In Hungary, CTP's portfolio – with this year's expansion of 61,000 square meters – will exceed 500,000 square meters this year.
“With the completion of our latest warehouse in ctPark Bucharest, CTP's portfolio now exceeds 6 million sqm. Romania is contributing significantly to the Group's growth, with a 25 % growth in our portfolio,” said Ana Dumitrache, the CTP Head of Romania.
CTP wants to reach 10 million square meters of floorspace by 2023 and has plans for dramatically increasing expansion, both in its current markets and into new markets. The Hungarian company aims to reach 1 million square meters during this period. Earlier this month, CTP issued a debut EUR 650 million green bond, attracting a significant level of interest from investors. The bonds were several times oversubscribed, with investor demand peaking at more than EUR 2 billion. CTP’s inaugural green bonds became the largest debut issuance of a real estate company in the CEE region.
In Hungary, CTP will hand over 61,000 square meters of new buildings this year, through which the local portfolio will exceed 500,000 square meters, and by 2021, the planned deliveries may exceed 100,000 square meters. In the Budapest agglomeration ctPark Budapest West is still the largest industrial park, with almost 230,000 square meters of leasable area and additional tens of thousands of square meters for expansion (currently the total industrial stock in Budapest and its surroundings is 2.35 million square meters).
CTP eyes new markets
“The finance generated by the bond issue is earmarked for CTP expansion in existing markets,” said CTP founder and owner Remon Vos. CTP is currently seeing demand fuelled by covid-induced changes to the way companies do business. Interest in new lettable space comes mostly from tenants in the e-commerce sector, in which warehouses of individual online shops are moving closer to customers. Vos sees great opportunities in Romania, where the company is now experiencing a period of rapid growth.
“This year, we closed 85 percent of new business with existing clients that have broadened their activities in their current markets or expanded into new markets in the CEE region. We expect similar organic growth to continue, but we will also consider completely new strategic acquisitions if an opportunity arises in line with our portfolio,” said Remon Vos about CTP’s future plans.