The first decade of the Accolade Fund
For an entire decade, our Fund has adhered to a business model that has led us to success: strong specialisation, modern premium properties in attractive locations leased to first-class tenants, and long-term stable financing with reputable
European banks.
"The Fund has brought investors an appreciation of about twelve percent per year in its first ten years, which I consider a great success. We also made it through last year’s challenging period when the real estate market was overvalued. Even the world's largest funds, such as Blackstone, are putting their faith in industrial property. I believe that we are moving in the right direction, that rents will rise again, and that our investors will continue to enjoy seeing their money appreciate," says Milan Kratina, one of the Fund's founders.
Join us in reviewing the highlights of the past ten years, during which we have developed into a modern fund that sets investment trends.
"We are in the premier league of large real estate funds in Europe. There aren't many bigger industrial park owners around anymore. But we're only at the beginning.!
Milan Kratina
Founder and chairman of the board, ACCOLADE FUND SICAV plc
Fund performance in 2023
NOT A SPRINT, BUT A MARATHON 2023 was a challenging year for commercial real estate, impacting our performance, which fell short of expectations after nine years of continuous growth. We have now passed our first year of not achieving our projected 7% per annum performance, a situation that we take very seriously, particularly given our commitment to delivering our communicated returns over a five-year horizon. This has particularly affected those new investors who joined our Fund in the last fifteen months and did not benefit from the growth of equities in previous years. Despite this, we still maintain a strong position and a sense of optimism about the sector in which we operate, and we firmly believe in our ability to return to growth and prosperity.
Despite the challenges of the last year, we achieved 17.5% year-on-year rental growth, which confirms the resilience and adaptability of our business model. In the context of the European market, we see our results as robust, underpinned by solid fundamentals and a sustainable approach. Several large funds and banks across the European Union, including in Germany, experienced similar challenges to ours in 2022 and 2023. Data from the CBRE and discussions with peers in Western Europe show that there have been significant declines in recent months. Within the Accolade Fund, we have nevertheless managed to keep these adverse conditions under control, allowing us to look ahead to the next few years with confidence in our own strengths and our ability to overcome obstacles.
