On September 8, 2021, CTP announced that it had finalized two strategic acquisitions in Bulgaria.
The first deal consisted in a 11,500 square meters production facility in Plovdiv and marks CTP’s first step outside the capital, Sofia. At the end of August the company also acquired a newly-built warehouse with a surface of 31,200 square meters bundled with a 4,000 square meters office building on Sofia’s ring road. Both buildings have a long-term lease with 3PL operator Orbico.
According to the company, the acquisitions are a part of CTP’s two-year, EUR 300 million expansion plan in the country.
“The deal with Orbico’s HQ is remarkable not only because of the important new client and significant size of the deal, but also because this facility is organically part of our CTPark Sofia East project and shares the same address and infrastructure,” commented CTP Bulgaria Head Vladimir Gurdjieff. “Our focus now is to start construction of our first buildings at CTPark Sofia East and CTPark Sofia West. Both parks are at prime locations within the city ring road and next to major transport corridors. CTPark Sofia West has already been granted a construction permit, and we plan to start construction of the first 40,000 square meters by the end of September. The permit and start of construction of the first 27,000 square meters at CTPark Sofia East is planned for October.”
CTP said it currently has a landbank of 470,000 square meters in Bulgaria and plans further acquisitions in major cities across the country. “CTP has a pool of 700 plus international clients doing business throughout the region, and we are getting more and more inquiries for Bulgaria from them,” noted CTP CEO Remon Vos. “Also, as CTP is the only institutional industrial developer in the country, we register strong interest from domestic companies as well. The developments in Sofia and Plovdiv perfectly fit with our parkmakers’ vision to develop high quality CTParks that are well located to serve major urban areas and strategic logistics hubs. Our plan is to establish our CTPark Network in strategic locations throughout Bulgaria.”