CTP Reports Record Profit of 1.1 billion

CTP N.V. recorded Gross Rental Income of €664.1 million in the year, up 16.1% y-o-y, and like-for-like y-o-y rental growth of 4.0%, mainly driven by indexation and reversion on renegotiations and expiring leases. As at 31 December 2024, the annualised rental income came to €742.6 million and occupancy came to 93%.

In 2024, CTP delivered 1,286,000 sqm at a Yield on Cost (“YoC”) of 10.1% with 92% let at completion, bringing the Group’s standing portfolio to 13.3 million sqm of GLA, while the Gross Asset Value (“GAV”) increased by 17.2% to €16.0 billion. EPRA NTA per share
increased by 13.6% to €18.08.

Company specific adjusted EPRA earnings increased by 12.5% y-o-y to €364.0 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.80, an increase of 9.9%, in line with guidance. The Group sets a €0.86 – €0.88 Company-specific adjusted EPRA
EPS guidance for 2025.

As at 31 December 2024, projects under construction totalled 1.8 million sqm, with a potential rental income of €142 million when fully leased and an expected YoC of 10.3%.

The Group’s landbank increased to 26.4 million sqm, of which 21.7 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, mostly around the existing business parks. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

During 2024, CTP also successfully completed its first accelerated bookbuild – several times oversubscribed – after the IPO, raising €300 million of equity, giving the firepower to accelerate developments and do acquisitions, like the 830,000 sqm brownfield redevelopment down-town Dusseldorf.

Remon Vos, CEO, comments:

– We leased a record 2.1 million sqm in 2024, 7% more than last year. This illustrated the continued strong demand in CEE and the robust growth potential of the business-smart region in Europe. As the supply–demand balance remains healthy, we realised robust rental growth in the year. Looking ahead, we also signed more HoTs than last year and with that we have a strong lead-list for leasing into 2025. Those leasing levels allow us to continue to develop over 10% of new GLA per year and continue to win market-share across CEE. The annualised rental income amounted to €743 million, illustrating the strong cash flow generation of our standing portfolio with a rent collection rate of 99.8%. While the next growth phase is already locked in with our 1.8 million sqm of GLA under construction and a landbank of over 26.4 million sqm, we will continue to generate double-digit NTA growth.

In addition to the pre-letting for the current pipeline, CTP has another 80,000 sqm of leases signed for future projects, which is planned to start shortly.

– Demand for industrial and logistics real estate in the CEE region is driven by structural demand drivers, such as the professionalisation of supply chains by 3PLs, ongoing growth in e-commerce, and occupiers nearshoring and friend-shoring. As the CEE region offers the best-cost location in Europe, we benefit particularly from the nearshoring trend, which is shown by the growth with Asian manufacturing tenants producing in Europe for Europe, who made up around 20% of our overall leasing activity in 2024, compared to a 10% share of our overall portfolio – Vos added.

In the cover photo: CTPark Bucharest (source: CTP – ctp.eu)