Amsterdam-based developer-investor CTP has expanded its logistics holdings in Romania by taking over Prologis' parks in Bucharest comprising four warehouse properties with a total lettable area of over 100,000 m2 plus 36 hectares of land.
Amsterdam-based developer-investor CTP has expanded its logistics holdings in Romania by taking over Prologis' parks in Bucharest comprising four warehouse properties with a total lettable area of over 100,000 m2 plus 36 hectares of land.
Financial details were not disclosed.
The parks have an occupancy rate of more than 80% with tenants including Cargo Partner, Geodis, Gefco, and Quehenberger.
The deal follows the acquisition earlier this year of a 44,000 m2 logistics facility in Arad as well as a 25,000 m2 asset in Deva.
The company is also currently developing new facilities in Cluj, Pitesti and in Bucharest, mainly for existing clients.
'This is the right time to invest in Romania with over 4% GDP growth projected for 2015, and a market of around 20 million inhabitants. Bucharest and other cities in Romania offer educated and available work force at competitive prices. Romania has significantly improved the infrastructure, including the road network, over the past years and these improvements look set to continue,' said Remon Vos, CEO of CTP.
CTP owns roughly €250 mln of assets in Romania. In total, it has around 3 million m2 of industrial space which it aims to grow to 5 million m2 by 2020.
