CTP progresses in Q1 2016

Full-service developer CTP has signed 260,000 m² of lease deals in Q1 2016, bringing the total lettable area within the CTPark Network to 3.5 million m² across 7 CEE markets. CTP intends to increase its lettable area in 5 million m² by the end of 2018. The Czech Republic remains the developer's core market with 151,000 m² concluded, more than half of the volume of the transactions. Major activity involved a 30,000 m² renovation, signed by retail chain Lidl, of an existing building in CTPark Plzen. CTP's Business Director, Jaroslav Kaizr, commented on the strong take-up in Czech Republic and added "occupancy stands at over 90%, and we are constructing to meet the growing demand". Leasing activity also had a positive outcome in other locations. In Romania more than 60,000 m² of new deals were signed, followed by Hungary with 30,000 m², and Slovakia, 19,000 m². Marian Orzu, Head of Business Development and Leasing Romania, explained the high demand in Romania was "driven mainly by 3PL's (Third-party logistics) and the manufacturing sector”. CTPark Network, owned by CTP, is currently the largest integrated system of premium business parks in Central Europe.