EBRD and ING financing supports resource-efficient warehouses
The EBRD and ING Romania are joining forces to finance the logistics park CTPark, situated on the A1 Bucharest-Pitesti motorway and 2 km away from the Romanian capital.
The financiers have arranged a package of €96 million, of which the EBRD is providing €43.8 million and ING €52.2 million.
The 52-hectare park is operated by the Romanian unit of the real estate developer CTP, which owns the largest portfolio of premium business parks in central Europe, with over 3 million square metres of gross leasable area of class-A properties in more than 60 strategic locations.
The loans will support the operation of several resource-efficient warehouses which host such tenants as telecommunications operator Orange, information management firm Iron Mountain, and global logistics company XPO Logistics.
Part of the EBRD loan will also finance the construction of a warehouse. The new building will be certified as “Very Good” in line with BREEAM, the world’s leading sustainability assessment method for buildings. BREEAM-rated developments enhance the well-being of the people who live and work in them, help protect natural resources and make for more attractive property investments.
Romania remains one of the most energy- and carbon-intense economies in the European Union, with more than double the average intensity. Building stock is a significant energy consumer, accounting for about 40 per cent of the total energy consumption of the country.
Currently only three industrial parks in Romania operate in line with green standards. CTPark is working to receive green certification for its other logistics area, CTPark Bucharest West, some 20 km away from Bucharest. The development received EBRD financing last year.
Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, said: “Resource efficiency remains an important task for Romania. Given that the industrial sector is growing fast, it is crucial to set standards for logistics developers and operators. The EBRD’s first such effort was made last year through our financing to CTPark Bucharest West. We are pleased to further support the company’s drive for greater sustainability with new financing.”
Vlaho Kojakovic, EBRD Property & Tourism Head, said: “CTP being a benchmark company in the logistics sector, its endeavour to implement green qualities in its investments is expected to bring a strong demonstration effect and replication potential into the market”.
Mihaela Bitu, ING Executive Director and Head of Wholesale Banking Romania, said: “At ING, sustainability is one of our core values and a main pillar of our group strategy. We strongly believe that companies who address climate change and resource scarcity will be the winners of tomorrow’s economy. CTP Group is one of these future winners and ING has been a reliable supporter of its development in other locations. This financing marks the start of our real estate financing activities in Romania.”
The EBRD is a leading institutional investor in Romania. It focuses on promoting stability and expanding products in the financial sector, strengthening infrastructure through improved efficiency and greater private sector involvement, as well as restructuring the power sector and increasing energy efficiency and sustainability.
The EBRD has to date invested close to €8 billion in Romania in more than 400 projects. Last year alone, the Bank invested over half a billion euros in the country. Of this financing, 93 per cent was provided to the private sector.