CTP leases 40,000 sqm in Czech Republic to Vitesco Technologies for €190m EV parts factory

Amsterdam, 29 January 2024 – CTP, Europe’s largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), has leased approximately 40,000 sqm at CTPark Ostrava Hrušov in the Czech Republic to Vitesco Technologies, a leading international manufacturer of modern drive technologies and solutions for electrification.

Vitesco Technologies is an existing client of CTP, having operated a high-tech R&D centre nearby at CTPark Ostrava for the past 10 years, and has now made its next step in the field of sustainable mobility and the transformation of the Czech automotive industry by signing a lease at CTPark Ostrava Hrušov for 36,100 sqm of warehouse space, a 1,500 sqm office and 2,300 sqm of sanitary space, located in the 74,000 sqm expansion of CTPark Ostrava Hrušov which will complete by the end of 2024.

This space will be used for a new c. €190m production plant with a fully automated logistics centre, which has involved CTP customising the space to the client’s requirements for a controlled production environment in laboratory space. The main products of the new plant will be new, unique parts for electric cars of the next generation. The latest technology will be used by the plant, which will be able to boast a high level of robotization and process automation. The operation of the plant will begin at the end of 2024, when the plant will be staffed by 150 employees, whose number will continuously grow until the full capacity of over 1,000 people in 2027.

CTPark Ostrava Hrušov is CTP’s newest park in the Ostrava region of the Czech Republic, comprising 92,000 sqm of industrial and logistics space in total across 32.7 ha, which is fully let to tenants including Prosperplast, Hyundai Steel and the logistics company LogFlex.

This regeneration of a former brownfield site is notable for its commitment to sustainability and the environment. Ensuring CO2 neutrality has been a priority, as well as implementing the most comprehensive sustainability measures, such as photovoltaic panels, heat pumps, EV chargers and water retention to meet the ESG goals of both CTP and forward-thinking occupiers like Vitesco Technologies.

CTPark Ostrava Hrušov offers a wide range of possibilities for production and warehouse activities. The park is situated in the northern park of Ostrava with great connection to public transport and the highway. The park is also easily accessed by employees from local residential districts.

The CEE region, in particular the Czech Republic, Slovakia and Hungary, has firmly established itself as a highly efficient automotive manufacturing hub worldwide. Within the six CEE countries there are a total of 33 car manufacturing plants, and the region surpassed Germany in nominal car production in 2022. Automotive tenants make up a significant proportion of CTP’s portfolio in the Czech Republic, with notable occupiers including Yanfeng, Faurecia, Brembo and Bridgestone.Eurostat data shows that car production in the CEE has increased by almost 50% over the past eight years, which is driving industry in the CEE countries through the positive impact that the construction of additional factories is having, especially in terms of FDI inflows.

CTP is the market leading developer of industrial and logistics properties in the Czech Republic, with 3.9m sqm of GLA across 56 parks. Historically one of CEE’s strongest-performing economies, the Czech Republic has attracted over $130 billion in FDI since the Velvet Divorce with Slovakia in 1993. The nation owes its success to its desirable geographic location between Western and Eastern Europe, its well-educated population, and its relatively lower labour costs. It also boasts over 400 kilometres of international highways, providing swift transport connections to Bratislava, Brno, Vienna, Berlin, and Munich, among other major cities.

ABOUT CTP
CTP is the largest listed owner, developer and manager of logistics and industrial real estate in terms of gross leasable area, with 11.2 million sq m. GLA in 10 countries (as of 30 September 2023). The company certifies all new buildings under BREEAM at ‘very good’ or above and has achieved a negligible-risk ESG rating from Sustainalytics, reaffirming its commitment to sustainability. For more information, please visit: www.ctp.eu. 

CONTACT DETAILS:
CONTACT DETAILS FOR ANALYST AND INVESTOR ENQUIRIES:
Maarten Otte, Head of Investor Relations
Mobile: +420 730 197 500
Email: maarten.otte@ctp.eu

CONTACT DETAILS FOR MEDIA ENQUIRIES:
Patryk Statkiewicz, Group Head of Marketing & PR
Mobile: +31 (0) 629 596 119
Email: patryk.statkiewicz@ctp.eu

SEC Newgate
Sara Champness/James Carnegie
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Email: CTP@SECNewgate.co.uk