ARTICLES LABELLED WITH TAG industrial

CTP has signed a €90 million loan agreement with Erste Bank Hungary Zrt. and Erste Group Bank AG to finance 4 logistics and industrial assets in Hungary. The multi-borrower financing is for 7 years. EY Budapest and White&Case Prague advised and provided legal services for Erste Bank, while CTP Hungary was represented by Kinstellar Budapest.

Entalpia Europe, a provider of HVAC-R solutions, has become the first tenant of the Hillwood Łazy logistics centre. Entalpia Europe has leased 14,000 sqm of warehouse space and 1,200 sqm of office space and will commence operations at the facility in Q3 2024.

VGP is starting the construction of new warehouses in its VGP Park Ústí nad Labem City. Building B is being prepared for the Czech logistics company RTR-Transport a logistika s.r.o.

According to the latest report by Newmark Polska, 2023 was one of the best years in the market’s history. It saw the second-highest new supply (3.7 million sqm) and the third-highest take-up (5.6 million sqm) and development pipeline (2.8 million sqm). Considerable warehouse availability levels brought a long-awaited stabilization of rental rates.

CTPark Bucharest, the industrial park based near Western Bucharest with a leasable area of 565,000 sqm, has been refinanced following a syndicated loan deal.

Panattoni has completed and handed over the main European production facility of 13,000 sqm for Maxcess, an industrial automation system producer. 

After the very successful years of 2021 and 2022, known as the golden period of development of the industrial market in Poland, 2023 was a period of greater challenges due to a change in the macroeconomic situation. The main reasons were high inflation, which affected the purchasing power of consumers, persistently high-interest rates, and uncertainty over the eastern border. The market grew, but at a slower pace, especially in the first half of the year, to accelerate at the end of 2023. Development activity in January-December 2023 amounted to 3.7 million sqm (-16% y/y), and as a result, the sector's total stock rose to 31.7 million sqm (+13% y/y). Another 2.8 million sqm (-16% y/y) remains under construction, about half of which is not under signed lease. Gross take-up (which does not include short-term leases) amounted to 5.6 million sqm, and despite a lower result versus 2021-2022, it was significantly higher than in the pre-pandemic period, i.e., 2018-2019, says Axi Immo. 

CTP has announced the appointment of two new Managing Directors for the business. Effective from 1st March 2024, Piotr Flugel has been appointed as the Managing Director for Poland and Daniela Boytcheva has been appointed as the Managing Director for Bulgaria.

Industrial developer CTP has appointed Andrei Brînzea as Business Development Director in Romania as part of its growth strategy in the country.

Industrial developer Accolade published its year-end results for 2023. Despite lower construction activity across the market overall, Accolade’s total lease volume remained the same as 2022 thanks to renegotiations. Accolade either leased or extended the lease of existing agreements for 555,000 sqm worth of properties (of which 168,000 sqm is part of the fund’s portfolio). Furthermore, total rental income grew by 26% to €148 million (with nearly €100 million falling under the fund’s portfolio) over the course of last year. By expanding into Croatia, 2023 also saw Accolade further grow its operation through the addition of another European country.