Accolade Industrial Fund Q1 2023 results
We are pleased to announce the expansion of the fund's portfolio into yet another country. In addition to properties in the Czech Republic, Slovakia, Poland, and Germany, we welcomed our first Spanish building situated in a unique location - the pearl of Andalusia, Seville, a city previously overlooked by investors.
Including Bydgoszcz IV in Poland, which was also added to the fund in the Q1, the figures are as follows: 31 industrial parks, 100 tenants, and a portfolio value of over 1.5 billion EUR.
It is certainly positive news that, since the beginning of the year, over 23,000m² worth of parks have been renewed in four locations in Poland and Slovakia, with rents almost 20% higher than the original terms. Effective rent has risen by up to 40%.
Thanks to all our investors who, like ourselves, believe that industrial parks are the future of the European economy.
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Another significant milestone for Accolade Industrial Fund: annual rent income from the Fund’s projects exceeds EUR 100 million
Accolade Industrial Fund, which celebrates its ten-year anniversary this year, surpassed another significant milestone in the first quarter by exceeding EUR 100 million in total annual contractual leases, equivalent to approximately CZK 2.5 billion. Some projects in Germany or Poland even saw rent increases of tens of per cent. Moreover, Accolade Industrial Fund posted a return of over 3% in CZK and almost 2% in EUR in the first quarter. The average annual return since inception is 12%.
2024 represents a special landmark for us as we celebrate the 10th anniversary of Accolade Industrial Fund.
This is why we particularly appreciate every encounter with our investors outside of the usual business this year.
Quarterly Update from Accolade Industrial Fund
This quarter, we've seen solid progress and strategic expansion, even as we adapt to the market's dynamics.