Investing in alternative products, including commercial real estate, has long attracted investor attention. However, in Poland, there is still a lack of widely accessible solutions for individual investors that would allow capital allocation in this segment. The ongoing discussion around REITs is a step in the right direction but remains insufficient.
More diverse and dynamic investment environments can be found across European markets, and there is no need to look far for an example within the CEE region – the Czech Republic stands out. Although significantly smaller than Poland, the Czech Republic shows strong and growing interest in collective investment schemes.
This is confirmed by data from the Czech Capital Market Association (AKAT), the key professional body representing major local management companies, asset managers, investment firms, and banks. Its recently published 2024 annual report showed that the total volume of assets invested through its members reached CZK 3.16 trillion by the end of last year. Households and institutions held CZK 1.197 trillion in domestic and foreign collective investment funds offered in the Czech Republic. Since the beginning of 2024, assets held in collective investment funds have grown by CZK 257 billion, representing a 27% increase (from CZK 938.62 billion as of December 31, 2023, to CZK 1.197 trillion as of December 31, 2024).
Looking specifically at the segment of qualified investors (retail investors who, after meeting the specified conditions, can invest from approximately 40,000 euros), the invested amounts have grown substantially over the past year. By the end of 2024, the volume of assets in qualified investor funds reached CZK 680 billion, marking a 50.9% y-o-y increase.
Needless to say, the overall growth of investment segments, including those focused on real estate, in the Czech Republic is driven by efficient cooperation among key market players – banks and non-banking fund distributors together with fund managers – contributing to a stable, investor-friendly environment. As the ecosystem thrives, not only do funds and their investors benefit, but so do their key partners. Such a functional investment environment also enables Czechs to invest more abroad, including in commercial real estate in Poland. As a result, they rank among the strongest foreign investors on the Polish market, across the retail, office, and industrial segments.
Following other similar successful examples from Europe and the generally growing public interest in collective investments, more and more companies are now turning their attention to Poland, particularly regarding potential investment solutions in the commercial real estate sector.
One example of a European fund that has attracted significant interest from both individual and institutional investors over the past decade is the Accolade Industrial Fund, one of the largest European qualified investor funds specializing in industrial real estate. It has already attracted more than 3,000 investors, mainly from the Czech Republic, Slovakia, and in smaller scale also other EU countries.
Małgorzata Sablińska, Business Development and Capital Raising Director Accolade:
“We are closely analyzing the Polish market and exploring opportunities. If we see a green light for action, we will certainly take it. We know that many Poles are waiting for this kind of investment opportunity.”
A Proven Investment Model
Through the Accolade Industrial Fund, experienced investors have the opportunity to invest in modern industrial parks across Europe. The fund currently manages a portfolio of over 2 million square meters across 36 parks in six countries: Poland, Germany, the Czech Republic, Spain, the Netherlands, and Slovakia. The parks are leased to over 100 strong brands, with a vacancy rate of just 1.79% as of the end of 2024, significantly below the market average.
By the end of 2024, the Fund reported an annual contracted rent of EUR 110.7 million and delivered an annual performance of 7.17% in its EUR share class. The average annual performance of the EUR shares over the past five years reached 11.22%.
Thanks to its strategic location, well-developed logistics infrastructure, and growing demand from the e-commerce and manufacturing sectors, Poland has become the largest market for the Accolade Industrial Fund in terms of area. The Fund currently manages 18 industrial parks in Poland, with a total area exceeding 1 million square meters.
Małgorzata Sablińska, Business Development and Capital Raising Director Accolade:
“There is a clear gap in the Polish market when it comes to investment opportunities based on industrial real estate – an asset class that has demonstrated stable growth, consistent demand, and resilience over the years.”
The range of investment products currently available in Poland remains limited. However, examples from more mature markets show that the Accolade Industrial Fund’s model, based on industrial real estate, offers an excellent alternative for individual investors looking to diversify their portfolios.
As investors have increasingly adopted a long-term perspective, industrial real estate has proven to be a consistently in-demand asset class capable of generating solid value. At the same time, it allows investors to participate in the success of major companies leasing space in the Fund’s parks, including global players such as Amazon, KION, InPost, Tchibo, Aldi, and many others.
There is every reason to believe that what has proven successful in the Czech Republic and across Europe can also succeed in Poland.
