CEE business park specialist CTP has acquired a logistics scheme in Budapest from international distribution group Challenger.
The transaction volume for the 57,800 m2 logistics scheme, dubbed Rozália Park, was not disclosed. The site lies along the M1 to the west of Budapest.
'CTP is very excited about this acquisition,' commented Remon L. Vos, CTP co-founder and managing director. 'We entered the Hungarian market two years ago in order to offer domestic and international companies’ space for warehousing and manufacturing.'
Last year, CTP acquired the neighbouring Westlog site which was rebranded CTPark Budapest West. CTP's portfolio currently comprises 360,000 m2 of lettable area in Hungary, but the company said it was growing its footprint through acquisitions and the simultaneous construction of new properties in Gyor, Tatabánya and Budapest.
'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,' concluded Mike Edwards of Cushman & Wakefield.
