CTP invests €60M to build fourth logistics park in Budapest, targets 1 million portfolio m2 in Hungary by 2022
CTP starts 80,000 m2 of construction in Vecsés, a strategic location near Budapest airport and the city centre. With a market-leading 250,000 m2 under development in Hungary and with high de-mand of logistics and industrial space due to a large undersupply in the entire CEE region, CTP will reach its target of a 1 million m2 portfolio in the country already by the end of the 2022, a year ahead of the original projected forecast. CEE’s largest industrial developer already manages 10 parks which covers a total of 520,000 m2 in the country.
Utrecht / Budapest, March 10, 2021 – CTP, the Netherlands-based European industrial real estate developer, is expanding its logistics park network in the Budapest area following the acquisition of land in Vecsés, a strategic location in the south of the city along the M0 highway with close proximity to the international airport and the center of Budapest. The first construction phase has already begun in early 2021 with the investment expected to reach €60 million. The project is expected to bring hundreds of new jobs to the area.
CTP runs three logistics parks in the Budapest area with its new, fourth site set in the South-East of the city. The first phase of the construction in Vecsés includes three buildings with total lettable area of more than 80,000 m2, all being built according to BREEAM sustainability standards.
With an existing portfolio of 6.3 million m2 and over 700 thousand m2 of logistics and industrial space currently under construction in Europe, CTP is on the way to achieve a 10 million m2 portfolio by the end of 2023. The company is the CEE’s largest industrial property developer and manager who recently announced the intention of a future IPO on the Amsterdam stock exchange.
CTP is the largest industrial property developer in CEE with 6.3 million m² of logistics space across eight countries. With the entire portfolio BREEAM certified, CTP claims the position of the most sustainable developer in the region, reaching carbon neutrality already this year.