CTP, CEE’s largest logistics property developer, announces 15% annual growth to reach €344 million of annualised rental income by the end of 2020. With a portfolio of 6.3 million m² and 740 thousand m² under construction at year end 2020, CTP solidified its position as the largest logistics property owner and developer based on GLA in the Czech Republic, Romania and Serbia while announcing new developments in Austria, Poland and Bulgaria, according to Business-Review.eu.
“From a business perspective, one of the best years in CTP‘s history,” comments Remon Vos, CEO of CTP. “Despite the global pandemic we have grown our business significantly. With 2020 in the books, CTP now has 22 years of uninterrupted, profitable organic growth. Our portfolio is set to markedly exceed 7 million m² by the end of 2021 and CTP is well on track to reach 10 million m² of total lettable area by the end of 2023”, according to mr. Vos.
As of year end 2020, 740 thousand m2 of developments was under construction to be finished during 2021. Of this, 63% was already pre-let to existing and new clients. Also, a total of €235million will be spent on capital expenditure to complete these developments during 2021. CTP’s available funding per year end 2020 consists of a mix of committed bank facilities plus a large cash position and is well in excess of the amount needed to complete these developments.
“Over 80% of our new business is concluded with the existing base of over 700 tenants. We now enjoy a WAULT of 6.0 years on our contracted leases. We constantly grow our landbank to make sure we are ready to satisfy the need of our clients to expand, whether within the CTPark location where they currently lease or in new regions,“ explains Richard Wilkinson, CFO and deputy CEO of CTP.
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