CTP accelerates expansion in Bulgaria

CTP has recently finalised two strategic acquisitions in Bulgaria as part of its two-year, €300 million expansion plan to further grow its presence in the country.

Earlier in August CTP, acquired an 11,500 sqm production facility in Plovdiv from leading German Tier-1 automotive supplier Willie Elbe. The deal involved an innovative sale-and-leaseback structure and marks CTP’s first step toward developing the CTPark Network outside the capital, Sofia.

At the end of August, CTP acquired a new-built, state-of-the-art 31,200 sqm warehouse together with a 4,000 sqm office building on Sofia’s ring road. Both buildings are leased long-term to Orbico, a major 3PL operator in the region.

Vladimir Gurdjieff, Head of CTP Bulgaria, comments: “The deal with Orbico’s HQ is remarkable not only because of the important new client and significant size of the deal but also because this facility is organically part of our CTPark Sofia East project and shares the same address and infrastructure. Our focus now is to start construction of our first buildings at CTPark Sofia East and CTPark Sofia West. Both parks are at prime locations within the city ring road and next to major transport corridors. CTPark Sofia West has already been granted a construction permit, and we plan to start construction of the first 40,000 sqm by the end of September. The permit and start of construction of the first 27,000 sqm at CTPark Sofia East are planned for October.”

In 2020 CTP purchased a 14,461 sqm warehouse next to Sofia International Airport, leased to one of CTP’s key clients, DSV. Construction of a 15,000 sqm expansion for DSV starts in October.

Currently, CTP has a land bank of 470,000 sqm in Bulgaria at three locations in Sofia, with the potential to build 225,000 sqm of GLA. The company plans further land acquisitions in other major cities across the country.

CTP CEO Remon Vos explained: “CTP has a pool of 700 plus international clients doing business throughout the region, and we are getting more and more inquiries for Bulgaria from them. Also, as CTP is the only institutional industrial developer in the country, we register strong interest from domestic companies as well. The developments in Sofia and Plovdiv perfectly fit with our parkmakers’ vision to develop high-quality CTParks that are well located to serve major urban areas and strategic logistics hubs. Our plan is to establish our CTPark Network in strategic locations throughout Bulgaria.”