Accolade Industrial Fund secures €300m refinancing

Accolade Industrial Fund has secured a €300 mln refinancing deal with Aareal Bank, marking its largest such transaction in Poland's regional markets. 

Accolade Funds

This significant financing package, one of the largest in the industrial real estate sector in 2025, covers 14 of Accolade's projects across cities like Szczecin, Lublin, Białystok, and Zielona Góra, totalling over 600,000 m2.
The refinancing is strategically crucial for Accolade, providing a five-year portfolio loan on favourable terms. This ensures long-term value creation for investors while maintaining the Fund's loan-to-value ratio below 55%.
The €300 mln package is split into two parts: €200 mln to refinance the existing portfolio for another five years, and €100 mln in new financing for additional projects. In total, it encompasses ten existing assets and four newly added stable, mature projects within the Accolade Industrial Fund. 
The refinanced portfolio comprises modern, certified assets known for their high energy efficiency, with most properties fully leased. 
Jakub Leszczyński, transaction director at Accolade Poland, said: “This financing is exceptionally important - both in terms of its size and timing. The transaction clearly demonstrates the bank’s strong confidence in both the platform and the direction of the Accolade Industrial Fund’s investments in Poland. It confirms that the quality of the assets and the long-term strategy, focused on high-potential regional locations, are delivering the expected results. The funds secured will strengthen the stability of the portfolio for years to come.” 
Hubert Manturzyk, general manager at Aareal Bank in Poland, added: “The logistics market in Poland remains attractive and important for the bank. Polish economy, one of the most dynamic ones in Europe, attracts investors, tenants and lenders, and in our view the trend will continue. These factors, combined with our strong relationship with Accolade Industrial Fund and mutual trust, led us to this remarkable transaction.” 
This deal underscores the maturity of Poland's warehouse sector and its appeal for significant institutional financing.