The acquisition, brokered by Cushman & Wakefield, continues the resurgence of the Budapest logistics market.
Mike Edwards of Cushman & Wakefield commented: “Hungary’s logistics sector has the strongest dynamics in Central Europe in terms of rental growth prospects, supply, vacancy rates and potential for yield compression. This is being increasingly recognised by investors, as demonstrated by this transaction.”
Remon L. Vos, at CTP added: “CTP is very excited about this acquisition. We entered the Hungarian market 2 years ago in order to offer domestic and international companies’ space for warehousing and manufacturing.”
CTP acquired the neighbouring Westlog last year which was rebranded CTPark Budapest West. CTPs portfolio currently stands at 360 000sq m of lettable area in Hungary but is growing its footprint through acquisitions and the simultaneous construction of new properties in Győr, Tatabánya and Budapest.
Cushman & Wakefield