January 25 (SeeNews) - Polish fashion retailer LPP Group has leased a 65,000 sq m warehouse facility within CTPark Bucharest West logistics park, Czech industrial property developer CTP said on Wednesday.
"The deal represents the first partnership between LPP and CTP in Europe, where Romania represents second market in the CTP’s 9.9 million sqm portfolio by gross lettable area (GLA)," CTP said in a press release.
"The Romanian market has remained one of the key ones in terms of LPP’s business development for several years now. In just 2.5 years, the number of LPP branded stores in the country has doubled – from 59 at the end of 2019 to 118 at the end of the first half of 2022," LPP logistics vice-president, Sebastian Sołtys, said.
Housing over 2,000 employees, CTPark Bucharest West spans an area of approximately 770,000 sq m. CTP’s partnership with LPP follows a 50,000 sq m lease with a major logistics group in late 2022 and solidifies Bucharest’s role as the logistics centre and distribution gateway for Southeast Europe, CTP Romania country head, Ana Dumitrache, said in the press release.
LPP's Romanian arm turned over 925.4 million lei ($205.2 million/188.8 million euro) in 2021, booking a net profit of 60.7 million lei, according to data from Romania's finance ministry.