GDP and real wage growth, gradually declining inflation, and a revival of investment activity in the commercial real estate market. At the same time, new challenges and persistent uncertainties. This is a brief summary of the economic landscape at the turn of 2024 and 2025 and the broader context of a recent discussion between Milan Kratina, Co-founder of the Accolade Industrial Fund, and economist Dominik Stroukal.
Once again, the main topic of their conversation was an evaluation of the Fund’s performance over the past quarter – and the entire 2024. The year can be described as “The Year of Stability”, driven primarily by solid rental growth as well as active leasing and acquisition pipeline. In Q4, the fund achieved a performance of 2.30% in CZK and 2.38% in EUR, with full-year performance reaching 8.35% in the CZK share class and 7.17% in the EUR share class.
The Fund also successfully expanded its portfolio, adding 206,000 square meters of new projects across the Czech Republic, Slovakia, Poland, and Spain. As a result, the Fund surpassed a significant milestone—managing over 2 million square meters of assets with a total value exceeding €1.9 billion. The vacancy rate remained low at 1.79%, significantly below the market average in the countries where the Fund operates.
As part of their retrospective look at the past year, Milan Kratina and Dominik Stroukal also discussed the importance of the December refinancing of part of the Fund’s portfolio in the Czech Republic and Poland, valued at €370 million.
What are their expectations for 2025? What reasons for optimism do they see despite market challenges?
Watch the full discussion to find out more.
