CTP Releases Annual Audited Financial Results for 2018
Central European real estate developer and property manager CTP announces its audited financial results for 2018.
The company reports that it achieved gross rental income of nearly EUR 274 million, a 16% year-on-year increase. During the year CTP grew its CEE portfolio by over 13%, reaching the milestone of 5 million m2 under management. Total asset value increased year-on-year by over 10% to EUR 4.8 billion. The company’s LTV ratio decreased slightly to 48%.
During 2018, CTP expanded its portfolio by more than 500,000 m2, 92% of which came from own development. Over 70% of growth results from current clients either expanding or developing new facilities at other locations within the CTPark Network, the company’s industrial park system with over 90 locations across CEE. In 2018, CTP reports that 55% of its portfolio growth took place outside the Czech Republic, which remains its largest market. CTP entered Romania in 2014 and reports strong growth of its portfolio in the country, which reached the milestone of 1 million m2 under management in January 2019.
During the year, CTP grew its internal headcount by over 22% to 374 people employed throughout the region. Clients within the CTPark Network employee approximately 70,000 people across CEE.
Remon L. Vos, CEO states: “CTP is proud of our record performance in 2018, and we foresee continued growth in our core CEE markets in the coming years with logistics, e-commerce and high-tech manufacturing remaining as key drivers. We’d like to extend our appreciation to our clients for their long-term partnership and continued confidence in our services.”
Richard Wilkinson, Group CFO, comments: “The company continues to strengthen its position as the premier industrial real estate developer in CEE. Our continued improvement of our financial KPIs underpins our long-term growth.”
CTP’s strong 2018 results include eight real estate awards in almost every market where it operates.
“After 20 years on the market, during which CTP has grown every year, we look forward to continually improving our parks, creating green, healthy work environments for the people who work there, as well deepening our good relationships with the regions and cities where our parks are located,” Mr. Vos explains.
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