CTP secured €75.8m to finance the construction of two new warehouses totaling 70,000 sqm at CTPark Bucharest West. The European Bank for Reconstruction and Development (BERD) loaned the developer €36.7m, while the Romanian Commercial Bank (BCR) approved a loan of €39.1m. The total cost of the investment is estimated at €108.9m. CTP’s Bucharest logistics park covers 100 ha. The two new warehouses will add a total of 244,000 sam of leasable space to the property. CTP is planning to expand its Romanian portfolio to 1 million sqm of leasable space by the end of the first quarter of 2018 and to 1.25 million sqm by the end of 2018.
“We are very pleased with this agreement, which will help us take another important step in transforming CTPark Bucharest West into the most important logistics park in Romania, both in terms of total surface area and in terms of development pace and standards quality,” said Ana Dumitrache, country head of CTP Romania. “This loan is also the first cooperation between CTP and BERD, together with our long-term financial partner, BCR and Erste Bank. We are confident, however, that this will be just the beginning of a fruitful collaboration between CTP and BERD.”
