October 6 (SeeNews) - Czech industrial property developer CTP said on Thursday it is investing 150 million euro ($148 million) in Bulgaria over the next two years for the construction and acquisition of over 200,000 square metres of warehouse and logistics facilities.
As part of this planned boost to its Bulgarian capabilities, CTP has purchased two logistics centres in the capital Sofia from local logistics developer and operator Transcapital, the Czech company said in a press release.
The two sites, Transcapital Logistics Centre and Transcapital Ring Road, have nine warehouse facilities and three offices, for an overall gross leasable area (GLA) of 73,000 square metres. The centres are well located to serve the populous capital city while providing links to central Bulgaria and the Black Sea coast via the northern and southern motorways.
CTP also has the option to build another 11,000 sq m of leasable space and has building permits for 20,000 sq m of warehouse development.
"By accelerating our expansion strategy here, and as the only major international developer operating in Bulgaria, we will be well positioned to meet growing occupier demand from both domestic and global companies for institutional quality logistics and industrial real estate," CTP chief executive Remon Vos said.
Earlier this year, CTP began works at two flagship parks, CTPark Sofia West and CTPark Sofia East, which have a potential for the development of over 225,000 sq m of logistics space.
The Czech group is currently completing the construction of a 15,000 sq m facility for Danish third party logistics (3PL) company DSV at Sofia Airport. It is also close to wrapping up the acquisition of a 31,200 sq m warehouse and 4,000 sq m office, let on long-term leases to Croatia-based regional 3PL operator Orbico.
CTP is expanding its presence in Bulgaria's second-largest city Plovdiv as well. There it manages a 11,500 sq m production facility which is let to German automotive supplier Willie Elbe.
In Plovdiv, CTP has recently made several other acquisitions, including a site that can be developed into a 60,000 sq m manufacturing and logistics space as well as a sale-and-leaseback of a 10,000 sq m facility currently let to an unnamed aviation company.
($ = 1.01330 euro)