CTP acquires logistics hub in Hungarian expansion
Commercial property developer and manager CTP has signed an agreement to purchase logistics and manufacturing facilities in Hungary with a combined floor space of 82,000 square meters from Industrial Securities, covering the WestLog DC at Biatorbágy and a manufacturing facility in Szombathely, according to a press statement sent to the Budapest Business Journal today.
WestLog Distribution Center, a logistics and distribution hub with major tenants such as DHL/Huawei, Tatár Pékség, Willi Betz and Bottari, is located near the western edge of Budapest. The acquisition includes a logistics facility of 63,000 sqm. The Szombathely property of 19,000 sqm is fully occupied by Delphi Hungary, a leading global supplier for automotive markets.
CTP, which has been present in Hungary since last year, has completed several other major transactions in recent months. The current transaction has increased the total floor space of CTP’s real estate portfolio to 220,000 sqm in the country. Plans call for CTP to expand its portfolio to 500,000 sqm by the end of 2018.
CTP’s local team has also been growing, with new hirings expected in facility management, project management, business development and financing positions by the end of the year.
“Hungary is a key market for CTP, which is also demonstrated by our recent acquisitions. Customers increasingly look for unique and personalized solutions, a field in which CTP has accumulated broad experience,” said CTP Financial Manager Flóra Badacsonyi.
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