Czech real estate developer CTP said it is investing 50 million euro ($59.2 million) to expand its logistics parks in central Romania, according to SeeNews.com.
During the first phase of expansion, CTP will add a 32,200 sq m building to Timisoara II park, it said in a press release.
In the second stage of construction that begins this fall and will end in March, CTP will deliver another 17,000 sq m in the same park.
The expansion of Timisoara II is part of CTP’s plan to double the leasable area of its logistics spaces located in Romania’s historical area of Transylvania by 2023.
The retailer also said it plans to expand in the central area of Transylvania, in its parks located in Turda and Sibiu.
CTP is a full-service commercial real estate developer which builds, manages and delivers custom-built, high-tech business parks throughout Central and Eastern Europe.
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