November 2020
ACCOLADE INDUSTRIAL FUND PRESENTATION We invest in smart Industrial Parks for a sustainable future
Why to invest in Industrial Real Estate
Our Parks
Accolade Industrial Fund
Investments with Accolade
Upcoming Projects
Key Personnel
CONTENT
LOGISTICS PRODUCTION
RETAIL & E-COMMERCE
OUR TENANTS
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WHY TO INVEST IN INDUSTRIAL REAL ESTATE?
• industrial properties are one of the most profitable real estate investment
• long-term lease agreements
• higher solvency of tenants
• rents are stable or growing in the long term
INDUSTRIAL PROPERTY PRIME YIELDS IN CZ, PL, DE (BY YEAR) PROPERTY YIELDS
Source: CBRE
Residental
Residental
Residental
CZ
PL
DE
Industrialproperty
Industrialproperty
Industrialproperty
Shopping malls
Shopping malls
Shopping malls
Offices
Offices
Offices
(%/year)
44,5
55,5
66,5
77,5
88,5
9
07 08 09 10 11 12 13 14 15 16 17 18 19
NA
V/A
kcie
5 3,6 5,75
Czech Republic Germany Poland
0
1
2
3
4
5
6
7
8
9
07 08 09 10 11
(%/rok)
12 13 14 15 16 17 18 19 20
NěmeckoPolskoČeská republika
3.55% 4.75%2.55% 2.25%
5.50% 5.50% 5.50%4.50%
5.00% 5.50%4.25% 3.25%
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INDUSTRIAL PROPERTIES MARKET CZECH REPUBLIC
• total stock of modern A-class warehouse and industrial properties is 8.99 million sq m.
• net effective rent ranges between EUR 3.50–4.50 per sq m per month.
• average lease transaction size is 5,600 sq m.
VACANCY Q3 2020
INDUSTRIAL BUILDINGS:4.43%
OFFICES:7.00%
Source: CBRE
New supply of industrial properties in the Czech Republic (thousands of sq m)
NEW PROPERTIES
575
6
INDUSTRIAL PROPERTIES MARKET POLAND
New supply of industrial properties in Poland (thousands of sq m)
• total stock of modern A-class warehouse and industrial properties is 20.19 million sq m.
• net effective rent ranges between EUR 2.00–4.70 per sq m per month.
• average lease transaction size is 7,890 sq m.
VACANCY Q3 2020
INDUSTRIAL BUILDINGS:8.22%
OFFICES:10.70%
Source: CBRE
NEW PROPERTIES
0
500
1,000
1,500
2,000
2,500
3 000
3 500
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Q3
926
242355 416 304
1,062 9801,122
2,270 2,177
2,717
1,704
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INDUSTRIAL PROPERTIES MARKET GERMANY
• total stock of modern A-class warehouse and industrial properties is 83.40 million sqm.
• net effective rent ranges between EUR 3.95–7.15 per sq m per month.
• average lease transaction size is 10,400 sq m.
OFFICES:3.72%
Source: CBRE
INDUSTRIAL PARK ALSDORF, GERMANY
VACANCY Q3 2020
INDUSTRIAL BUILDINGS:2.40%
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EXIT 164
TCHIBOBWI
DHL
D6
T.F.S.INTERNATIONAL
PRAGUE(155 km, 120 min)
GERMAN BORDER (14.3 km, 10 min)
CHEB(5.1 km, 11 min)
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• strategic location with quality infrastructure
• tenants of global brands from e-commerce, logistics and production
• modern halls with environmentally friendly technologies
• support for the economic growth of the region
• rebirth of traditions - revitalization of brownfields
The diversification of our portfolio from the perspective of the tenant industry and the region ensures our fund's stability and excellent results.
UNIQUENESS OF OUR PARKS
EXCELLENT ACCESS FOR TRANSPORT
LOCATION THAT MEETS THE NEEDS OF TENANTSSTRATEGIC POSITION IN THE REGION
SUFFICIENTY AND HIGHT QUALITY OF WORKFORCE
LOCATION IS THE KEY
INDUSTRIAL PARK CHEB, CZECH REPUBLIC
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MODERN INDUSTRIAL PARKS FOR SUSTAINABLE FUTURE
Accolade is a socially responsible investment group with commitments to its investors, tenants, business partners, but also to the society, environment, and its employees. Sustainable development is key for Accolade.Our ESG strategy includes our commitments.
BREEAM OUTSTANDING EXCELLENT VERY GOOD GOOD TOTAL
BREEAM 27,326 sq m 43,062 sq m 149,650 sq m 403,583 sq m 623,622 SQ M
E – ENVIRONMENTALWE INVEST AND DO BUSINESS IN HARMONY WITH ENVIRONMENTAL PROTECTION
S – SOCIALWE SUPPORT BENEFICIAL PROJECTS FOR THE SOCIETY IN THE REGIONS WHERE WE OPERATE
G – GOVERNANCETRANSPARENCYAND FAIRNESS IS PRIORITY TO US
In addition to creating new locations, the Fund’s
long-term goal is to revitalize existing brownfields.
Brownfields accounts for 30% of the fund`s portfolio.
ALSDORF
ZIELONA GÓRAZIELONA GÓRA
SZCZECINSZCZECIN
LUBLIN
PŘEŠTICE
HOŘOVICE
LEGNICAKIELCE
BIAŁYSTOK
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PARKS IN ACCOLADE INDUSTRIAL FUND
PARKS IN THE FUND PARKS IN PROCESS
PAVLOV
BYDGOSZCZ IIBYDGOSZCZ
CHEBCHEB SOUTH
STŘÍBRO
TÝNIŠTĚ NAD ORLICÍ
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OUR PARKS CZECH REPUBLIC, POLAND , GERMANY
PŘEŠTICE
HOŘOVICE
OSTROV U STŘÍBRA
LUBLIN
CHEB
TÝNIŠTĚ NAD ORLICÍ PAVLOV
SZCZECIN BYDGOSZCZ
CHEB SOUTH
12
BYDGOSZCZ II
ZIELONA GORA SZCZECIN
ALSDORF
BIAŁYSTOK
OUR PARKS CZECH REPUBLIC, POLAND , GERMANY
ZIELONA GORA LEGNICAKIELCE
IN PROCESS IN PROCESS
IN PROCESS
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OUR FUND IN NUMBERS
expected return p.a. tenants
investorsindustrial parks
ACCOLADE INDUSTRIAL FUND INVESTMENTS AS OF SEPTEMBER 30, 2020
EUR: 45.1 million: annual revenue from lease agreements
EUR: 658.2 million: total value of Accolade Industrial Fund
886,136 sq m: gross leasable area
ESTIMATED VALUE OF ACCOLADE INDUSTRIAL FUND INVESTMENTS WITH THE POTENTIAL PROJECTS AS OF SEPTEMBER 30, 2022
EUR 74.6 million: annual revenue from lease agreements
EUR 1,104.1 million: total value of Accolade Industrial Fund
1,496,134 sq m: gross leasable area
+7%EXPECTED
RETURNp.a.
7% 58
1,17815
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ACCOLADE INDUSTRIAL FUND CURRENT PROJECTS
LOCATION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV
A - projects in fund
Park Hořovice Czech Republic 21,410,000 € 34,780 6-10 years 7.06
Park Cheb Czech Republic 114,430,000 € 160,125 5-15 years 5.35
Park Stříbro Czech Republic 128,786,000 € 148,721 7-30 years 12.38
Park Pavlov Czech Republic 8,690,000 € 11,005 3-5 years 1.63
Park Týniště nad Orlicí Czech Republic 8,400,000 € 9,783 10 years 7.13
Park Přeštice Czech Republic 16,540,000 € 14,015 16 years 13.88
Park Cheb South Czech Republic 19,970,000 € 27,326 10 years 9.51
Park Szczecin Poland 115,314,000 € 169,577 2-11 years 4.27
Park Bydgoszcz Poland 28,468,000 € 46,855 3-6 years 1.49
Park Zielona Gora Poland 56,690,000 € 81,111 3-10 years 4.37
Park Lublin Poland 53,484,000 € 73,470 3-11 years 4.63
Park Kielce Poland 26,890,000 € 36,373 7-10 years 8.20
Park Bialystok Poland 31,060,000 € 42,188 3-10 years 4.84
Park Legnica Poland 19,870,000 € 23,294 10 years 8.72
Park Alsdorf Germany 8,277,000 € 7,512 10 years 8.80
TOTAL 658,279,000 € 886,136 6.68 59.86%
LOCATION ASSUMED ACQUISITION COUNTRY VALUATION GLA (sq m) LEASE TERM WAULT LTV
B – projects in process
Park Bydgoszcz II 4Q 2020 Poland 25,030,000 € 37,044 5-7 years 5.10
Park Zielona Gora (expansion) 4Q 2020 Poland 12,750,000 € 11,626 7-10 years 7.30
Park Szczecin (expansion) 4Q 2020/1Q 2021 Poland 10,100,000 € 12,192 5-10 years 6.60
TOTAL 47,880,000 € 60,862 6.10 70.00%
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ACCOLADE INDUSTRIAL FUND
BANK FINANCING 394 mil. EUR
TOTAL LEASED-UP AREA 886,136 SQ M% share of industries in leased-up area
ANNUAL RENTAL INCOME OF 45.1 mil. EUR% share of tenants in rental annual income
COUNTRIES SHARE IN PORTFOLIO VALUE 658.2 mil. EUR
E-commerce
Engineering
Logistics
Retail
Automotive
Eletrical
IT recycling
Plastic piping
Poland 50.4%
1.3%
48.3%Czech Republic
Germany
Erste Bank
Aareal
22.8%
38.3%
7.2%
4.4%
16.3%
6.5%
3.3%
1.1%
Santander
UniCredit Bank
Pekao
ČSOB
mBank
Sparkasse
28.4%
15.6%
8.4%
28.4%
11.9%
6.8%
0.3%
0.2%
DHL 12.9%
5.8%
3.9%
3.0%
10.5%
4.7%
3.9%
2.8%
3.5%
2.8%
3.0%
43.1%
Raben
KION Group
Pierce
Oponeo
Tchibo
Assa Abloy
real Digital
Expondo
Gates
ABC Autoparts
Ostatní
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QUALIFIED INVESTORS 94.72%Natural persons, Legal persons, Investment funds, Foundations
ACCOLADE INDUSTRIAL FUNDAccolade Capital Holding (Malta) Ltd.
Accolade Investment Company Ltd.
CZECH REPUBLIC
TÝNIŠTĚ NAD ORLICÍ
AIFM I, s.r.o. Tenants: ALPHA Corporation
OSTROV U STŘÍBRA
AIFM II, s.r.o. Tenants: Ideal Automotive, LeoniAIFM III, s.r.o. Tenants: KION GroupAIFM X, s.r.o. Tenants: KION GroupAIFM XII, s.r.o. Tenants: Assa Abloy AIFM XVI, s.r.o. Tenants: Raben AIFM XVII, s.r.o. Tenants: KION Group
HRADIŠTĚ U CHEBU
AIFM IV, s.r.o. Tenants: BWIAIFM V, s.r.o. Tenants: DHLAIFM VII, s.r.o. Tenants: TchiboAIFM XI, s.r.o. Tenants: DHLAIFM XIV, s.r.o. Tenants: DHL, T.F.S. International, B2 Assets AIFM XVIII, s.r.o. Tenants: Nexans
HOŘOVICE
AIFM VI, s.r.o. Tenants: Saint GobainAIFM IX, s.r.o. Tenants: Raben
CZECH REPUBLIC
PAVLOV
AIFM VIII, s.r.o. Tenants: DSV
PŘEŠTICE
AIFM XIII, s.r.o. Tenants: IAC Group
CHEB SOUTH
AIFM XV, s.r.o. Tenants: real Digital
AIFM XIX, S.R.O.
POLAND
BYDGOSZCZ
AIFM PL I sp. z o.o. Tenants: DPD, Oponeo, Röhlig, Chep Polska
AIFM PL III sp. z o.o. Tenants: Oponeo, Röhlig, Sims Recycling
SZCZECIN
AIFM PL II sp. z o.o. Tenants: Pierce, Svendsen Sport, Change, DSV, Inter Cars, Advansor, ABC Autoparts, Cotes
AIFM PL IV sp. z o.o. Tenants: DHL, Party Deco, Rohlig, ABC Autoparts
ZIELONA GORA
AIFM PL V sp. z o.o. Tenants: REAC, Fiege, Eobuwie, Pekaes, Swiss Krono, Iveco, Expondo
BIAŁYSTOK
AIFM PL VI sp. z o.o. Tenants: Distribev Orbico, Röhlig, Pekaes, Farutex, InterCars, Glosel, Pilkington, DPD, Poczta Polska
KIELCE
AIFM PL VII sp. z o.o. Tenants: Raben, Pekaes, Vive
LUBLIN
AIFM PL IX sp. z o.o. Tenants: Spizarnia, Cega, Eurocash, Röhlig, Ruch, DD Pack, Inter Cars, Miracle, TEDI Dystrybucja, Data Modul, Farutex, Iglotex, Specjal, Fibrain, Laboratoria Natury, Multivac, FedEx
LEGNICA
AIFM PL X sp. z o.o. Tenants: Gates
POLAND
AIFM PL VIII SP. Z O.O.
GERMANY
ALSDORF
LU GE XVII S.a r.l. Tenants: Dachser
ACCOLADE HOLDING, A.S.CZECH REPUBLIC
ACCOLADE FUND SICAV, PLC MALTAMALTA
5.28%
100% founder shares
100%
100%
MILAN KRATINA 50% ZDENĚK ŠOUSTAL 50%
ORGANIGRAM ACCOLADE INDUSTRIAL FUND
WHY TO INVEST WITH ACCOLADE?
• expected return on investment for shareholders of more than 7% p. a.
• upon acquisition, the property is 100% leased and generates revenue
• average lease term is more than 6 years per sq m
• lease payments guaranteed by security deposits, or by bank, parent or subsidiary company
• conservative strategy based solely on lease payments, we don´t speculate on real estate price
• minimum investment EUR 75,000 (CZK 2 mil.)
• payout of shares not earlier than after 5 years
• transparent fee structure
• valuation four times a year
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INDUSTRIAL REAL ESTATE CONTINUES TO BE A GREAT INVESTMENT OPPORTUNITY
PERFORMANCE OF ACCOLADE FUND
1 If not stated otherwise, the information is related to the institucional share classes (ISIN MT7000014932 a MT7000014940)2 Series initial offering March 31, 2017 3 Series initial offering June 30, 20174 % change in relation to previous quarter
PERFORMANCE OF (NAV)
ACCOLADE INDUSTRIAL FUND SHARE PRICE (Launched 30th September 2014)
SERIES TYPE / VALUATION DATE 30.9.2014 10.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.20194 31.3.2020 30.6.2020 30.9.2020
Lead Series A - CZK (ISIN MT7000014932) 100 121.0714 133.5304 152.3594 166.8153 183.1897 194.1399 197.5299 202.0478
Lead Series A - CZK (% change) 0% 21.07% 10.29% 14.10% 9.49% 2.14% 5.98% 1.75% 2.29%
Lead Series A2 - CZK (ISIN MT7000018404) 151.8049 165.4054 180.6050 191.1239 194.2262 198.4241
Lead Series A2 - CZK (% change) 11.02%² 8.96% 2.02% 5.82% 1.62% 2.16%
Lead Series B - EUR (ISIN MT7000014940) 100 123.4895 136.2890 160.6307 176.8774 193.9304 198.5672 203.5724 206.8240
Lead Series B - EUR (% change) 0% 23.49% 10.36% 17.86% 10.11% 2.56% 2.39% 2.52% 1.60%
Lead Series B2 - EUR (ISIN MT7000018412) 160.2418 175.5966 191.4217 195.7614 200.4530 203.4088
Lead Series B2 - EUR (% change) 3.10%3 9.58% 2.44% 2.27% 2.40% 1.47%
NA
V (
mill
ion
EU
R)
020406080
100120140160180
200220240260280
30.9.2014
30.6.2015
10.12.2015
30.6.2016
31.12.2016
30.6.2017
31.12.2017
30.6.2018
31.12.2018
30.6.2019
31.12.2019
30.6.2020
30.9.2020
1.10.2020
(estimate)
0 2.713
25.435.4
69.7
94.5
120.9
152.9
181.9
215.7
237.3
245.9260.7
PERFORMANCE OF SHARES 1
FROM 1.10.2019 TO 30.9.2020
12.66%SHARES CZK
9.38%SHARES EUR
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ACCOLADE INDUSTRIAL FUND POTENTIAL FUTURE PROJECTS CZECH REPUBLIC, POLAND, GERMANY, SLOVAKIA
HOSTOMICE OSTROV U STŘÍBRA IICHEB CHEB SOUTH
KIELCESZCZECIN SZCZECIN GOLENIÓW CZĘSTOCHOWA LEGNICA AIRPORT PARK
GORZOW KOŠICEBOCHUMZIELONA GORA
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KEY PERSONNEL
MILAN KRATINACo-founder of Accolade Fund– chairman of the Board, Accolade Fund SICAV plc and Accolade Investment Company Ltd.– member of the Investment Committee, Accolade Investment Company Ltd.
ZDENĚK ŠOUSTALCo-founder of Accolade Fund– member of the Board, Accolade Investment Company Ltd.
CHRIS CASAPINTAMember of the Board, Accolade Fund SICAV plc – director of Alter Domus (Services) Malta Limited since 2010– over 10 years experience in audit and financial advisory
JOSEPH FALZON Member of the Board, Accolade Investment Company Ltd.- professor with Ph.D. degree in economics from Northwestern University in Evanston, Illinois, U.S.A.- author of several local and foreign publications on the Maltese economy- served as a consultant to several Maltese organizations
MICHAŁ BIAŁASMember of the Board, Accolade Fund SICAV plcMember of the Investment Committee, Accolade Investment Company Ltd.- responsible for management of Polish projects, ensures financing of new developments- over 7 years experience in Bank Santander in financing commercial real estate
STEVEN TEDESCO Member of the Investment Committee, Accolade Investment Company Ltd.- more than 20 years experience in the Asset Management sector- managed portfolio exceeding EUR 1 billion- chartered Fellow of the Chartered Intitute for Securities & Investment
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KEY PERSONNEL
SANDRO BARTOLIMember of the Board, Accolade Investment Company Ltd.- in the investment services business since 1997- in 2000 set up Quest Investment Services Ltd. an independent financial advisory company- qualified investment adviser obtaining the Certificate for Financial Advisers (CeFA) and various other certificates in compliance and anti-money laundering
MARK GUILLAUMIERMember of the Board, Accolade Investment Company Ltd.- 40 years working career in financial sector- in 2001–2010 Chief Executive of Malta Stock Exchange- Senior Advisor to the Maltese Ministry of Finance and represented Malta on the Financial Services Committee (FSC) of the European Commission in Brussels
PETR POSKER Member of the Investment Committee, Accolade Investment Company Ltd.- portfolio Manager with 20 years experience in various companies (e.g. Atlantik Asset Management or ABN AMRO Asset Management) - member of the CFA Institute since 1999
MALCOLM ST. JOHNMember of the Board, Accolade Fund SICAV plc – certified Public Accountant with 18 years of experience in the financial services industry holding various senior roles– over 15 years work history in Fund administration including HSBC and Apex Fund Services- ACCA completed in 2008
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OUR EXTERNAL PARTNERS
PROPERTY VALUATION
TAX ADVISORY FUND ADMINISTRATION
ACCOUNTING
AUDIT
LEGAL ADVISOR
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ACCOLADE FUND SICAV p.l.c.
Vision Exchange BuildingTerritorials Street, Zone 1, Central Business District,Birkirkara CBD 1070Malta
ALTER DOMUS
Vision Exchange BuildingTerritorials Street, Zone 1, Central Business District,Birkirkara CBD 1070Malta
[email protected] +420 220 303 019 www.accolade.eu