CTP has announced that Moody's Ratings has affirmed its Baa3 long-term issuer rating and senior unsecured rating of CTP. The outlook has changed from stable to positive.
The positive change in the outlook reflects CTP’s business profile and occupier demand. In Q1-2025, CTP signed 24% more leases than in the same period last year at an average 3% higher rents. The CEE region benefits from long-term secular demand drivers, like nearshoring, which is further accelerated by increasing trade tariffs, strong growth in purchasing power and e-commerce, and continued professionalisation of supply chains.
The positive outlook is also a testament to CTP’s capital structure and financial policy. Thanks to its long-term track record of achieving an industry-leading YoC of over 10% and high spread compared to the Group’s marginal cost of debt, each euro that CTP invests in its pipeline deleverages and improves the Group’s ICR and Net Debt to EBITDA. This allows CTP to grow at a 10- 15% rate per annum.
CTP targets to deliver 1.2 to 1.7 million sqm of new GLA in 2025 at a pre-let ratio of 80-90% at delivery. This is in line with CTP’s target to deliver 10 – 15% new space per year, driving annual double-digit NTA growth.a
