Czech industrial property developer CTP has sourced a €75.8 million financing for the expansion of a logistics park close to Bucharest in Romania.
The European Bank for Reconstruction and Development (EBRD) and Romanian bank Banca Comercială Română (BCR) joined forces to provide the debt. BCR has provided €39.1 million, with the ERBD providing €36.7 million. BCR acted as mandated lead arranger in the deal.
The loan will finance the development of CTPark Bucharest West, which is located 20 kilometres from the Romanian capital.
Two logistics facilities are under construction, which will take the park’s total lettable area to 244,000 square meters. In total, CTP plans 600,000 square meters of space, which would make it the largest logistics park in Romania. The developer is aiming for a ‘green’ certification, such as Leadership in Energy and Environmental Design (LEED) or BRE Environmental Assessment Method (BREEAM).
CTP owns and manages a portfolio of business parks in central Europe, covering more than 3 million square metres.
“We welcome CTP’s drive for green certification, which is not yet standard in the Romanian logistics market. Green leases are also a new feature in the logistics sector in Romania, which will not only benefit the co-operation with tenants, but will strengthen CTP’s competitiveness in the market,” said Matteo Patrone, EBRD director, regional head for Romania and Bulgaria.
“We believe in CTP’s strategic call to develop hi-tech business parks for leading international and domestic companies making strategic investments in central Europe and Romania,” added Sergiu Manea, CEO of BCR.