CTP Purchases Prologis Portfolio
International developer, CTP, has successfully concluded the purchase of the Prologis portfolio in Romania, namely the former Prologis Park Bucharest A1, now renamed CTPark Bucharest West. The transaction volume for the 100,000 m² business park, directly located on the A1 highway 20 km from Bucharest, is approximately EUR 40 million.
CTPark Bucharest West comprises 4 warehouse properties with a total lettable area of more than 100,000 m² plus 36 hectares of land prepared for custom built projects. The site is located strategically across the street from an existing CTP property, directly on the A1 motorway Bucharest – Pitesti – Sibiu. The project is leased to various companies like Geodis, Cargo Partner, Kuehne Nagel, Gefco, and recently Quehenberger agreed a 20,000 m² lease. Current occupancy stands at more than 95%.
“The time is right 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.
CTP´s portfolio of A-class industrial properties has lettable area of approximately 3 million m² and CTP´s commitment is to grow to 5 million m² by 2020.