CTP has acquired industrial and commercial site of approx. 64,000 sqm GLA from Mahle Behr GmbH & Co. KG as part of a sale and leaseback transaction.
CTP will transform the site into a sustainable industrial park designed for a wide range of users, including innovative production, research and development.
The project’s sustainable development will combine a mix of refurbishment and new construction to conserve resources and minimize the impact on the environment.
WUPPERTAL, Germany, February 05, 2024--(BUSINESS WIRE)--Regulatory News:
CTP, Europe’s largest listed developer, owner and manager of industrial and logistics properties by gross lettable area (GLA), is expanding its Germany portfolio with the acquisition of approximately 39,000 sqm of industrial and commercial space close to the city of Stuttgart as part of a sale and leaseback transaction with Mahle Behr GmbH & Co. KG, Stuttgart, a subsidiary of the automotive supplier Mahle GmbH. CTP is planning to transform the urban industrial district in Stuttgart, Baden-Württemberg, into a sustainable high-tech industrial park, suitable for a wide range of users including innovative production, research and development. Completion of the entire area is scheduled for 2029.
Mahle Behr GmbH & Co. KG is currently using the industrial space as a research and development location and is planning to gradually move its operating areas to the company headquarters in Bad Cannstatt, also in Stuttgart. The property size comprises around 39,000 sqm, with a total gross lettable area of around 64,000 sqm (GLA), of which around 30,000 sqm is office space, 9,000 sqm is storage space, 18,500 sqm is light manufacturing space and 6,500 sqm other areas.
Together with the city of Stuttgart, CTP is planning a sustainable transformation of the entire area and is creating various usage and architectural concepts in collaboration with well-known architectural firms. Talks are to be continued with the business development agency in order to develop an attractive space for companies already based here, but also for new businesses. The industrial park will be aimed at a wide range of users, from companies specializing in production, research, and development, to service providers from the city’s logistics sector. Co-working and co-living spaces will also be available. Due to the complexity of the project, a gradual development of the area is planned, each with different building types and types of use.
The industrial park is based in an outstanding location in the economically and structurally strong Stuttgart-Feuerbach area, where many well-known organisations from the production and development sectors are located. With excellent connections to the A81 federal motorway, the B10, B27, B295 federal roads and four S-Bahn trains - and five subway lines, Stuttgart city centre can be reached in just a few minutes by car.
Alexander Hund, Managing Director Construction & Development at CTP Germany, said: "The project to develop the inner-city business park in the high-tech location of Stuttgart is an outstanding project which will provide clients with a sustainable and dynamic range of spaces in a strong economic region for further growth. By strategically combining refurbishment where possible with new construction, we can transform the buildings in a way that conserves resources by using existing structures and building materials and reduces the impact of the development on the climate and the environment. The direct proximity to our CTP office in Stuttgart is also a big advantage for implementing this extensive project."
CTP’s park-concept goes beyond constructing standalone buildings, aiming to cultivate thriving ecosystems that foster community spirit. Our objective is to create integrated environments that serve not just the businesses within our parks but also their employees and the surrounding localities. CTParks boast a multifaceted infrastructure and a variety of building types, catering to diverse industry needs. CTPark Brno, situated in the Czech Republic’s second-largest city, serves as a prime example of our engagement with urban development and local communities. It stands as an award-winning hub for tech, research, and development, with a specialized focus on biomedicine, engineering, cybersecurity, and information technology, all in close collaboration with the local community.
With the acquisition of this latest site in Stuttgart, CTP is well on its way to fulfilling its ambitions for growth. At the beginning of 2023, CTP announced that it would invest 300 million euros in the coming years to expand its portfolio in Germany. The company's goal is to double the size of the Europe-wide network of CTParks by the end of the decade. CTP is focusing, among other things, on land development in the high-tech segment, which is increasing across Europe as part of the trend in re-, near- and friend-shoring strategies. For further investments, the company’s goal is to acquire strategically located sites where similar projects can be developed. Currently, CTP is implementing a high-tech location on the former Vallourec site in North Rhine-Westphalia.
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.
