CTP, CEE’s largest logistics property developer announces 15% annual growth to reach €344 million of annualised rental income by the end of 2020. With a portfolio of 6.3 million m² and 740 thousand m² under construction at year end 2020, CTP solidified its position as the largest logistics property owner and developer based on GLA in the Czech Republic, Romania and Serbia while announcing new developments in Austria, Poland and Bulgaria.
Remon Vos, CEO of CTP, comments: “From a business perspective, one of the best years in CTP‘s history, despite the global pandemic we have grown our business significantly. With 2020 in the books, CTP now has 22 years of uninterrupted, profitable organic growth. Our portfolio is set to markedly exceed 7 million m² by the end of 2021 and CTP is well on track to reach 10 million m² of total lettable area by the end of 2023.”
Strong results of CTP in 2020 were driven by several factors, including the continued strong growth of e-commerce, which saw further growth as a result of the Covid19 pandemic and drove up the demand for the logistics space in the region. With a substantial landbank across several CEE countries, with a total development potential of approximately 5.4 million m² of gross lettable area, CTP is ready to meet the future demand of its tenants. Over 65% of CTP’s landbank is adjacent to existing parks providing lower risk, profitable development opportunities for CTP in the years to come. Importantly, and congruent with CTP‘s long-term strategy, 82% of the landbank is around the CEE capitals or major cities.
As of year end 2020, 740 thousand m2 of developments was under construction to be finished during 2021. Of this, 63% was already pre-let to existing and new clients. Also, a total of €235million will be spent on capital expenditure to complete these developments during 2021. CTP’s available funding per year end 2020 consists of a mix of committed bank facilities plus a large cash position and is well in excess of the amount needed to complete these developments.