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CTP Invest makes its first move into the Romanian market
Over the summer, Czech-based CTP Invest announced its latest foray into neighboring EU countries with its first office/industrial project in Romania. CTPoint Bors plans to move into the Bors Industrial Park near the northwestern university city of Oradea later this year.
CTP raised eyebrows years ago in the Czech Republic by kicking off its developments in the town of Humpolec, midway between Prague and Brno, when its competitors were concentrating on the capital. The strategy in Romania would appear to cut similarly against the grain. Rather than going straight for Bucharest, CTP Invest decided on a site near one of the three main cities along Romania’s western border with Hungary, 60 km from the highway connecting Vienna, Budapest and Debrecen, Hungary’s second-largest city. Its positioning also places it squarely on the route from Bucharest to Western Europe.
“This western gate of Romania is very attractive to logistics companies,” says Laurentiu-Catalin Hanu, manager of business development at CTP Invest Romania. “[With] a highway linking south and central Romania and the western part of Europe to Oradea, this [is] a very promising location.” But Hanu admits that CTP Invest also chose the location due to the fact that it was available and ready for construction. The 66,200 sqm plot is already hooked up to local infrastructure – electricity, gas, water, sewage, phone, as well as access roads and parking, courtesy of the city – which means CTP can start immediately with construction of the main attraction. Hanu says the development of the office, residential and especially the retail sector in Romania has prepared the way for the current demand for proper industrial and warehouse space. “It was unbalanced, the whole Romanian market…Bucharest was the only place where things were happening. Now you can see developments [in] all the major cities in the country,” he says. “There’s a lot of demand for logistics.” He says the country’s high unemployment and low wages – when compared with Western and Central European countries – is contributing to the demand, making Romania an interesting prospect for international companies.
The project’s first phase of 35,000 sqm will consist of three Flexi-Space buildings (intended for everything from manufacturing, logistics and light industrial work to laboratory facilities and call centers) and warehouse space in units ranging from 1,150sqm to 3,000 sqm. Construction is expected to start by the end of the year, with space becoming available by the middle of next year. The remaining space should be ready by the end of 2008, representing a total investment of ?19m. Rents are to be negotiated, but Hanu expects them to be in the current standard range – ?3.5 to ?5/sqm/month.
“I don’t want to give names, but …we have already been contacted by several [international] logistics companies interested in that location,” says Hanu. “They know us, and they know we can offer them proper space in the standard they’re looking for.” He adds that 30 percent of the demand for space has been from existing CTP clients, whom they consulted when considering future expansion in industry-heavy southern Romania and Bulgaria. “We know what the market demand is; we just need the right timing to implement everything.”
Source URL: www.cijjournal.com
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