Looking back at 2025, I see two parallel realities — both of which shaped our environment, directly and indirectly. On one side, a world growing more turbulent by the month: uncertainty in international trade, rapidly shifting policy decisions, and an increasingly unpredictable geopolitical landscape. On the other, the "pragmatic" reality of European industry — where companies continued to manufacture, distribute, invest in their operations, and search for high-quality space in well-located markets.
I am pleased that Accolade Industrial Fund was able to provide exactly that kind of environment — across more than 2.27 million square metres of leasable area in 41 industrial parks. During 2025, the portfolio expanded by five projects across the Czech Republic, Poland, and Spain, three of which were added in Q4 alone. Growth came not only through new acquisitions but also through expansion within existing parks. As a result, assets under management exceeded €2.21 billion, and annual contracted rent surpassed €129 million by year-end.
* Průměrná doba do konce nájemních smluv v letech
** Poměr výše úvěru k hodnotě nemovitostí
We continued to strengthen portfolio resilience and diversification through both acquisitions and leasing activity — the final quarter was particularly strong. In our two newly acquired parks, Accolade Funds Park Szczecin IV and Accolade Funds Park Vitoria, we welcomed 10 entirely new tenants. A further two tenants joined through the extension of Accolade Funds Park Zielona Góra, and three more were added across the existing portfolio. In Q4 alone, new tenants collectively occupied nearly 127,500 square metres. Existing tenant InPost also expanded — both within the newly acquired Park Lublin IV and across additional space at Accolade Funds Park Zielona Góra.
At the same time, 2025 reminded us how significant a role currency plays in the performance of a fund our size. The sustained appreciation of the Czech crown weighed on returns for CZK share class investors, and this was reflected in the full-year result of 4.69% for that class. The EUR share class proved more resilient, delivering 6.52%. In both cases, however, the fund outpaced inflation. In response, we have been deliberately increasing the level of currency hedging for the CZK share class since the second half of 2025.
I would also like to emphasise that no investment currency should be viewed as inherently "better" or "worse" than another. History illustrates this clearly — as recently as 2024, the picture was reversed: total fund performance reached 8.35% in CZK and 7.17% in EUR. This is, above all, a reminder that returns in commercial real estate must be evaluated over a long-term horizon.
My outlook for 2026 is one of cautious optimism. Investor appetite remains solid, the market is active, and the foundations are sound. We view financing availability positively and intend to continue deepening our relationships with best-in-class banking partners. We have full conviction in industrials and logistics — not least because Europe continues to reduce its dependence on external suppliers, driving a growing need to manufacture and store closer to home.
At the same time, geopolitical instability remains the most significant risk on the horizon. In recent months, we have been receiving an increasing number of questions from investors about its potential impact. I would like to reassure you that we build our portfolio with resilience as a core principle — grounded in a diversified mix of reliable tenants and underpinned by European supply chains.
And yet, more than ever, humility is in order. Long-term forecasting is becoming increasingly difficult. That is precisely why we want to focus on what we can manage and control: asset quality, tenant relationships, financing discipline, and rigorous risk management — including currency and interest rate hedging.
We believe that stability, diversification, and long-term tenant relationships provide a solid foundation for building a portfolio that holds up even in turbulent times. These are the principles on which we have built our fund.
If Accolade Industrial Fund has caught your attention and you would like to learn more, we are happy to provide all the materials you need to make an informed decision.
