Milan, Italy: Less than a year after buying its way into Italy, CTP now has a park to show for it. CTP, Europe's largest listed owner, developer and manager of logistics and industrial real estate by gross lettable area, has launched CTPark Castel San Giovanni, its first branded logistics park in the country. The park has a total planned size of nearly 200,000 m² and launches on completion of a 52,000 m² build-to-suit facility for a leading international logistics operator.
CTP entered Italy last year through the €241m acquisition of VLD S.r.l., a development company holding a significant landbank in prime locations. CTPark Castel San Giovanni forms part of CTP's €1bn investment plan for the country, to be rolled out over the next five years. The park is in the province of Piacenza, south-east of Milan, within one of the most established logistics hubs in Northern Italy. It sits close to main motorway routes and the markets of Lombardy, Piedmont, Emilia-Romagna and Liguria.
The park is being developed to Grade A standards, with energy-efficient space designed for evolving supply chain needs. Alongside the completed building, CTP is developing a 113,000 m² build-to-suit facility for a client in the luxury sector, which underlines the strength of occupier demand in the location. Under CTP's developer-landlord model, buildings are designed around clients' needs and then retained and managed by CTP over the long term.
"The launch of CTPark Castel San Giovanni is an important milestone for CTP in Italy. It shows we are achieving what we set out to when we entered the country almost a year ago with the goal of developing and operating high-quality logistics assets tailored to the needs of our clients. CTPark Castel San Giovanni is an excellent example of our approach to delivering new buildings for clients based on strong partnerships, property quality and a long-term vision." said Agostino Emanuele, managing director of CTP Italy.
What the announcement leaves unsaid matters to investors and developers. The two tenants are not named, and the rents, lease lengths, yields and development costs are not disclosed. Nor is the completion date of the 113,000 m² building. Together, the two buildings account for about 165,000 m² of the nearly 200,000 m² plan, which leaves roughly 35,000 m² of the park with no announced occupier, a calculation of ours. It is also unclear how quickly CTP expects to deploy the €1bn plan beyond this site, or whether the park will be let ahead of construction or built speculatively.
More is coming in the north. CTP's Italian pipeline includes CTPark Alessandria, CTPark Novara Sant'Agabio and CTPark Padova Vescovana, and it has opened a new office in Rome. It plans to expand into Central and Southern Italy as it builds a nationwide platform. Across Europe, CTP has a portfolio of 14.8m m² of gross lettable area in 12 countries, with 2m m² under construction as of 30 June 2026. It serves more than 1,700 clients, retains roughly 90% of them annually and generates 65% of new business from existing client expansion.
People mentioned
- Agostino Emanuele, Managing Director, CTP Italy
Companies mentioned
- CTP, Europe's largest listed owner, developer and manager of logistics and industrial real estate by gross lettable area, and developer of CTPark Castel San Giovanni
- VLD S.r.l., development company with a significant Italian landbank, acquired by CTP for €241m
- A leading international logistics operator (unnamed), tenant of the completed 52,000 m² build-to-suit facility
- A client in the luxury sector (unnamed), tenant of the 113,000 m² build-to-suit building under development
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