In the first nine months of the year, CTP increased Gross Rental Income by 15.1% y-o-y to €562 million and recorded a like-for-like y-o-y rental growth of 4.5%, mainly driven by indexation and reversion on renegotiations and expiring leases. As at 30 September 2025, the annualised rental income increased to €778 million, while occupancy remained at 93% and the rent collection rate stood at 99.8%.
Through 9M-2025, CTP delivered 553,000 sqm at a Yield on Cost (“YoC”) of 10.3%, and which were 100% let at completion, bringing the Group’s standing portfolio to 13.8 million sqm of GLA. The Gross Asset Value (“GAV”) increased by 10.6% to €17.7 billion, and 16.0% y-o-y. EPRA NTA per share increased by 10.5% in 9M-2025 to €19.98 and 14.0% y-o-y.
Company-specific adjusted EPRA earnings increased by 13.1% y-o-y to €305.2 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.64, an increase of 7.2%. With deliveries and net development income backloaded toward the second half of the year, the Group remains on track to reach its guidance of €0.86–€0.88 for 2025, representing 8%–10% growth compared to 2024.
As at 30 September 2025, projects under construction totalled 2.0 million sqm with an expected YoC of 10.2%, and a potential rental income of €165 million when fully leased. A substantial portion of these projects is expected to be delivered in 2025, and CTP continues to anticipate delivering between 1.3 million sqm and 1.6 million sqm this year.
The Group’s landbank amounted to 25.7 million sqm, of which 22.0 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, with 90% located around existing business parks (57% in existing parks, 33% in new parks with a potential of over 100,000 sqm GLA). Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.
The strength of CTP’s platform has been underlined in September by S&P’s credit rating upgrade from BBB- to BBB with a stable outlook. The upgrade follows the Q2-2025 action of Moody’s, which upgraded CTP’s outlook from Stable to Positive.
Remon Vos, CEO, comments: “CTP continues to demonstrate the strength of its platform and strategy with 1,577,000 sqm of new leases signed in 9M-2025, 6% more than in the same period last year. With an annualised rental income of €778 million and 2.0 million sqm of GLA under construction, which has a potential rental income of €165 million, we are well on track to reach €1 billion in annualised rental income by 2027.
“We have a landbank of 25.7 million sqm with an embedded potential development profit of over €5 billion, providing significant upside for continued value creation. Our unique integrated model as an operator, developer, and growth platform gives us the capacity and flexibility to capture opportunities, both in our existing markets and potential new markets.
“Structural trends such as nearshoring are accelerating, illustrated by the continuous growth of Asian manufacturing tenants in our portfolio. In the CEE region, we continue to see strong growth in domestic consumption, while in Germany, we benefit from the modernisation of the economy. With our scale, portfolio quality, and development pipeline, CTP is well positioned to benefit from these trends and reach our ambition of 30 million sqm of GLA in the year 2030.”
