CTP is pushing ahead with an ambitious growth strategy, targeting a near doubling of its portfolio by 2030 while expanding across CEE and beyond. In an interview with Property Forum, Rob Jones, Head of Investor Relations, explains how strong tenant demand, a vast land bank and a disciplined development approach continue to support one of Europe’s most active logistics platforms.
You recently started as Head of Investor Relations at CTP. What are your key priorities in this role?
My background is as a sell-side analyst, where I communicated which stocks were most attractive to the global investment community. Now I can focus that effort solely on CTP. My priority is to ensure that investors and all stakeholders clearly understand our medium-term ambitions and growth trajectory. Internally, we focus on sustaining a high growth path: growing our GLA by about 10–15% per year, expanding into new geographic markets such as Vietnam, and positioning CTP as a global solutions provider of industrial and logistics space across our core CEE markets, Western Europe, and ultimately on a broader global scale.
How would you summarise the rationale for buying CTP shares right now?
CTP shares are, in my view, significantly underappreciated and do not reflect the growth we are set to deliver. For 2026, we guide to earnings growth of 9–11%, which is best in class in Europe. Given that level of growth, we believe we should trade at a premium to the sector, yet today we trade at a discount, even after recent market volatility. So investors are getting materially higher growth at a cheaper valuation than the rest of the sector.
What are the most common questions you get from investors about CTP and the logistics sector in general?
The key question is whether our growth trajectory is still intact. We look at it simply. Do we expect to deliver 10–15% more in terms of new product development and deliveries than last year? Yes. Do we see the demand to fill that space? Yes. If we didn’t, we wouldn’t build it, because that would push vacancy higher, which is not good for our tenants or us. We also have a substantial land bank of 34 million square meters, which can support around 17 million square meters of new space. For context, our current portfolio is about 15 million square meters, so we could more than double our size just with the land we already own. Our medium-term ambition is to reach around 30 million square meters by FY 2030, effectively doubling the portfolio from today. The “full speed” growth mindset at CTP is very much intact.
And what is your perspective on CTP’s market position in the countries it operates in?
In many of our core markets, we have over 25% market share in industrial and logistics real estate. That dominant position gives us deep insight into what tenants are asking for and what is happening in the best locations and assets, which is what we own. We are still seeing rental growth, stable vacancy, and strong opportunities to develop, lease, and capture profit. We continue to secure our fair share—if not more—of leasing demand, which helps us maintain that dominance. In markets where we are less established, such as Poland, where we currently have around 4% share after entering in 2022, we are growing rapidly from a development standpoint because we see significant potential there.
CTP is known for its strong development pipeline and ambitious long-term goals. How do you communicate that story in the current volatile market environment?
It can be challenging for some investors because many equity investors are assessed on short-term performance, whereas our value creation plays out over multiple years. Our communication focuses on the medium-term picture: strong cash flow growth, strong earnings growth driven by development, and robust NAV/NTA growth as we capture development profit. Some investors would like to see clear evidence of this on a quarter-by-quarter basis, but real life doesn’t always line up neatly with quarterly reporting. Leases might be completed in different quarters year-on-year. The key questions are whether the demand drivers remain intact and whether we are the leading provider of the product to meet that demand. On both counts, the answer is yes.
What indicators and market figures should investors watch if they want to follow CTP’s growth and the logistics sector more broadly?
On the market side, we are supported by regular data from our own large portfolio. Given our market share, our in-house data is highly representative, plus data from various brokers in our markets. For CTP specifically, we publish results on a quarterly basis. Our next Q1 results are scheduled for April 30. In that update, we will report on leasing progress and remind investors of our ability to deliver on our medium-term targets.
