Regional warehouse investor CTP earmarks EUR 250 mln for Romania

International real estate developer CTP, the largest warehouse owner in Romania, will direct to the country up to EUR 250 million out of the money it expects to raise through its initial public offering (IPO).

The group plans to raise between EUR 800 mln and EUR 1 bln through an IPO on Euronext Amsterdam.

The company wants to increase its local deposit portfolio by 25% by the end of the year.

With this in mind, it bought a plot of land in the southern part of Bucharest from Alpha Bank for a new logistics project, Remon Vos, CTP's CEO and majority shareholder, told Profit.ro.

"We have a portfolio of about 1.6 million square meters in Romania and over 300,000 square meters in development. We intend to reach 2 million square meters by the end of the year," said Remon Vos.

CTP has bought 20 hectares of land in the south of the city from Alpha Bank, where it intends to start a new development in the second half of this year, with 20,000 square meters in the first stage, Vos added.

CTP has developed strongly in the western part of Bucharest, mainly due to the availability of the road network and the connection with the rest of the country and with the Western European markets.

However, last year, the company began developing a new logistics park of 100,000 square meters in the northeast of the capital, in Stefanestii de Jos, where it has already delivered 20,000 square meters, and a similar area is under construction.

(Photo courtesy of the company)