CTP raises €854m in Europe’s largest property IPO in years

European logistics property owner-developer CTP said on Thursday that it has priced shares in its initial public offering at €14 apiece, valuing the group at €5.6 bn in its debut on the Euronext stock exchange in Amsterdam.

The company has sold 61 million new shares, or 15.4% of shares outstanding in the offer, raising €854.2 mln, excluding over-allotment options. If the over-allotment option will be exercised in full, the number of shares offered will increase to 70 million or 17.7% of total capital for €982 mln.

The move is aimed at accelerating the firm’s growth strategy with the company planning to enter new markets including Western Europe.

CTP’s listing on Euronext Amsterdam is the next step in an incredible journey,’ commented Remon Vos, CEO of CTP. ‘From a start-up owning a shed, we have grown to become a top 5 player owning Class-A property, with over 400 employees, solar on the roof and honey makers in the garden.’
He added: ‘It is time to grow big. We are here to accelerate, expand our footprint in Europe and on our way to hit 10 million m2 GLA by 2023. The CEE region, with its attractive cost structure, quality infrastructure and strategic location in Europe offers great potential.’
Richard Wilkinson, CFO of CTP, said that the operation was the largest real estate IPO in Europe since 2014. ‘The strong response we received from investors strengthens us in our confidence that CTP’s Parkmakers vision perfectly fits the future trends in the global logistics and industrial real estate sector. Being a public company gives us the financial flexibility to continue our successful strategy in the future. We look forward to welcome our new shareholders who are joining us on our journey.’

Following a strategic shift in the group's funding strategy last year, CTP entered the international bond markets with the issue of its debut green bond of €650 mln in October 2020, followed by two additional green bonds at attractive terms taking the total issuances to more than €1.5 bn to date.


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