The year 2022 was a successful year for CTP, marked by stable growth and excellent business results. In 2022, the portfolio area in the Czech Republic was expanded by 300,000 sqm, bringing the total area to 3.8 million sqm. Rental income increased by 13% year-on-year to €230.3 million (CZK 5.7 billion). At present, CTP is the largest player in the Czech industrial-logistics property market with a 28% share.
CTP's Czech portfolio makes up the largest (37%) share of the entire group and has long been one of the developer's stable pillars. Currently, CTP has 56 parks in the Czech Republic with a total area of 3.8 million sqm and a gross asset value (GAV) of over €5.5 billion (approx. CZK 130 billion), a 35% increase compared to 2021. In 2022, the developer added 300,000 sqm of new highly sustainable and modern space in the Czech Republic, with the entire property portfolio continuing to be covered by BREEM sustainability certification. Two-thirds of the company's growth is accounted for by existing tenants growing within the CTP property network. The developer has also welcomed new clients to its parks in the last year, expanding its total client family size by 10% to 500.
"Despite a relatively challenging period full of unexpected events, we managed to meet our targets and grow steadily in 2022. CTP continues to confirm its role as the market leader in the Czech Republic. I also consider it a success that, in addition to our core business, we are also able to advance projects in the ESG sphere, whether it is cooperation with universities, expanding our forests or actively engaging in local community projects in cooperation with municipalities and other institutions," emphasized David Chládek, Country Head, CTP Czech Republic.
In the coming years, CTP wants to double the volume of its business assets, more specifically to increase its GLA by 300,000-500,000 sqm per year by 2030. CTP also wants to intensively develop the energy segment. In 2022, CTP met its target to install photovoltaic power plants on the roofs of buildings in CTParks in the Czech Republic with a total capacity of 15 MWp. For 2023, the target increases to a newly installed capacity of up to 20 MWp. The installation of PV plants is part of a long-term strategy aimed at transforming CTParks into islands of sustainability that will be energy self-sufficient.
"Doubling the volume of CTP's business is obviously an ambitious plan. We are a very flexible company and can react flexibly to market changes. To achieve this goal, we are accelerating growth and expanding our portfolio. In the current conditions in the Czech Republic, we can talk about 300-500 thousand sqm of construction and acquisitions per year, which corresponds to approximately 10% growth. However, it is not only about portfolio growth, but also about the relationship with our tenants. We currently have a 97% occupancy rate in CTParks in the Czech Republic and it is our existing clients that are generating the most growth. It is therefore crucial for us that our clients are satisfied, continue to grow with us and that we generate profit together, i.e., that we create sustainable value together," added Jakub Kodr, Head of Business Development, CTP Czech Republic.
The Czech CTP team also grew in 2022, welcoming over 50 new colleagues. Together, the Czech team planted 120,000 trees across the country last year and supported a range of local projects. CTP established a five-year collaboration with FAST VUT in Brno to support young talents in the construction industry and to increase interest in studying within this diverse field. In Brno, CTP also launched the construction of the most modern office building in Central Europe last year and expanded the area of the first Brno co-working centre, Clubco. The entire CTP Group has built 1 million sqm of new space in Europe in 2022, achieving its goal of creating 10 million sqm of top quality industrial and retail space in Europe. The developer plans to double this figure to 20 million sqm in the coming years. Rental income increased by 38.3% to €452.1 million. The company signed lease agreements for a total of 1.9 million sqm of space. Continued strong demand and a shortage of space for lease contributed to the favourable results, while decreasing construction costs reflected positively.
