Northwestern Member of the Investment Committee, Accolade Investment
University in Evanston, Illinois, U.S.A. Company Ltd.
author of several local and foreign publications on the
responsible for management of Polish projects, ensures financing
Maltese economy
of new developments
served as a consultant to several Maltese organizations
over 7 years experience in Bank Santander in financing commercial
real estate
21KEY PERSONNEL
SANDRO BARTOLI ALEXIA FARRUGIA
Member of the Board, Accolade Investment Company Ltd. Member of the Board Accolade Investment Company Ltd.
in the investment services business since 1997 almost 20 years experience in the financial services industry
in 2000 set up Quest Investment Services Ltd. an independent focused on investment services for non-banking financial institutions
financial advisory company in Malta, private companies, and companies listed on the Malta Stock
qualified investment adviser obtaining the Certificate for Financial Exchange
Advisers (CeFA) and various other certificates in compliance and authorized Risk Manager and MLRO to investment services firms and
anti-money laundering financial institutions
member of the Malta Association of Risk Managers, the Institute of
Financial Sevices Practitioners and other organizations
PETR POSKER MALCOLM ST JOHN
Member of the Investment Committee, Accolade Investment Member of the Board Accolade Fund Sicav plc
Company Ltd.
certified Public Accountant with 18 years ofexperience in the financial
services industry holding various senior roles
portfolio Manager with 20 years experience in various companies (e.g.
Atlantik Asset Management or ABN AMRO Asset Management) over 15 years work history in Fund administration including HSBC and
Apex Fund Services
member of the CFA Institute since 1999
ACCA completed in 2008
22OUR EXTERNAL PARTNERS
PROPERTY
AUDIT
VALUATION
ACCOUNTING LEGAL ADVISOR
TAX ADVISORY
FUND
ADMINISTRATION
23Accolade Investment Company Limited (C 94600) is authorised and regulated by the Malta Financial Services Authority (“MFSA”) to provide investment services and
qualified as an ‘Alternative Investment Fund Manager pursuant to directive 2011/61/EU (the “manager”). the manager acts as AIFM to Accolade Fund SICAV plc. (sv 322)
(the “fund”) and the Accolade Industrial Fund (the “sub-fund”), which are also licensed by the MFSA.
Prior to purchasing units in the sub-fund, prospective investors should read and understand the terms of the Offering Memorandum and Offering Supplement (including the
risk factors). There can be no assurance that the sub-fund’s investment objectives will be achieved, and investment results may vary substantially over time. We have not and
will not provide you with tax, legal and/or investment advice and we recommend that you obtain your own independent advice tailored to your individual circumstances
prior to investing. Prospective investors should be aware that the value of investments can go down as well as up and past performance is not an indicator of future
performance. Investors should be aware that by investing in the fund, they risk losing all or part of the capital invested.
info@accolade.eu ACCOLADE FUND SICAV P.L.C. ALTER DOMUS
+420 220 303 019 Vision Exchange Building Vision Exchange Building
www.accolade.eu Territorials Street, Zone 1, Territorials Street, Zone 1,
Central Business District, Central Business District,
Birkirkara CBD 1070 Birkirkara CBD 1070
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