CTP ACQUIRES MAJOR BROWNFIELD SITE FOR BUSINESS PARK DEVELOPMENT

CTP has agreed to a €155 million deal to acquire an industrial site spanning over 830,000 sqm in Düsseldorf, North Rhine-Westphalia, from Vallourec, a manufacturer of pipe systems.

The acquisition, the largest single land plot CTP has ever acquired, will see the company invest over €700 million to transform the inner-city site into a best-in-class multi-user business park catering to a wide range of industries, including manufacturing, research and development, and logistics.

The project is aligned with the developer’s strategy to develop as sustainably and resource-efficiently as possible by prioritizing brownfield areas for redevelopment. The German market is experiencing strong demand for high-quality, sustainable and amenity-rich industrial and logistics parks amid growth in new sectors, such as semi-conductor and clean-tech, and rising demand from occupiers for more sustainable buildings to meet their own ESG targets. To meet this demand CTP is focusing on redeveloping brownfield sites and refurbishing older industrial properties to high standards of sustainability.

CTPark Düsseldorf will be developed to attract the next generation of businesses that are powering the transformation of the German economy, providing a range of different types of facilities, from 1,000 sqm to 30,000 sqm, set within a state-of-the-art urban business park.

Alexander Hund, Managing Director Germany & Austria at CTP, said: “This acquisition in Düsseldorf marks the highlight of our activities this year. It will be our most extensive revitalization project in Germany to date, once again demonstrating our expertise in brownfield redevelopment. Our Parkmaker Concept and decades of international experience form the foundation for this endeavour.”

Timo Hielscher, Managing Director M&A at CTP Germany said: “We would like to thank the City of Düsseldorf for the trusting collaboration and are already looking forward to advancing the development of CTPark Düsseldorf in the coming year. This in addition to numerous other projects in our growing pipeline underlines our confidence in the German economy.”