Accolade Holding Group
Issuer Profile Corporate Bonds , 5. März
Accolade Holding (not rated) is a joint-stock company. The group focuses on the development, sale and lease of real estate (industrial parks) used primarily by light manufacturing, logistics and e-commerce. In addition, the group manages the Accolade Industrial Fund and has been operating the second largest airport in the Czech Republic, Brno-Tuřany Airport, since 2017.
Accolade Holding was founded in Prague, Czech Republic, in 2011. The group is co-owned by its two principal shareholders, Mr. Milan Kratina and Mr. Zdeněk Šoustal, who each own 50% of Accolade Holding.
As of Dec/24 the real estate portfolio comprised 28 industrial parks with a total rental area of 1.3mn sqm. and an occupancy rate of 90%. Approximately 97% of the portfolio's leasable space is located in the Czech Republic and Poland, with the remainder in Spain and Slovakia. In strategic terms, Accolade Holding Group intends to continue to grow organically in its core markets of the Czech Republic, Poland and Spain over the next few years. Selective expansion into new geographical areas is also planned, with the main focus on Germany, the Netherlands, Croatia and Hungary.
Despite challenging economic circumstances, Accolade Holding Group performed relatively well operationally from 2020 to 1H/24 and was always in the profit zone. The capital-intensive nature of Accolade Holding Group's business is reflected in its net debt and leverage. These have been on an upward trend since 2020. In our opinion, the maturities of the financial liabilities are well distributed from today's perspective.
Accolade Holding Group has reported on ESG and sustainability issues related to Accolade's business activities in an annual non-financial report since 2023. The portfolio is characterized by the significant presence of revitalized brownfield sites, which generally have good technology, energy and transportation infrastructure.
Accolade Holding was founded in Prague, Czech Republic, in 2011. The group is co-owned by its two principal shareholders, Mr. Milan Kratina and Mr. Zdeněk Šoustal, who each own 50% of Accolade Holding.
As of Dec/24 the real estate portfolio comprised 28 industrial parks with a total rental area of 1.3mn sqm. and an occupancy rate of 90%. Approximately 97% of the portfolio's leasable space is located in the Czech Republic and Poland, with the remainder in Spain and Slovakia. In strategic terms, Accolade Holding Group intends to continue to grow organically in its core markets of the Czech Republic, Poland and Spain over the next few years. Selective expansion into new geographical areas is also planned, with the main focus on Germany, the Netherlands, Croatia and Hungary.
Despite challenging economic circumstances, Accolade Holding Group performed relatively well operationally from 2020 to 1H/24 and was always in the profit zone. The capital-intensive nature of Accolade Holding Group's business is reflected in its net debt and leverage. These have been on an upward trend since 2020. In our opinion, the maturities of the financial liabilities are well distributed from today's perspective.
Accolade Holding Group has reported on ESG and sustainability issues related to Accolade's business activities in an annual non-financial report since 2023. The portfolio is characterized by the significant presence of revitalized brownfield sites, which generally have good technology, energy and transportation infrastructure.