CTP further expanded its portfolio in Romania and in the vicinity of Bucharest where it owns three properties: CTPark Bucharest West, CTPark Bucharest and CTPark Bucharest Chitila. The most recent 57,000 sqm purchase, Equest Logistic Park, is located near the capital, on the A1, at km 13. It was acquired for approximately €30 million from Forum Serdika, in the beginning of March 2020.
Equest Logistic Park covers an area of 11 ha split into 2 plots of land fully developed holding 3 logistics buildings, fully occupied. The diversified tenant base includes nationally and internationally important (online) retailers, logistics and light-production players, such as Garrett, the Elmec Group, Hilti, BDG Group, Telekom etc. The project boasts a GLA of 57,000 sqm.
“This acquisition represents a significant opportunity to further consolidate CTP’s dominance at km 13, where we boast one of our main hubs in Romania, CTPark Bucharest. I do believe in Romania’s development capabilities in terms of infrastructure and attraction of new investments. The acquisition will enable CTP to access a new range of tenants that prove strong opportunities to grow their operations in Romania,” stated Ana Dumitrache, CTP Romania’s Country Manager.
The park benefits of an excellent location, very close to Bucharest ring road and with excellent access to A1 Highway providing a fast route towards the rest of the country and linking Bucharest with Hungary and the rest of Europe. It is one of the most important logistic hubs in the western part of Bucharest, with all infrastructure in place and all utilities available, with good visibility and easy access for trucks, not far from urban agglomerations. CTP plans to incorporate built-to-suit buildings with specifications matching key occupier requirements.
“We have decided to increase our stock of logistics and industrial spaces which is now at 1,200,000 sqm GLA of Class A warehouses spread throughout Romania. Equest Logistic Park has an ideal location from our business perspective – actually inside CTPark Bucharest, it creates synergies with the rest of our portfolio in the same location. We are looking forward to putting our quality stamp on these buildings which we add to our existing park and to create an even better environment for the residents,” Ana Dumitrache added.
CTP has been assisted in this transaction and full company due diligence by The Law Chamber, with Theodor McCann acting as lead counsel while the due diligence on the land was performed by the law firm NNDKP, with Lavinia Rasmussen in charge of the team. The financial and tax part was successfully covered by Mazars Romania. On the seller’s side, Reff & Associates, member of Deloitte Legal, has been the lead advisor. Cushman & Wakefield Echinox acted as transaction advisor.
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