Industrial developer CTP has kicked off a new €150 million investment program to develop over 200,000 sqm of prime warehouse space in Bulgaria over the next two years. The company will also take over two logistics centres in the capital Sofia from Bulgarian logistics developer and operator Transcapital, as part of the investment efforts.
The purchased projects comprise nine warehouse facilities and three offices totalling over 73,000 sqm. The two sites also offer the potential to construct another 11,000 sqm and include building permits for 20,000 sqm of warehouse development.
Earlier this year, CTP also started construction at two of its landmark parks located at CTPark Sofia West and CTPark Sofia East, which together offer a total development potential of over 225,000 sqm of prime logistics space. At the same time, the Group is completing the construction of a 15,000 sqm facility for Danish 3PL company DSV at Sofia Airport, as well as finalising the acquisition of a 31,200 sqm warehouse with a 4,000 sqm office, let on long-term leases to Orbico, a major 3PL operator in the region.
“By accelerating our expansion strategy here, and as the only major international developer operating in Bulgaria, we will be well positioned to meet growing occupier demand from both domestic and global companies for institutional quality logistics and industrial real estate. With CTP’s increased footprint within this rapidly evolving market, we will be able to offer our current and prospective clients the opportunity to capitalise on Bulgaria’s strategic location which links Europe and Asia via the EU’s Trans-European Transport Network (TEN-T), as well as its skilled, yet affordable and available workforce,” said Remon Vos, CEO of CTP.
CTP continues to expand its footprint in the central Bulgarian city of Plovdiv where it currently manages an 11,500 sqm production facility let to the German automotive supplier Willie Elbe. Recent acquisitions here include a development site which could accommodate around 60,000 sqm of manufacturing and logistics space and a sale-and-leaseback of a 10,000 sqm facility let to an aviation business.