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BUCHAREST (Romania), October 5 (SeeNews) - Czech real estate developer CTP said on Thursday it has acquired Chitila Logistic Park (CLP) for 17.3 million euro ($20 million) from UBM Development.
This acquisition is part of CTP’s strategy of reaching a total leasable area of approximately 1 million sq m in Romania by the end of 2018, it said in a press release.
The newest logistics park in CTP’s portfolio is situated on Bucharest's northwestern ring road, 7 km away from A1 motorway (E81) and 16 km from Henry Coanda International Airport.
Currently, CLP has a total surface of 93,000 sq m, out of which 45,000 sq m lettable area and 48.000 q m surplus land for further development.
CLP is fully leased at the moment and among its tenants are the international logistics company, Havi Logistics, the pharmaceutical distributor Europharma and the newspaper typography Ringier Print, part of the Ringier media corporation.
CTP’s plans for the new acquired property include an expansion and the first phase of development is programmed to start at the end of this year and will consist in building some 13,000 sq m of new warehouses.
"We aim to grow our stock of industrial and logistics spaces, both nearby Bucharest and at a national level, in order to respond to the increased new demands from the market and to satisfy our clients need to expand their businesses," CTP Romania country head Ana Dumitrache said.
In September, CTP said it will invest 15 million euro in a new logistics park in northwestern Romania. CTPark Cluj II will be located near the city of Cluj-Napoca and will be completed in two stages. The first stage is expected to be completed in March 2018 and the second after June 2018.
Also in September, CTP bought two logistics parks located in western Romania from Slovak group IPEC for 18 million euro. The two parks are located in Ineu, Arad county and Salonta, Bihor county and have a total leasable area of 37,000 sq m.
In August, the company announced that it is investing 13 million euro in the expansion of its second logistics park in the western Romanian city of Timisoara.The developer will add 32,000 sq m to its CTPark II in Timisoara to meet increasing demand for logistics space in the area.
In July, the European Bank for Reconstruction and Development and Romania's Banca Comerciala Romana arranged a package of 75.8 million euro to finance the expansion of CTP's logistics park in the capital Bucharest.
CTP specialises in the delivery and management of custom-built, high-tech business facilities for leading international and domestic companies making strategic investments in new or expanded operations in Central Europe. At the moment, it owns 10 industrial and logistics park across Romania and other 48 in the Czech Republic, Slovakia, Ukraine, Hungary, Slovenia and Poland.