News Article CEE CTP Europe industrial leasing Remon Vos SEE
by Property Forum | Industrial

Industrial developer CTP said its profits reached a fresh high of €1.1 billion during 2024, almost 15% up year-on-year, driven by substantial growth in rental income, leasing activity, and a strong development pipeline.


CTP's standing portfolio reached 13.3 million sqm at the end of 2024, with an occupancy rate of 93%. The company signed leases for 2.1 million sqm of space in 2024, a 7% increase year-on-year, with contracted annual rental income of €144.0 million. 

Remon Vos, CEO of CTP, said: "As the supply-demand balance remains healthy, we realized robust rental growth in the year. Looking ahead, we have a strong lead-list for leasing into 2025, allowing us to continue developing over 10% of new GLA per year and win market share across CEE." 

The developer's focus on growing with existing tenants in existing parks is reflected in the fact that around two-thirds of leases signed were with existing tenants.

CTP's development pipeline remains robust, with 1.8 million sqm of projects under construction as of end-2024. These projects are expected to generate €142 million in potential rental income when fully leased, with an anticipated yield-on-cost of 10.3%. 

In 2024, CTP completed a record 1.3 million sqm of leasable space, with notable deliveries including 169,000 sqm in CTPark Warsaw West (Poland), 120,000 sqm in CTPark Budapest Szigetszentmiklós (Hungary), and 87,000 sqm in CTPark Ploiești (Romania).

During 2024, CTP successfully raised €2.4 billion through various financing activities, including a €750 million green bond and a €500 million unsecured loan facility. 

The company also completed three bond tender offers, buying back €950 million of short-dated bonds and proactively extending its maturity profile. CTP's financial position is strong, with €2.2 billion in liquidity, including €0.9 billion of cash and cash equivalents.

The company's loan-to-value ratio stands at 45.3%, reflecting its prudent financial management. In addition, CTP proposes a final 2024 dividend of €0.30 per share, payable on 15 May 2025, subject to AGM approval. This brings the total 2024 dividend to €0.59 per share.