Romanian logistics park receives European funding for expansion
The logistics park CTPark, situated on the A1 Bucharest-Pitesti motorway 2 km away from the Romanian capital Bucharest, will receive a financing package of 96 million euro from the European Bank for Reconstruction and Development (EBRD) and ING Romania bank. The park spans over 52-hectares and is operated by the Romanian unit of the real estate developer CTP, which owns the largest portfolio of premium business parks in central Europe. It has over 3 million sq. m of gross leasable area, class-A properties, in more than 60 strategic locations, the EBRD revealed.
The EBRD will be providing 43,8 million euro and ING – 52,2 million euro. The loans will support the operation of several resource-efficient warehouses, currently hosting tenants like the telecommunications operator Orange, global logistics company XPO Logistics and information management firm Iron Mountain. Part of the EBRD loan will go to the construction of a warehouse, which will be certified as Very Good according to BREEAM, the world’s leading sustainability assessment method for buildings.
BREEAM-rated developments enhance the well-being of the people who live and work in them, help protect natural resources and make for more attractive property investments. CTPark is also currently working to receive green certifications for its other logistics area, CTPark Bucharest West, situated 20 km away from the Romanian capital. The EBRD underline that Romania remains among of the most energy- and carbon-intense economies in the European Union, with more than double the average intensity, underline the EBRD, and building stock is a significant energy consumer which accounts for about 40 per cent of the total energy consumption of the country. Currently only three industrial parks in Romania operate in line with green standards.
Resource efficiency remains an important task for Romania. Given that the industrial sector is growing fast, it is crucial to set standards for logistics developers and operators. The EBRD’s first such effort was made last year through our financing to CTPark Bucharest West. We are pleased to further support the company’s drive for greater sustainability with new financing,” stated EBRD’s Regional Director for Romania and Bulgaria Matteo Patrone.
CTP being a benchmark company in the logistics sector, its endeavour to implement green qualities in its investments is expected to bring a strong demonstration effect and replication potential into the market,” commented Vlaho Kojakovic, EBRD Property & Tourism Head.
At ING, sustainability is one of our core values and a main pillar of our group strategy.
We strongly believe that companies who address climate change and resource scarcity will be the winners of tomorrow’s economy. CTP Group is one of these future winners and ING has been a reliable supporter of its development in other locations. This financing marks the start of our real estate financing activities in Romania,” finally added Mihaela Bitu, ING Executive Director and Head of Wholesale Banking Romania.
LATEST issue 3/2019