Accolade Industrial Fund has completed the largest refinancing transaction in the company’s history in Poland, securing approximately €300 million from Aareal Bank. The financing covers the refinancing of the existing portfolio as well as a new credit facility. It is one of the most significant transactions in the industrial real estate sector in 2025 and the largest refinancing of this asset class in high-potential regional markets, encompassing 14 projects in cities including Szczecin, Lublin, Białystok, and Zielona Góra, with a total leasable area exceeding 600,000 sqm.
The refinancing is of strategic importance for Accolade Industrial Fund. It provides five-year portfolio financing on attractive terms, supporting the fund’s long-term value creation for investors while maintaining a loan-to-value (LTV) ratio below 55 percent.
The transaction forms part of the fund’s continued activity in regional markets with strong growth potential, where it has been investing for over a decade, delivering modern logistics facilities developed to European standards. The financing consists of two components: €200 million for the refinancing of the existing portfolio for a further five years, and €100 million in a new credit line dedicated to the development of new projects. In total, the financing covers 14 locations – 10 existing assets and 4 new ones incorporated into the Accolade Industrial Fund portfolio due to their stability and maturity. This is one of the most important industrial real estate refinancing transactions in Poland in 2025.
“This financing is exceptional – both in terms of scale and market timing. This year’s transaction with Aareal Bank demonstrates the level of trust the bank places in our fund management approach and the direction in which we are developing the Accolade Industrial Fund portfolio in Poland. It confirms that the quality of our assets and our long-term strategy focused on developing high-potential regional locations are delivering on our investment objectives. The funds secured allow us to ensure portfolio stability for the coming years,”
says Jakub Leszczyński, Transaction Director at Accolade in Poland.
The transaction confirms not only the maturity of Poland’s warehouse and logistics sector, but also its ability to attract substantial institutional financing. European banks continue to view Central Europe – particularly Poland – as a stable and attractive investment destination.
The refinancing covers modern, certified assets with high energy efficiency, most of which are fully leased, highlighting the quality of the portfolio and its resilience to market volatility.
“The logistics market in Poland remains attractive to us and is of strategic importance. Poland’s economy – one of the most dynamic in Europe – continues to attract investors, tenants, and financial institutions, and in our view this trend will persist. These factors, combined with our long-standing cooperation with Accolade Industrial Fund and mutual trust, led to the completion of this exceptional transaction. It confirms Aareal Bank’s expertise in structuring and executing large-scale financings and its ability to take on significant credit exposures,”
says Hubert Manturzyk, Managing Director of Aareal Bank in Poland.
