CEO Remon Vos of logistics company CTP is not exactly blown away by criticism of his €307 mln purchase of the Amsterdam Logistics Cityhub (ALC) in August.
The acquisition was the largest single-asset logistics purchase in the Netherlands on record.
‘CTP has always been a profitable business,’ Vos said at Expo Real. ‘Twenty years and counting. We were even profitable during 2008 and 2009.’ In March this year, CTP was listed on Euronext, followed in August by the acquisition of the giant logistics hub project in Amsterdam.
The ALC is under construction and comprises 120,000 m² of distribution space and 200 loading docks, plus office space, parking facilities and 180 metres of waterfront. Completion is expected in the last quarter of 2022.
‘This is not your average shed,’ Vos said. ‘We did the research, we weighed the pros and cons and we think the ALC is a fantastic example of a new generation of real estate that will have a function in last mile logistics.’
Vos, who has built up a logistics empire in Central Europe, checked with many of his 700 tenants how they would feel about the kind of hub he had his eyes on. The positive feedback from them strengthened him in his opinion that it would be a good move.
Preceding CTP's listing in March, the company had to meet all the usual admission requirements, but as far as Vos is concerned this had an overall positive effect. ‘One becomes a serious partner for all kinds of parties, like the city of Amsterdam, but also prospective tenants for possible developments,’ Vos explained. One of which turned out to be the ALC.
Vos is now very happy with the purchase. ‘It is second to none, unique, we have great faith in it.’ He shrugs when he is told that it is also a risky venture. ‘We are entrepreneurs, so we take risks, it is all in the game.’
Vos is convinced the ALC is in the right spot and will serve its purpose well. It is close to the city, ideally located for the distribution of foodstuffs, building materials, e-commerce orders and everything can be transported into the city by electrically powered boats, so it is environmentally friendly. ‘This is logistics, our core business,’ he added.
The acquisition of the Amsterdam project marks CTP's debut in Western Europe. There are no plans to make moves in other countries but Vos does not want to rule out anything. His diary at Expo Real is practically full. ‘In our activities we have always been led by what tenants want,’ Vos said. ‘About 80% of what we do is for existing customers. We are always on the lookout for opportunities.’