CTP is entering the Pomeranian regional warehouse market in northern Poland construction begins at CTPark Gdansk Port. The Park is set to be the first investment in that region in the company's portfolio with an overall cost of €72m, including land acquisition, and a yield on cost of around 10%, and will offer tenants two buildings with a total area of almost 119,000m². The first phase of the project is scheduled for completion in the fourth quarter of this year.
Bogi Gabrovic, Deputy Country Head at CTP Poland said: "Poland is one of CTP’s key markets in the development of our Group portfolio. We are betting on strategic locations that respond to the needs of logistics and light industry coupled with where there is a shortage of appropriate modern space. It therefore felt natural for our business to expand to the north of the country in the vicinity of the largest container terminal on the Baltic Sea. As part of CTPark Gdańsk Port, we will build two facilities with rentable areas of nearly 81,400m² and 37,500m² each".
The construction plot on which CTP is building the new industrial and logistics park, is located within the Pomeranian Investment Centre and near the only deep-water terminal in the Baltic Sea region - the Baltic Hub (DCT) - which directly receives shipping trade from the Far East. The location has a direct connection between the Port of Gdansk and the Gdansk Port Północny railway station with its extensive onward rail routes, allowing easy access for companies conducting cross-border business with the Scandinavian and Baltic countries.
Work on the investment will begin this quarter. This is the company's first project in Poland without a local general contractor, CTP Group will be responsible for the construction of the complex.
Piotr Flugel, Country Construction Director and COO at CTP Poland said: "This operational model has already proven itself in our developed markets, allowing us to make use of the advantages resulting from the scale of CTP’s Group operations which will allow us to maintain greater control over the quality and progress of the work performed. Ultimately, the ability to bundle construction works directly to a contractor allows for flexibility in the entire process and ultimately leads to lower construction costs."
