CTP completes €40m Romanian warehouse buy from Prologis

Czech developer CTP has completed the purchase of Prologis’s Romanian logistics portfolio for €40 mln.

The former Prologis Park Bucharest A1, now renamed CTPark Bucharest West, comprises four warehouse properties with a total lettable area of more than 100,000 m2 as well as 36 ha of land. The buildings have an occupancy rate of more than 95% with tenants including Cargo Partner, Geodis, Kuehne + Nagel and Quehenberger.

The site is next to the A1 motorway linking the Romanian capital to Pitesti and Sibiu and next door to another CTP-owned building. The developer owns around €250 mln of A-class assets in Romania and aims to extend its portfolio to 5 million m2 by 2020.

The deal means Prologis has completed the disposal of its assets in Romania, where it has had a presence since 2006.

Remon Vos, CEO of CTP, said: ‘The time is right to invest in Romania with over 4% GDP growth projected for 2015 and a market of around 20 million inhabitants.

‘Romania has significantly improved its infrastructure, including the road network, over the past years and these improvements look set to continue.’