Continental European logistics property developer and manager CTP Group has acquired a portfolio of development land sites in Poland, including two construction projects, from Polish industrial and logistics developer 7R.
The sites are located across the country and offer about 1.2 million m2 in GLA development potential. Financial details were kept confidential.
Bogi Gabrovic, deputy country head for CTP Poland, said: ‘The land and project acquisitions from 7R demonstrate CTP’s long-term commitment to the Polish market. In line with our strategy, and when the time is right, this transaction offers the potential to significantly increase the size of our operational footprint in central Europe’s largest economy. With its low penetration of e-commerce and the high investment by corporates in manufacturing facilities, we believe that Poland continues to offer attractive growth potential for logistics and industrial real estate over the longer-term.’
Piotr Flugel, country construction director for CTP Poland, added: ‘The strategically located land sites acquired by CTP from 7R, which are mostly in and around Warsaw and the Upper Silesia region, benefit from strong surrounding infrastructure and are well prepared for development. CTP has also agreed to acquire developments currently under construction in Katowice and Mszczonow, south of Warsaw. These locations will complement the existing network of three CTParks in Poland at Ilowa, 40 km from the Polish-German border; Opole located between Katowice and Wroclaw in the south of the country and Zabrze close to Katowice. None of CTP’s Polish parks, covering over 42,000 sqm in total GLA, currently have space availability.’
