CTP expands in Hungary: Acquires WestLog Distribution Centre
CTP has recently signed an agreement to purchase the logistics and manufacturing facilities with a combined floor space of 82,000 m² from Industrial Securities. The agreement covers WestLog DC at Biatorbagy and a manufacturing facility located in Szombathely. The transaction has increased the total floor space of CTP’s real estate portfolio to 220,000 m² in Hungary. The modern logistics and distribution hub Westlog DC, home to major tenants such as DHL/Huawei, Tatár Pékség, Willi Betz and Bottari, are located near the western edge of Budapest.
The acquisition includes logistics faciliies of 63,000 m² at Biatorbagy and a second property at Szombathely of 19,000 m². The Szombathely asset is fully occupied by the leading global supplier for automotive markets, Delphi Hungary.
CTP has completed several other major transactions in recent months. The company has been present in Hungary since late 2015, and plans to expand its portfolio to 500,000 m² by the end of 2018. CTP’s local team has also been growing, with new hiring expected for facility management, project management, business development and financing positions by the end of the year.
“Hungary is a key market for CTP which is also demonstrated by our recent acquisitions. Customers increasingly look for unique and personalized solutions, a field in which CTP has accumulated a broad experience”, said Flóra Badacsonyi, CTP Financial Manager.
CTP is a full-service commercial real estate developer and manager, specializing in the delivery and management of custom-built, high-tech business parks for leading international and domestic companies making strategic investments in new or expanded operations in Central Europe. CTP is the owner of the CTPark Network, the largest integrated system of premium business parks in Central Europe, with over 3.7 million m² of A-Class properties in over 60 strategic locations.