CTP Acquires Major Brownfield Site in Germany for €700M State-of-the-art Business Park Development

AMSTERDAM--(BUSINESS WIRE)--Regulatory News:

CTP, Europe's largest listed developer, owner, and manager of industrial and logistics properties by gross lettable area (GLA), has agreed a €155 million deal to acquire an industrial site spanning over 830,000 sqm in Düsseldorf, North Rhine-Westphalia, from Vallourec, a manufacturer of pipe systems.

The acquisition, which is the largest single land plot CTP has ever acquired, will see CTP invest over €700 million to transform the inner-city site into a best-in-class multi-user business park catering to a wide range of industries, including manufacturing, research and development, and logistics.

The project is aligned with CTP’s strategy to develop as sustainably and resource-efficiently as possible by prioritizing brownfield areas for redevelopment. The German market is experiencing strong demand for high quality, sustainable and amenity rich industrial and logistics parks amid growth in new sectors, such as semi-conductor and clean-tech, and rising demand from occupiers for more sustainable buildings to meet their own ESG targets. To meet this demand CTP is focusing on redeveloping brownfield sites and refurbishing older industrial properties to high standards of sustainability.

CTPark Düsseldorf will be developed to attract the next generation businesses that are powering the transformation of the German economy, providing a range of different types of facilities, from 1,000 sqm to 30,000 sqm, set within a state-of-the-art urban business park.

Alexander Hund, Managing Director Germany & Austria at CTP, said: “This acquisition in Düsseldorf marks the highlight of our activities this year. It will be our largest and most extensive revitalization project in Germany to date, once again demonstrating our expertise in brownfield redevelopment. Our Parkmaker Concept and decades of international experience form the foundation for this endeavor.”

Timo Hielscher, Managing Director M&A at CTP Germany said: “We would like to thank the City of Düsseldorf for the trusting collaboration and are already looking forward to advancing the development of CTPark Düsseldorf in the coming year. This, in addition to numerous other projects in our growing pipeline, underlines our confidence in the German economy.”

The site was one of Vallourec’s primary tube production operations in Germany before it closed at the end of 2023. It is located in the northeast of Düsseldorf, in the Rath district, and is exceptionally well-connected to the local transportation network. The A52 motorway is just 300 meters away from the property, with the A44 and A3 only 4 km and 9 km away, respectively. Düsseldorf Airport is 2 km from the site, and the city center is 8 km away. Alongside sites in Wuppertal, Aachen, Krefeld, and Mülheim, this is the fifth industrial site CTP has acquired in North Rhine-Westphalia.

Planning for CTPark Düsseldorf has already begun, with the acquisition of the site scheduled to complete on 31 December 2025. Initial enabling work is set to begin on site in 2025. The deal is the second transaction between the two companies – in December 2023, CTP acquired a 335,000 sqm site in Mülheim an der Ruhr for revitalization from Vallourec, with construction set to begin on that project next year.

About CTP

CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 12.6 million sqm of GLA across 10 countries as of 30 September 2024. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu