CTP, one of the largest logistics property owner-developers in Central and Eastern Europe (CEE), has acquired 12 buildings from Australia's Cromwell Property Group, located in the industrial estate CTPark Bucharest.
Financial details were not disclosed, but CTP said that the deal, comprising some 95,000 m2 of lettable area, represented the largest transaction on the Romanian logistics market in 2020.
CTP said the transaction represented a 'strategic' move, as the assets in question are flexible with spaces ranging from 1,700 m2 to over 10,000 m2, to support a wide range of customers.
Andreea Enescu, transaction manager CTP Romania said: 'The Cromwell acquisition complements our portfolio at km 13 of the park situated on the A1 Highway. Our plan is to redevelop the park so that we bring it to CTP standards, through energy efficiency, taking into account the appearance of the buildings.
'It is worth mentioning that the Cromwell portfolio includes a multifunctional building, which is now not operational, but will be brought to life by the middle of next year. Here we will create a CTP Clubhouse with multiple functions – from restaurant and cafés, to fitness and conference rooms, to support residents in attracting quality workforce and easy access to basic services and even entertainment.'
The deal brings the firm's holdings at CTPark Bucharest to over 500,000 m2 lettable area, occupied by over 100 tenants. CTPark boasts access to the A1 highway and is situated 15 km from the centre of Bucharest.
CTP said that the acquisition aligned with its strategy to create business communities and parks with complex infrastructure, thus supporting residents' businesses.
