PRESENTATION ACCOLADE INDUSTRIAL FUND - We invest in smart Industrial Parks for a sustainable future
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PRESENTATION ACCOLADE INDUSTRIAL FUND We invest in smart Industrial Parks for a sustainable future May 2020
CONTENT
Why to invest in Industrial Real Estate
Our Parks
Accolade Industrial Fund
Investments with Accolade
Upcoming Projects
Key Personnel
OUR TENANTS
LOGISTICS PRODUCTION
RETAIL & E-COMMERCE
WHY TO INVEST IN INDUSTRIAL REAL ESTATE?
INDUSTRIAL PROPERTY PRIME YIELDS IN CZ, PL, DE (BY YEAR) PROPERTY YIELDS
5 3,6 5,75
9
8 8,5
9
CZ 5.00% 5.25%
4.25%
7 8 3.25%
7,5
6
7
5 6,5
4 6 Industrial Shopping Offices Residental
property malls
3 5,5
5
2
4,5
NAV/Akcie
1 4 PL
0 5.75% 5.25%
07 07 08 08 09 09 10 10 11 11 12 12 1313 1414 1515 1616 1717 1818 19
19 4.25%
year Czech Republic Germany Poland
Česká republika Polsko Německo
Industrial Shopping Offices
property malls
• Industrial properties are one of the most profitable real estate investment
• Long-term lease agreements DE
• Higher solvency of tenants 3.60% 4.25%
2.60%
• Rents are stable or growing in the long term
source: CBRE Industrial Shopping Offices
property malls
4
INDUSTRIAL PROPERTIES MARKET CZECH REPUBLIC
VACANCY 1Q 2020
• Total stock of modern A-class warehouse and industrial properties is 8.62 million sq m. INDUSTRIAL BUILDINGS:
• Net effective rent ranges between EUR 3.50-4.50 per sq m per month. 5.52%
• Average lease transaction size is 5,800 sq m.
NEW PROPERTIES
New supply of industrial properties in the Czech Republic (thousands of sq m)
OFFICES:
1 000
829
900
800
744
662
735
5.40%
623
700
568
600 501
448
500
359
400
282
258
300 198 213 210
200
100
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Q1
Source: CBRE
5
INDUSTRIAL PROPERTIES MARKET POLAND
VACANCY 1Q 2020
Total stock of modern A-class warehouse and industrial properties is 18.86 million sq m.
INDUSTRIAL BUILDINGS:
• Net effective rent ranges between EUR 2.00-4.70 per sq m per month. 7.14%
NEW PROPERTIES
New supply of industrial properties in Poland (thousands of sq m)
OFFICES:
3 500
2,717
3 000
2,270
8.44%
2,500
2,177
2,000
1,500 1,062 1,122
926 980
1,000
355 416 430
242 304
500
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Q1
source: CBRE
6
INDUSTRIAL PROPERTIES MARKET GERMANY
VACANCY 1Q 2020
• Total stock of modern A-class warehouse and industrial properties is 81.00 million sqm.
INDUSTRIAL BUILDINGS:
• Net effective rent ranges between EUR 3.80-7.15 per sq m per month. 2.40%
OFFICES:
3.40%
INDUSTRIAL PARK ALSDORF, GERMANY
source: CBRE
7
UNIQUENESS OF OUR PARKS
SUFFICIENT NUMBER AND HIGH
• Strategic location with quality infrastructure
• Tenants of global brands from e-commerce, logistics and
POSITION IS THE KEY QUALITY OF WORKFORCE
production LOGISTIC ACCESSIBILITY TO
EXCELLENT ACCESS FOR TRANSPORT THE TENANTS TARGET MARKET
• Modern halls with environmentally friendly technologies
• Support for the economic growth of the region
GOOD STRATEGIC POSITION LOCATION THAT MEETS NEEDS
• Rebirth of traditions - revitalization of brownfields OF SUPPLIERS AND CONSUMERS
IN THE REGION
The diversification of our portfolio from the perspective of
the tenant industry and the region ensures our fund's stability
and excellent results.
PRAGUE GERMAN BORDER CHEB
(155 km, 120 min) (14.3 km, 10 min) (5.1 km, 11 min)
EXIT 164
T.F.S.
INTERNATIONAL DHL
BWI
TCHIBO
D6
INDUSTRIAL PARK CHEB, CZECH REPUBLIC
88
MODER INDUSTRIAL PARKS
FOR SUSTAINABLE FUTURE
Accolade is a socially responsible investment group with commitments to its
investors, tenants, business partners, but also to society, the environment, and
its employees. Sustainable development is key for Accolade.
Our ESG strategy includes our commitments.
In addition to creating new locations, the Fund’s
long-term goal is to revitalize existing brownfields.
Brownfields overall accounts for nearly 40 percent of
the Fund’s portfolio, in Poland alone it is almost half.
BREEAM OUTSTANDING EXCELLENT VERY GOOD GOOD TOTAL
BREEAM — FINISHED PROJECTS / 11,153 sq m 239,767 sq m 415,287 sq m 666,207 SQ M
E – ENVIRONMENTAL S – SOCIAL G – GOVERNANCE
WE INVEST AND DO BUSINESS IN WE SUPPORT BENEFICIAL TRANSPARENCY
HARMONY WITH ENVIRONMENTAL PROJECTS FOR THE SOCIETY IN THE AND FAIRNESS IS FOR
PROTECTION. REGIONS WHERE WE OPERATE. US PRIORITY.
9
PARKS IN ACCOLADEACCOLADE
INDUSTRIAL FUND FUND
INDUSTRIAL
BIAŁYSTOK
BYDGOSZCZ
SZCZECIN
SZCZECIN
ZIELONA GÓRA
ZIELONA GÓRA
LUBLIN
LEGNICA
KIELCE
ALSDORF
PAVLOV TÝNIŠTĚ
CHEB II
CHEB NAD ORLICÍ
HOŘOVICE
STŘÍBRO
STŘÍBRO
PŘEŠTICE
PARKS IN THE FUND PARKS IN PROCESS
10OUR PARKS CZECH REPUBLIC, POLAND , GERMANY
CHEB OSTROV U STŘÍBRA PŘEŠTICE
HOŘOVICE TÝNIŠTĚ NAD ORLICÍ PAVLOV
SZCZECIN LUBLIN BYDGOSZCZ
11OUR PARKS CZECH REPUBLIC, POLAND , GERMANY
ZIELONA GORA KIELCE LEGNICA BIAŁYSTOK
ALSDORF CHEB
IN PROCESS
ZIELONA GORA CHEB II SZCZECIN OSTROV U STŘÍBRA
IN PROCESS IN PROCESS IN PROCESS IN PROCESS
12OUR FUND IN NUMBERS
7% expected return p.a. 59 tenants
14 industrial parks 943 investors
ACCOLADE INDUSTRIAL FUND INVESTMENTS AS OF 31.3.2020
EUR: 38.999 million: annual revenue from lease agreements
EUR: 574.073 million: total value of Accolade Industrial Fund
790,252 sq m: gross leasable area
ESTIMATED VALUE OF ACCOLADE INDUSTRIAL FUND INVESTMENTS
WITH THE POTENTIAL PROJECTS AS OF 31.3.2022
EUR 64.698 million: annual revenue from lease agreements
+7%
EXPECTED
RETURN
p.a.
EUR 962.905 million: total value of Accolade Industrial Fund
1,306,672 sq m: gross leasable area
13ACCOLADE INDUSTRIAL FUND CURRENT PROJECTS
LOCATION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV
A - projects in fund
Park Hořovice Czech Republic 21,430,000 € 34,780 6-10 years 6.00
Park Cheb Czech Republic 101,860,000 € 147,227 5-15 years 4.84
Park Stříbro Czech Republic 93,634,000 € 111,484 7-17 years 8.74
Park Pavlov Czech Republic 8,230,000 € 11,149 5 years 1.63
Park Týniště nad Orlicí Czech Republic 8,520,000 € 9,783 10 years 7.66
Park Přeštice Czech Republic 16,600,000 € 14,015 16 years 14.42
Park Szczecin Poland 96,520,000 € 147,694 2-11 years 13.73
Park Bydgoszcz Poland 31,510,000 € 50,109 3-6 years 1.90
Park Zielona Gora Poland 56,370,000 € 81,224 3-10 years 4.92
Park Lublin Poland 53,444,000 € 73,478 4-10 years 5.12
Park Kielce Poland 26,440,000 € 36,313 7-10 years 8.80
Park Bialystok Poland 31,630,000 € 42,188 3-10 years 5.34
Park Legnica Poland 19,830,000 € 23,294 10 years 9.33
Park Alsdorf Germany 8,055,000 € 7,512 10 years 9.34
TOTAL 574,073,000 € 790,252 6.24 55.76%
LOCATION ASSUMED ACQUISITION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV
B – projects in process
Park Cheb II 2Q 2020 Czech Republic 20,100,000 € 27,376 10 years 10,00
Park Stříbro (expansion) 2Q 2020 Czech Republic 12,500,000 € 11,714 10 years 10.00
Park Cheb (expansion) 3Q 2020 Czech Republic 12,700,000 € 12,898 10 years 10.00
Park Stříbro (expansion) 3Q 2020 Czech Republic 25,000,000 € 25,585 30 years 30.00
Park Szczecin (expansion) 3Q 2020 Poland 15,600,000 € 24,035 5 years 5.00
Park Zielona Gora (expansion) 3Q 2020 Poland 12,750,000 € 11,626 5-7 years 6.65
TOTAL 98,650,000 € 113,234 12.70 70.00%
14ACCOLADE INDUSTRIAL FUND
BANK FINANCING 320.110 mil. EUR ANNUAL RENTAL INCOME OF 574.073 mil. EUR
Santander 24.6% Poland 55.0%
Erste Bank 19.2% Czech Republic 43.6%
Pekao 18.5% Germany 1.4%
UniCredit 15.3%
mBank 13.5%
ČSOB 7.5%
Sparkasse 1.4%
TOTAL LEASED-UP AREA 790,252 SQ M RENTAL ANNUAL INCOME OF 38.999 mil. EUR
% share of industries in leased-up area % share of tenants in rental annual income
DHL 10.2%
KION Group 8.0%
E-commerce 28.4%
Tchibo 6.6%
Logistics 27.5%
Pierce 4.4%
Automotive 13.4%
Assa Abloy 4.4%
Engineering 12.6%
Expondo 4.1%
Retail 9.9%
Raben 3.7%
Eletrical 7.6%
ABC Autoparts 3.4%
IT recycling 0.3%
Oponeo 3.3%
Plastic piping 0.3%
Gates 3.1%
Vive 3.1%
Others 45.7%
15ORGANIGRAM ACCOLADE
INDUSTRIAL FUND Holding, a.s.
Milan Kratina
50%
Fund SICAV, plc
Malta 90% V Czech Repulic
Zdeněk Šoustal
50%
100%
Accolade
Capital Holding
(Malta) Ltd.
Othere investors 94.41% 5.59%
natural persons 100%
Accolade Holding
legal persons and its owners
foundations Industrial Fund
funds
Malta Accolade
Investment
Company Ltd.
100%
CZECH REPUBLIC POLAND GERMANY
AIFM I, s.r.o. AIFM X, s.r.o. AIFM PL I sp. z o.o. AIFM PL VI sp. z o.o.
AIFM XVI, s.r.o. LU GE XVII Sarl.
tenant: ALPHA Corporation tenant: KION Group Bydgoszcz, Poland Białystok, Poland Alsdorf, Germany
tenants: DPD, Oponeo, Röhlig, tenants: Distribev Orbico, Röhlig tenant: Dachser
AIFM II, s.r.o. AIFM XI, s.r.o. Chep Polska Pekaes, Farutex, InterCars, Glosel,
AIFM XVII, s.r.o. Pilkington, DPD, Poczta Polska
tenans: Ideal Autmotive, Leoni tenant: DHL
AIFM PL II sp. z o.o.
AIFM III, s.r.o. AIFM XII, s.r.o. Szczecin, Poland AIFM PL VII sp. z o.o.
AIFM XVIII, s.r.o.
tenant: KION Group tenant: Assa Abloy tenants: Pierce, Svendsen Sport, Kielce, Poland
Change, DSV, Inter Cars, Advansor, tenants: Raben, Pekaes, Vive
AutoDoc, Cotes
AIFM IV, s.r.o. AIFM XIII, s.r.o AIFM XIX, s.r.o.
tenant: BWI tenant: IAC Group
AIFM PL IX sp. z o.o.
AIFM PL III sp. z o.o. Lublin, Poland
AIFM V, s.r.o. AIFM XIV, s.r.o
Bydgoszcz, Poland tenants: Spizarnia, Cega,
tenant: DHL tenans: DHL, T.F.S. International
tenants: Oponeo, Schenker, Röh- Eurocash, Röhlig, Ruch, DD Pack,
lig, Sims Recycling Inter Cars, Miracle, TEDI Dystry-
AIFM VI, s.r.o. bucja, Data Modul, Farutex, Iglo-
tenant: Saint Gobain tex, Specjal, Fibrain, Laboratoria
AIFM PL IV sp. z o.o. Natury, Multivac, FedEx
Szczecin, Poland
AIFM VII, s.r.o.
tenant: Tchibo
tenants: DHL, Party Deco, Rohlig, empty companies
AutoDoc
AIFM PL X sp. z o.o.
AIFM VIII, s.r.o. Legnica, Poland
tenant: Panalpina tenant: Gates
AIFM PL V sp. z o.o.
Zielona Gora, Poland
tenants: REAC, Fiege, companies with a tenant
AIFM IX, s.r.o.
tenant: Raben Eobuwie, Pekaes, Swiss Krono,
Iveco, Expondo
16WHY TO INVEST WITH ACCOLADE?
• Expected return on investment for shareholders of more than 7% p. a.
• Upon acquisition, the property is 100% leased and generates revenue
• Average lease term is approximately 6.2 years per sq m
• Lease payments guaranteed by security deposits, or by bank, parent or subsidiary company
• Conservative strategy based solely on lease payments, not on speculation of increase in price of the buildings
• Minimum investment EUR 75,000 (CZK 2 mil.)
• Payout of shares not earlier than after 5 years
• Transparent fee structure
• Valuation four times a year
INDUSTRIAL REAL
ESTATE CONTINUES TO
BE A GREAT INVESTMENT
OPPORTUNITY
17PERFORMANCE OF ACCOLADE FUND
280
260 229.7
PERFORMANCE
240
OF (NAV) 215.7
222.7
220
181.9
200
180 152.9
160
120.9
140
120 94.5
100 69.7
80
NAV (million EUR)
60 35.4
PERFORMANCE OF 25.4
SHARES 1
FROM 1.4.2019
13.94% 10.25% 40
20
0 2.7
13
TO 31.3.2020 SHARES CZK SHARES EUR 0
30.9. 30.6. 10.12. 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
(estimate)
ACCOLADE INDUSTRIAL FUND SHARE PRICE (Launched 30th September 2014)
SERIES TYPE / VALUATION
30.9.2014 10.12.2015 31.12.2016 31.12.2017 31.12.2018 30.6.20194 30.9.2019 31.12.2019 31.03.2020
DATE
Lead Series A - CZK
100 121.0714 133.5304 152.3594 166.8153 175.1565 179.3466 183.1897 194.1399
(ISIN MT7000014932)
Lead Series A - CZK (% change) 0% 21.07% 10.29% 14.10% 9.49% 2.80% 2.39% 2.14% 5.98%
Lead Series A2 - CZK
151.8049 165.4054 173.1005 177.0302 180.6050 191.1239
(ISIN MT7000018404)
Lead Series A2 - CZK (% change) 11.02% ² 8.96% 2.61% 2.27% 2.02% 5.82%
Lead Series B - EUR
100 123.4895 136.2890 160.6307 176.8774 185.5279 189.0880 193.9304 198.5672
(ISIN MT7000014940)
Lead Series B - EUR (% change) 0% 23.49% 10.36% 17.86% 10.11% 3.01% 1.92% 2.56% 2.39%
Lead Series B2 - EUR
160.2418 175.5966 183.5718 186.8682 191.4217 195.7614
(ISIN MT7000018412)
Lead Series B2 - EUR (% change) 3.10% 3 9.58% 2.82% 1.80% 2.44% 2.27%
1 If not stated otherwise, the information is related to the institucional share classes (ISIN MT7000014932 a MT7000014940)
2 Series initial offering 31.3.2017
3 Series initial offering 30.6.2017
4 % change in relation to previous quarterACCOLADE INDUSTRIAL FUND POTENTIAL FUTURE PROJECTS
CZECH REPUBLIC, POLAND, GERMANY, SLOVAKIA
CHEB SZCZECIN
BYDGOSZCZ II CZĘSTOCHOWA LEGNICA II KIELCE
MINSK MAZOWIECKI ZIELONA GORA BOCHUM KOŠICE
19KEY PERSONNEL
MILAN KRATINA ZDENĚK ŠOUSTAL
Co-founder of Accolade Fund Co-founder of Accolade Fund
– Chairman of the Board, Accolade Fund SICAV plc and – Member of the Board,Accolade Investment Company Ltd.
Accolade 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
– director of Alter Domus (Services) Malta Limited Investment Company Ltd.
since 2010 - more than 20 years´experience in the Asset
– over 10 years´ experience in audit and financial advisory 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 Member of the Investment Committee, Accolade
Northwestern University in Evanston, Illinois, U.S.A. Investment Company Ltd.
- author of several local and foreign publications and of - responsible for management of Polish project, Poland,
numerous papers on the Maltese economy ensures financing of new developments
- served as a consultant to several Maltese organizations - over 7 years´ experience in Bank Santander in financing
commercial real estate
20KEY PERSONNEL
SANDRO BARTOLI MARK GUILLAUMIER
Member of the Board, Accolade Investment Company Ltd. Member of the Board, Accolade Investment Company Ltd.
- in the investment services business since 1997 - 40 years working career in financial sector
- in 2000 set up Quest Investment Services Ltd, an - in 2001-2010 Chief Executive of Malta Stock Exchange
independent financial advisory company - Senior Advisor to the Maltese Ministry of Finance
- qualified investment adviser obtaining the Certificate and represented Malta on the Financial Services
for Financial Advisers (CeFA) and various other Committee (FSC) of the European Commission in
certificates in compliance and anti-money laundering Brussels
PETR POSKER MALCOLM ST JOHN
Member of the Investment Committee, Accolade Member of the Board, Accolade Fund SICAV plc
Investment Company Ltd. – Certified Public Accountant with 18 years of
- portfolio Manager with 20 years´experience in various experience in the financial services industry holding
companies (e.g. Atlantik Asset Management or ABN various senior roles
AMRO Asset Management) – over 15 years work history in Fund administration
- member of the CFA Institute since 1999 including HSBC and Apex Fund Services
- ACCA completed in 2008
21OUR EXTERNAL PARTNERS
PROPERTY VALUATION ACCOUNTING
TAX ADVISORY AUDIT FUND ADMINISTRATION
22info@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
Malta Malta
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