Developer CTP expands its portfolio in Hungary
Commercial real estate developer and manager CTP announced on Wednesday two new land acquisitions in strategic locations. Construction at both locations will begin in the second quarter of this year, says a press release sent to the Budapest Business Journal.
The first plot of land is located in Biatorbágy, where CTP already owns 165,000 square meters of space. With this acquisition, CTP-owned future lettable area may reach more than 450,000 sqm.
In addition to existing locations, CTP is expanding its portfolio closer to Dunaharaszti. It is the second location in the southeast area of Budapest, where CTP currently owns 100,000 sqm of industrial space in Üllő and, with this new acquisition, now has potential for expansion of up to 150,000 sqm.
“New acquisitions in locations with great potential are the first step to quick and successful expansion. The Hungarian industrial property market’s vacancy is at a record low of 4%, which will accelerate CTP’s plans of launching construction at these sites as soon as possible,” said Rudolf Nemes, CTP country manager.
Construction at both locations is set to finish in the first quarter of 2019. Estimated asset value has reached almost EUR 300 million.
CTP is a full-service commercial real estate developer and manager, specializing in the delivery and management of custom-built, high-tech business parks for leading international and domestic companies making strategic investments in new or expanded operations in Central Europe, according to the company website.
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