CTP increases market share in CEE in Q1
In its first financial results announcement since the IPO in March 2021, CTP N.V., one of CEE’s largest logistics property owners and developers, records 16.9% growth of net rental income in Q1 2021 vs Q1 2020, increasing market share in its core CEE markets to 24% by the end of Q1 2021 and more than doubling leasing activity to 397,000 sqm GLA (compared to 184,000 sqm in Q1 2020), according to a press release sent to the Budapest Business Journal.
CTP remains on track to grow its portfolio to 7.5 million sqm in 2021 with over 1 million sqm under construction as of March 31, over 70% of which is pre-let.
CTP’s Yield-on-Cost for these developments stayed strong at 11.5% (Q4 2020: 11.6%), well above the target of >10%.
“Capturing almost 33% of new rentals in our core CEE region illustrates our dominant position as the largest logistics property owner and developer in the region,” commented Remon Vos, CTP’s Group CEO. “We keep expanding our CTPark Network in deploying our market-leading landbank and our integrated teams in nine countries, working with our loyal tenant base of over 700 logistics and light industrial companies. New rental activity showed strong momentum as our clients continued to expand in our region with new long-term rentals of 397,000 sqm in Q1. Our strong start this year means that we are on course for realizing our 7.5 million sqm GLA target for 2021, and we are well on our way to our target of 10 million sqm lettable area by the end of 2023.”
During the first quarter of 2021, CTP continued its further geographic expansion in the first Western European markets, beefing up operations in the Netherlands and Austria. Through its IPO on March 25 on the Euronext Amsterdam stock exchange, CTP reached a new milestone in its 22 years of existence. The company raised net proceeds of EUR 819 mln and following the exercise of 6.7 million shares from the green shoe option, the stock now commands a 17% free float.
Market capitalization as of May 11 reached EUR 5.8 billion (up from IPO capitalization of EUR 5.6 bln). Earlier, on February 18, CTP also issued a third 6-year Green Bond under its EUR 4.0 EMTN program, raising EUR 500 mln for 6 years at a 0.75% coupon. After prepaying secured bank debt, CTP’s average cost of debt stands at 1.6% by the end of March 2021 (compared to 2.2% end of September 2020, immediately prior to its first bond issuance).
Lenders' Home Loan Outlays at HUF 344 bln in H2 2023
Gov't Awards HUF 6.5 bln of Subsidies to SMEs in Underdevelo...
Hungary's Largest ESG Consultancy Formed by Merger of EY, De...
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
