CTPark Bucharest West, fastest growing business park in the region.
CTPark Bucharest West is strategically located along the most important motorway A1 from Bucharest to Pitesti, Sibiu and further to Western Europe, while also connecting Romania with its neighbours Bulgaria and Turkey. Is is also 23 km from Bucharest city centre.
Bucharest is a puslating city of growing importance. It is the second largest capital in CEE with more than 2.5 million inhabitants and still growing. The infrastructure, including ring-road and motorway systems have been improved significantly over the past years and are constantly being upgraded and extended. The rapid growth is significant not only to the city of Bucharest but also to Romania itself, the country's GDP has grown almost 6% this year.
CTP started its activity in Bucharest in 2015 after acquiring approximately 100,000 m2 of warehouse space at the 23 km of the A1 highway. Since then, we have completed an additional 100,000 m2 for clients such as Geodis, DSV, Profi, NOD and Queenberger, Already, nearly 1,000 people are employed by various companies at the park, many of which are growing due to the increase in e-commerce. Due to the wide variety of industries represented by the clients in the park, companies can benefit from synergies due to the proximity of busineses in their own sector or related sectors.
Currently, we have another 100,000 m2 under construction. We have big plans to extend the park and recently purchased more land to allow for a total built-up of more than 700,000m2 potentially making CTPark Bucharest West the largest industrial park in central Europe. The total investment for CTPark Bucharest West alone will exceed EUR 150 million by Q1 of 2018. CTP
In close cooperation with the local authorities, we are now investing into infrastructure improvements, including additional access roads, motorway exit, etc. In return, CTPark Bucharest West benefits from having an industrial park title, the only business park in Bucharest whereby tenants are free from property tax obligations.
In addition to the utilities and infrastructure, we offer full-service property management on site. Additional park services will include catering, restaurants, shuttle bus and even accommodation facilities to support our tenants in the park. There are more than 30 different tenants currently at the CTPark Bucharest West and CTP will continue to seek more. CTP is committed to make sure there is sufficient space also for short-term overflow and long-term growth.
With GDP recently recorded at 5.7%, the Romanian economy is booming, growing faster than any other EU country. This strong growth has positively impacted all real estate sectors—especially industrial. Colliers recent report highlights the H1 country results and outlines the positive future trends which buttresses CTP's growth plan in the country.
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