Industrial developer CTP recorded in H1 2024 a rental income of €320.9 million up 14.4% y-o-y, and like-for-like y-o-y rental growth of 4.8%, while the leasing volume gained 8% to 918,000 sqm.
At the same time, rental income came to €679.0 million as of 30 June 2024, increasing 20.1% y-o-y.
During H1 2024, CTP delivered 328,000 sqm, bringing the group’s standing portfolio to 12.4 million sqm, while the gross asset value increased by 8.5% to €14.8 billion.
At the end of H1 2024, projects under construction totaled 2.0 million sqm, a large part of which will be delivered in 2024, with a potential rental income of €148 million when fully leased.
Some of the main deliveries during H1 2024 were: 39,000 sqm in CTPark Zabrze (Poland), 37,000 sqm in CTPark Budapest Ecser (Hungary), 34,000 sqm in CTPark Novi Sad East (Serbia), 30,000 sqm in CTPark Weiden (Germany), 24,000 sqm in CTPark Bucharest West (Romania), 23,000 sqm in CTPark Katowice (Poland) and 23,000 sqm in CTPark Arad West (Romania).
“Demand for industrial and logistics real estate in the CEE region is driven by structural demand drivers, such as professionalization of supply chains by 3PLs, e-commerce, and occupiers nearshoring and friend-shoring, as the CEE region offers the best cost location in Europe. We have now nearly 10% of our portfolio leased to Asian tenants which are producing in Europe for Europe,” says Remon Vos, CEO of CTP.
The company's occupancy rate across the portfolio stood at 93%, while the retention rate remains strong at 95%. At the same time, CTP’s portfolio value rose from €12.0 billion to €13.0 billion.
During H1, CTP acquired a 270,000 sqm income generating portfolio in Romania, including a 299,000 sqm landbank, for €168.6 million.
At the end of June 2024, CTP’s landbank amounted to 25.5 million sqm, which allows the company to reach its target of 20 million sqm by the end of this decade.
On the financial side, CTP raised €1.7 billion through loans and bond facilities. The developer’s average cost of debt stood at 2.38%, with 99.7% of the debt fixed or hedged until maturity.
CTP expects to reach €1.0 billion rental income in 2027, driven by development completions, indexation and reversion, and is on track to reach 20 million sqm and €1.2 billion rental income before the end of the decade.
The developer's average market share in the Czech Republic, Romania, Hungary, and Slovakia stood at 28.1% at the end of June and it remained the largest owner and developer of industrial and logistics real estate assets in those markets. The group is also the market leader in Serbia and Bulgaria.
