CTP and ING Bank agree €75 mln facility
Netherlands-based commercial property developer CTP and ING Bank have agreed terms for a facility of € 75 million for the financing of part of CTP’s standing portfolio of 2.8 million m² of lettable area throughout Central Europe in the cities of, Ostrava, Novy Jicin, Prague, Humpolec, Brno, Pohorelice and Jihlava. Tenor of the loan is until 2021.
Mr. Radek Zeman, CFO of CTP said: “ING has been a partner of CTP since 2008. We first started cooperating together during a difficult time for the commercial property industry, a strong signal that ING believes in the long-term viability of the CTP business model. With this new facility, we will be able to further strengthen our portfolio and profitability for the foreseeable future.”
Mr. Jan-Evert Post, member of the global management team for ING Bank Real Estate Finance, said: “CTP has been successfully building its market position in the Czech Republic and beyond in Central and Eastern Europe, an important region for ING, for some 20 years now. With significant entrepreneurial qualities in its culture, CTP is a well-managed operation and we are proud to be associated with them. We advance our facility against quality commercial properties that enjoy long contracted lease tenors with strong and loyal international tenants.”
CTP’s industrial portfolio is centred on its core business - The CTPark Network - the largest integrated network of premium business parks in central Europe. With over 60 locations and sufficient land bank available, the CTPark Network enables clients to cover the whole region.
To meet the requirements of major industries, CTP has developed five bespoke building types ranging in size and functionality to support a wide range of business activities, including advanced manufacturing, supply-chain and distribution centres, advanced R&D and back-office operations. The in-house CTP Platform provides for the financing, design and construction of custom-built industrial properties and interior fit-outs, including sophisticated production lines, clean rooms and laboratories, and complex building management systems.