Real estate developer CTP has entered the Bulgarian market with plans to reach 100,000 square metres of leased space by the end of 2021. Bulgaria is CTP’s seventh market in the Central European region (alongside the Czech Republic, Slovakia, Hungary, Serbia, Romania, and Poland) extending the company’s geographical footprint from the Baltic Sea to the Black Sea.
“Bulgaria is a crossroads between Europe and the thriving economies of the Middle East, Russia and Asia” said Remon Vos, CTP’s CEO. “Its GDP growth is a healthy three per cent, and over 90 per cent of that GDP is from industrials and services. By any standard Bulgaria is a promising country for investment in business parks, offices and logistics centres.”
Vladimir Gurdjieff, CTP’s country manager for Bulgaria, said that the move responds to demand by several existing CTP clients. “Our initial focus will be on the Sofia metropolitan area and on the 3PL, distribution, pharmaceutical and FMCG sectors,” he said. “We expect to have a team of six property professionals in place by Christmas. Our growth plans are ambitious: 100,000 square metres by the end of 2021. We will achieve this by a combination of acquisition and brand-new development.”
Founded in the Czech Republic 1998, CTP employs more than 370 across its country’s of operation and in 2018 recorded gross rental income of 274 million euros.