CTP is proud to announce the acquisition of the largest and most modern logistics park in the Bucharest region, A1 Logistics Park from Prologis. The park currently comprises four modern warehouse properties with a total lettable area of more than 107,000 m² plus 36 hectares of land prepared for further development of custom built projects. CTP has rebranded the park to CTPark Bucharest West.
Upon acquisition of the project from ProLogis, CTP has accommodated new tenants such as Quehenberger for their Continental project, and renewed contracts with a number of key tenants including Cargo Partner.
The park occupancy stands at 90% with 4,000 m2 available and CTP is currently negotiating with a number of parties to construct turn-key, custom-built solutions.
“This is the right time to invest in Romania with over 4% GDP growth projected for 2015, and a market of around 20 million inhabitants. Bucharest and other cities in Romania offer educated and available work force at competitive prices. Romania has significantly improved the infrastructure, including the road network, over the past years and these improvements look set to continue”, says Remon Vos, CTP CEO.
Romania, the 2nd largest country in central Europe with 20 million inhabitants, is showing strong economic growth, driving strong demand for warehouse and industrial space in Bucharest—one of the region's largest cities with 2.5 million inhabitants.
The acquisition of the ProLogis property, is an important part of CTP´s strategy to extend activities in the Romanian market. CTP has been successful in Romania and recently completed a custom built industrial property for Fraenkische, one of CTP´s long-term clients. CTP also acquired 44,000 m² of A-class logistics space in Arad earlier this year as well as 25,000 m² in Deva. CTP is currently constructing property in Cluj, Pitesti and in Bucharest, mainly for existing CTP clients. CTP is looking forward to do more investments in Romania and estimates its Romania assets to exceed EUR 250 million.
has lettable area of approximately 3 million m² and CTP´s commitment is to grow to 5 million m² by 2020
By year end, CTP´s portfolio of A-class industrial properties in Romania will cover an area of approx. 400,000 m2 of lettable area. CTP plan for Romania through 2016 is to grow this number to 500,000 m2 of lettable area. By year end CTP will be a market leader in both greater Bucharest area and the overall Romanian market.