CTP invests €60 million to build fourth logistics park in Budapest

CTP, the Netherlands-based European industrial real estate developer, is expanding its logistics park network in the Budapest area following the acquisition of land in Vecsés, a strategic location in the south of the city along the M0 highway with close proximity to the international airport and the centre of Budapest. The first construction phase has already begun in early 2021 with the investment expected to reach €60 million. The project is expected to bring hundreds of new jobs to the area.

CTP runs three logistics parks in the Budapest area with the new, fourth site set in the South-East of the city. The first phase of the construction in Vecsés includes three buildings with a total lettable area of more than 80,000 sqm, all being built according to the BREEAM sustainability standards.

“All of our parks in Budapest are met by strong demand, which is led by market dynamics such as the spurred growth of e-commerce or near-shoring activity, but also by the relationships we have with our tenants – approximately 80 percent of all of our newly developed space is leased by our existing 700 tenants. We are expanding to this new location to satisfy our clients‘ growth needs,” comments David Huszlicska, CTP’s Business Development Director in Hungary. “There is a high level of interest in the product we develop: high-quality industrial parks in strategic locations, and this new addition to our portfolio, with the direct access onto the M0 highway and the numerous amenities found in all CTParks, will be no different.“

With an existing portfolio of 6.3 million sqm and over 700,000 sqm of logistics and industrial space currently under construction in Europe, CTP is on the way to achieve a 10 million sqm portfolio by the end of 2023. The company is the CEE’s largest industrial property developer and manager who recently announced the intention of a future IPO on the Amsterdam stock exchange.