CTP increases its market share in Central and Eastern Europe in the first quarter
In its first financial results announcement since its IPO in March 2021, CTP NV, one of CEE’s largest owners and developers of logistics buildings, reports 16.9% growth in net rental income in Q1 2021 compared to Q1 2020, increasing its market share in its main markets 24% by the end of the first quarter of 2021 and more than doubling the rental activity to 397,000 m2 GLA (compared to 184,000 m2 in the first quarter of 2020), according to a statement sent to the Budapest Business Journal.
CTP remains on track to increase its portfolio to 7.5 million m2 in 2021 with more than one million m2 under construction as of March 31, of which more than 70% is pre-let.
CTP’s return on cost for these developments remained solid at 11.5% (Q4 2020: 11.6%), well above the target of> 10%.
“The capture of almost 33% of new rentals in our central region of Central and Eastern Europe illustrates our dominant position as the largest logistics property owner and developer in the region”, commented Remon Vos, CEO of the CTP group. . “We continue to expand our CTPark network by deploying our market-leading real estate bank and integrated teams in nine countries, working with our loyal tenant base of over 700 logistics and light industry companies. The new rental activity showed strong momentum as our customers continued their development in our region with new long-term rentals of 397,000 m² in Q1. Our good start to the year means that we are on track to meet our GLA target of 7.5 million m² for 2021, and we are on track to meet our target of 10 million m² of leasable space. by the end of 2023. “
During the first quarter of 2021, CTP continued its geographic expansion in the first markets of Western Europe, strengthening its activities in the Netherlands and Austria. With its IPO on March 25 on the Euronext Amsterdam stock exchange, CTP has reached a new milestone in its 22 years of existence. The company raised net proceeds of 819 million euros and following the exercise of 6.7 million shares of the green shoe option, the share now has a free float of 17%.
Market capitalization as of May 11 reached 5.8 billion euros (compared to 5.6 billion euros in market capitalization). Earlier, on February 18, CTP also issued a third 6-year green bond under its EUR 4.0 EMTN program, raising EUR 500 million over 6 years with a 0.75% coupon. After early repayment of the secured bank debt, CTP’s average cost of debt stood at 1.6% at the end of March 2021 (compared to 2.2% at the end of September 2020, just before its first bond issue).
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