Moody’s upgrades CTP’s credit rating with Stable outlook

CTP, Europe’s largest listed owner, developer and manager of logistics and industrial real estate by gross lettable area, announces that Moody’s Ratings (‘Moody’s’) has upgraded CTP’s long-term issuer rating and senior unsecured rating to Baa2 with a Stable outlook from Baa3 with a Positive outlook.

Since receiving its inaugural Baa3 rating in 2020, CTP has nearly tripled its portfolio, growing from 5.1 million sqm to 14.7 million sqm of GLA, while expanding from €5.9 billion to €18.9 billion of GAV. Over the same period, CTP has further diversified geographically, reinforcing its leading position in Central and Eastern Europe while successfully expanding into Western European markets, including Germany and Italy.

In Q1-2026, CTP delivered record leasing performance, signing leases for over €53 million of annual rental income. This demonstrates continued robust occupier demand across its portfolio. CTP’s vertically integrated business model, strong tenant relationships, and market-leading development yields of over 10% continue to support profitable growth while strengthening credit metrics over time. It also supports CTP’s clear path towards €1 billion of annualised rental income by 2027, further underpinning the long-term strong cashflow generation, which supports the Company’s self-funded growth model.

In the rationale for its decision, Moody’s stated: “The upgrade of CTP’s rating to Baa2 was prompted by the Company’s business profile improvements, notably improved scale and diversification of its logistic and industrial real estate portfolio and a continued robust rental growth performance with modest vacancy rates. We expect ongoing demand for industrial real estate assets, which is mitigating the macroeconomic vulnerability.”

Richard Wilkinson, Group CFO at CTP, said: “We are very pleased with Moody’s decision to upgrade CTP to Baa2 with a Stable outlook. This is a strong recognition of the scale, quality, and resilience of our platform, as well as our disciplined financial management and consistent operational delivery, since our inaugural rating in 2020.”