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Nov 13, 2017 14:30 EEST
November 13 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is considering providing a senior loan of up to 43.8 million euro ($51.02 million) to CTPark Bucharest West and CTPark Gamma, two Romanian units of Czech real estate developer CTP.
The proceeds of the loan will be used to support CTP's expansion in the logistics park located on the outskirts of Bucharest, at the 13th kilometre of the Bucharest-Pitesti highway, the EBRD said in a press release on Friday.
The loan will also be used to refinance existing logistics assets.
Total project cost is 136.35 million euro and includes the value of existing buildings and the development costs of a new warehouse.
EBRD's board will meet to decide on the loan on December 13.
CTPark Bucharest and CTPark Gamma own and operate two logistics parks of around 222,500 sq m gross leasable area (GLA). The Czech group owns the largest portfolio of premium business parks in Central Europe with over 3 million sqm GLA of A-class properties in over 60 strategic locations.
The group is in the middle of full expansion in Romania.
In October, CTP acquired Chitila Logistic Park (CLP) for 17.3 million euro from UBM Development, as part of its strategy of reaching a total leasable area of approximately 1 million sq m in Romania by the end of 2018.
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 EBRD 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.
($ = 0.8584 euro)
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