CTP has initiated a new €150m investment programme to develop over 200,000m² GLA of prime warehouse space in Bulgaria over the next two years and including the acquisition of two logistics centres in the capital Sofia from Bulgarian logistics developer and operator Transcapital.
Remon Vos, CEO of CTP, said: “CTP has commenced a €150m two-year investment programme across multiple projects in Bulgaria, including the recent Transcapital acquisition. 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. With CTP’s increased footprint within this rapidly evolving market, we will be able to offer our current and prospective clients the opportunity to capitalise on Bulgaria’s strategic location which links Europe and Asia via the EU’s Trans-European Transport Network (TEN-T), as well as its skilled, yet affordable and available workforce. As part of our expansion programme, we have also established an experienced and talented team of professionals on the ground, including Daniela Boytcheva as Business Development Director. They are responsible for actively managing our buildings and expanding the CTPark concept in Bulgaria, which encompasses the highest possible levels of BREEAM sustainability certification.”
Following the acquisition of the ‘Transcapital Logistics Centre’ and ‘Transcapital Ring Road in Sofia,’ CTP’s clients now have access to optimal distribution locations for the densely populated inner-city and also to central Bulgaria and the Black Sea coast via the Trakia and Hemus Highways. Combined, the two sites comprise nine warehouse facilities and three offices totalling over 73,000m² of GLA. The two sites also offer the potential to construct an additional circa 11,000m² GLA and include building permits for 20,000m² GLA of warehouse development.
Earlier this year, CTP also started construction at two of its landmark parks located at CTPark Sofia West and CTPark Sofia East, which together offer a total development potential of over 225,000m² of prime logistics space. At the same time, the Group is completing the construction of a 15,000m² facility for Danish 3PL company DSV at Sofia Airport, as well as finalising the acquisition of a 31,200m² warehouse with a 4,000m² office, let on long term leases to Orbico, a major 3PL operator in the region.
Beyond the capital city of Sofia, CTP continues to expand its footprint in the central Bulgarian city of Plovdiv where it currently manages a 11,500m² production facility let to the German automotive supplier Willie Elbe. Recent acquisitions here include a development site which could accommodate c. 60,000m² of manufacturing and logistics space and a sale-and-leaseback of a 10,000m² facility let to an aviation business.