If we were to compare the investment world today to a rough sea, we believe that Accolade Industrial Fund is one of the safest harbours. And it is at times of increased global tension that stability becomes extremely valuable.
One significant external factor is the rising tension around US tariffs. Unclear decisions and changing rhetoric are adding a further level of uncertainty to the global economy. Nevertheless, we are convinced that the fund’s portfolio is well prepared for such fluctuations – it is built on broad diversification, long-term contracts and strong international tenants.
Tenant relationships are the basis of the fund’s resilience
Annual contractual rent in Q1 2025 was EUR 113 million, up 2.1 % quarter-on-quarter and 12.7 % year-on-year. This development is based not only on a flexible pricing policy, but also on a very low vacancy rate, which was maintained at 1.08 % across the portfolio in the first quarter.
Long-term relationships with tenants also remain key: In the first three months of this year, we successfully renewed tenant agreements in Poland and the Czech Republic, altogether across an area of more than 103,000 square metres. Among other things:
- at the Szczecin I Park in Poland we have extended our cooperation with PDC Logistics, which uses more than 38,000 sqm and is one of our very first tenants at that location;
- and in the Czech Republic we have renewed leases with major partners such as DHL in Cheb and Assa Abloy in Stříbro, covering a total area of more than 52,000 sqm.
Solid yields at the beginning of the year and the outlook for the coming months
In the first quarter of 2025, the fund recorded very solid yields, both in the crown and the euro class, specifically:
- CZK class: +1.66 %
- EUR class: +2.09 %
While the yield in crowns was partially dampened by currency appreciation, the euro class confirms the very good condition that the fund is in. Overall, Accolade Industrial Fund is building on its results for the full year 2024 (+8.35 % in CZK / +7.17 % in EUR) and is showing that it has the potential to continue to deliver interesting yields in both currencies.
A trend whose influence we continue to monitor is nearshoring – the shift in manufacturing and logistics closer to European consumers. If it continues to intensify, the Central European region – and therefore our portfolio too – could be one of the main beneficiaries.
Finally, I would like to thank you for your trust, as that is what drives Accolade Industrial Fund forwards. I look forward to seeing what other milestones we will surpass together in 2025.
Milan Kratina,
Co-founder, Accolade Industrial Fund
