European logistics property owner-developer CTP has announced the launch of a public listing of its shares on the Euronext Amsterdam stock exchange in a move aimed at raising nearly €1 bn of new capital.
In a statement CTP – the largest logistics property owner-developer in CEE based on gross lettable area – said it is looking to sell 61 million newly issued shares to institutional investors for a total of up to €976 mln excluding the over allotment option of secondary shares.
The move is aimed at accelerating its growth strategy with the company planning to enter new markets including Western Europe.
Remon Vos, founder and CEO of CTP said: ‘ The relationships we have built here with our clients – more than 700 of them – plus the experience we have in building multiple types of properties, give us the knowledge and strength to enter new markets, including Western European countries. We at CTP are ready to capture those opportunities, having the capacity to do so with an energetic entrepreneurial culture amongst our 400+ staff. The offering and access to additional funding will support us in the continued growth of our company as we look forward to the next phase of our journey as a listed company.
The company’s platform is scalable, positioned to meet growing demand, and targeting more than 7.5 million m2 GLA by end of this year and more than 10 million m2 GLA by end of 2023, the firm said.
Following a strategic shift in the group's funding strategy last year, CTP entered the international bond markets with the issue of its debut green bond of €650 mln in October 2020, followed by two additional green bonds at attractive terms taking the total issuances to more than €1.5 bn to date. Having successfully accessed the investment grade debt markets, CTP is now planning to access the equity capital markets in order to fund further growth.
Richard Wilkinson, CFO of CTP added: ‘Having successfully accessed the investment grade debt markets with our debut green bond last year, we are now ready to access the equity capital markets. The level of interest we have seen from the investment community so far is very encouraging and we have received positive feedback on CTP’s robust and resilient business model. We are excited to meet the prospective investors in this coming period and share our plans to capitalize on the significant opportunities we see in our markets.’
