Accolade Industrial Fund has closed its first financing agreement in Spain with ING, for approximately €56 million and a repayment term of five years. The transaction will serve to support the consolidation of four of the group's industrial parks in Burgos, Valencia, Seville and Vitoria, within the bank's sustainable financing framework.
This is the first collaboration between the two entities and the first refinancing of Accolade's stabilised portfolio in Spain. According to Eduardo Feliciano, Accolade's Business Director for Spain, the company's objective is "to grow in a sustainable and efficient manner, focusing its activity on the development of industrial projects in the country".
Julián Bravo, ING's head of Real Estate in Spain and Portugal, pointed out that the transaction is part of the bank's sustainable financing strategy, which currently represents 54% of its portfolio in the Iberian Peninsula.
ING participated in the transaction as the financing entity, Knight Frank as the asset valuer, CMS as advisors to Accolade Industrial Fund and Pérez-Llorca as legal advisors to the bank.