News Article Budapest CTP development Hungary industrial logistics
by Property Forum | Industrial

CTP is significantly expanding activities on the Hungarian market. The company announced two new land acquisitions in strategic locations during its presentation for real estate agents and journalists. The first plot of land is located in Biatorbágy, and the second land plot is near Dunaharaszti, which is one of CTP’s newest locations. These acquisitions are a result of CTP’s expansion plan, which will increase the value of assets owned by the group in Hungary from €250 million to €320 million by the end of 2018.


The first plot of land is located in Biatorbágy, where CTP already owns 165,000 sqm of space. The second land plot is close to Dunaharaszti, and it is CTP’s first venture into this area. It is CTP’s second location in the southeast area of Budapest, where the company currently owns 100,000 sqm of industrial space in Üllő and, with this new acquisition, now has the potential for expansion of up to 150,000 sqm. Due to the very low 4% vacancy on the market, CTP’s plans for the land are great news for e-commerce and logistics players planning to extend their activities in this area around Budapest.
 
“This year, we will continue with our expansion activities. New acquisitions in locations with great potential are the first step, followed by a significant investment of approx. €60 million into these new CTParks. On the road to success, we will use our in-house specialists—dedicated, talented, and experienced people—and this team of 18 employees will be supported by local suppliers and construction companies. These projects will create a variety of jobs, both direct and indirect, and we estimate that the number of new jobs can exceed 2000,” said Rudolf Nemes, Country Manager.
 
Construction in both locations will begin in the second quarter of 2018, and CTP has plans to finish them in the first quarter of 2019. With these new constructions, the asset value is estimated to reach almost €320 million. As a long-term investor and owner of the CTPark Network, CTP will remain responsible for Class A logistics space, including all property management activities. All new buildings will be built according to CTP standards: ESFR sprinklers, intelligent HVAC, modern CCTV, spacious grid of 12x24 metres with a 10.5 metres clear height and LED lighting.