Romania Takes Off in 2017
CTP's development activity in Romania is taking off at an unprecedented pace. Having entered the market in early 2015, primarily through acquisitions, CTP is capitalising on its market position, building new space based on client demand all around the country. CTP has over 400,000 m2 currently under construction in our parks CTPark Timişoara, CTPark Arad, CTPark Bucharest, and CTPark Bucharest West.
As an example of the frenetic activity, CTP began construction of a new 31,000 m2 building in late Q3 2016, and the last 12,000 m2 still available will likely be leased shortly.
CTP sees a strong future in Romania, and we will focus on lease renewals, securing long-term finance, and continued refurbishment of older buildings. Taken together with potential acquisitions, CTP current construction pipeline is expected to allow us to overtake our 2017 target of 700,000 m2 Romanian portfolio much earlier than planned.